National Research Nuclear University — MEPhI, Moscow, Russia:

E. V. Usman, Assistant Professor, Candidate of Economic Sciences, elenusman@rambler.ru
T. N. Bochkareva, Assistant Professor, Candidate of Economic Sciences

The increase of investment activity in the coal industry is only possible after development and introduction of integrated measures aimed to assist in forming investment attractiveness and also correctly and carefully thought-out investment policy of coal companies. The existent methods of estimation of investment efficiency are various enough and need specification, systematization and adaptation to the problems of the coal industry. The obligatory condition of acceptance of investment projects is their adaptability to the difficult-to-forecast fluctuations of business environment. Assessment of investment efficiency in mining should be based on factors of
external and internal environment, investment efficiency estimation system and discount rate taking into account risk premiums. The approach to the analysis of investment efficiency includes estimation of the following indexes: commercial efficiency, budgetary efficiency, ecological efficiency, social efficiency. For the coal industry, the careful analysis of every project is required from the point of view of risk–profitableness relation and based on the capacity of a project to satisfy the risk–stability estimation rule: specifying a rate of discounting, it is necessary to be oriented on an accrual method. Application of factors of inflation is to be carried out at the level of money streams and not to use discounting in a rate. A modified method is more acceptable for estimating risk increment. The main attention in the article is given to the review of methodology for preliminary assessment of a project feasibility in the coal mining industry and to the choice of the system approach to assessment of a project investment efficiency, taking into account the use of expert-constructed valuation models of risk premiums.

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