The U.S.mineral and royalty market has evolved substantially over the past three to four years as mineral buyers have taken a new approach to valuation and substantial capital has been allocated to the sector.As additional sophistication has entered the space,valuations have trended toward a discounted cash flow approach,which more accurately ascribes value to both producing and undeveloped reserves,versus the more traditional method where buyers bid a multiple of annual or monthly cash flow generated by the assets.
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