Datos:

Prodructo: Metal Dore: Plata: 90% (Relacion en Peso)

Oro: 10%
Reservas explotables: 10,800,000 Tn Mineral
Relacion esteril-mineral: 1.5 1
Ley del mineral: Plata (gr/tn): 20
Oro (gr/tn): 2.3 gr/ton
Recuperacion metalurgica: 71.80%
Presio Plata: 21 18.9 US$/Oz troy
Presio Oro: 1120 1008 US$/Oz troy
Metal Dore se paga a: 90% del precio
Periodo de Produccion: 9 Aos
Inversiones:
Maquinaria Mina: 5,000,000 (ao 0)
10,000,000 (ao 1)
15,000,000 (ao 2)
Maquinari Planta: 5,000,000 (ao 1)
25,000,000 (ao 2)
Inversion Terreno: 2,000,000 (ao 0)
Inversion Obras Fisicas: 15,000,000 (ao 1)
20,000,000 (ao 2)
Gastos Puesta en Marcha: 5,250,000 (Incluye estudios)
Gastos en estudios: 1,000,000
Capital de Trabajo: 6 Meses
Depresiacion: 20 aos
10 aos
Costos Unitarios de Operacin:
Costos de Explotacion: 0.610 US$/Tn
Costo de Procesamiento: 2.466 US$/Tn
Costos Fijos: 3,200,000 US$/ao
Gasto Adm, y ventas: 800,000 US$/ao
Comisione de venta: 2% (de ventas)
Valor de Salvamento (Maq y O.Fisicas) 1.5 veces

Determinar VAN(12%),TIR y PAYBACK

FLUJO DE CAJA:

Ao 0 1 2 3
Ingreso 142,631,092 142,631,092 142,631,092
Costos -49,955,422 49,955,422 49,955,422
Depresiacion M. Mina ao 0 -500,000 -500,000 -500,000
Depresiacion M. Mina ao 1 -1,000,000 -1,000,000
Depresiacion M. Mina ao 2 -1,500,000
Depresiacion M. Planta ao 1 -500,000 -500,000
Depresiacion M. Planta ao 2 -2,500,000
Depresiacion O. Fsicas ao 1 -750,000 -750,000
Depresiacion O. Fsicas ao 2 -1,000,000
Amortizacion (no hay datos) -850,000 -850,000 -850,000
Valor libro
Valor Salvamento
Utilidad antes de Impustos 91,325,671 188,986,514 183,986,514
Impuesto (25%) -22,831,418 -47,246,629 -45,996,629
Utilidad despues de Impuesto 68,494,253 141,739,886 137,989,886
Depresiacion 500,000 2,750,000 7,750,000
Amortizacion 850,000 850,000 850,000
Valor libro
Inverciones M. Mina -5,000,000 -10,000,000 -15,000,000
Inversiones M. Planta -5,000,000 -25,000,000
Inversiones O. Fisicas -15,000,000 -20,000,000
Inversion Terreno -2,000,000
Capital de Trabajo -24,977,711
Recuperacion Terreno
Recuperacion Capital
FLUJO DE CAJA -31,977,711 39,844,253 85,339,886 146,589,886

VAN(12%) $ 565,097,536.49 US$ -$ 0.00

TIR 195%

PAYBACK
ao Flujo de caja Ao retorno Ganancia Recuperacion
0 -31,977,711
1 39,844,253 31,977,711 62,316,635 -22,472,383
2 85,339,886 54,450,093 106,109,741 -20,769,855
3 146,589,886 75,219,949 146,585,043 4,843
4 146,589,886 75,215,106 146,575,605 14,281
5 146,589,886 75,200,825 146,547,775 42,110
6 146,377,386 75,158,715 146,465,713 -88,327
7 146,377,386 75,247,042 146,637,841 -260,455
8 146,377,386 75,507,497 147,145,404 -768,018
9 224,917,597 76,275,516 148,642,081 76,275,516
31,977,711
TIR 195%
 SOLUCION:
acion en Peso)
INGRESOS/AO
tn Mineral 10,800,000 1Oz
tn Esteril 16,200,000 1tn
tn Total 27,000,000
tn Plata 9,720,000
tn Oro 1,080,000
tn Fino Plata 139.5792
tn Fino Oro 1.783512
US$ Plata 84,824,658.52
US$ Oro 57,806,433.95
Ingreso Total 142,631,092.48

COSTOS/AO
C. Exp. 16,470,000
C.Proc. 26,632,800
C.Fijo 3,200,000
G. Ad. y ven. 800,000
Com. Ven. 2,852,622
Total: 49,955,422
uye estudios)
Depresiacion Valor Libro
(gastos desembolsables) M. Mina ano 0 500,000 500,000
Obras Fisicas ao 1 1,000,000 2,000,000
Maquinarias ao 2 1,500,000 4,500,000
M. Planta ao 1 500,000 1,000,000
(esteril y mineral) ao 2 2,500,000 7,500,000
(mineral) O. Fisicas ao1 750,000 9,000,000
ao2 1,000,000 13,000,000
TOTAL 7,750,000 37,500,000

(valor libro del ao 9) Capital de trabajo Amortizacion

24,977,711 850000

4 5 6 7 8 9
142,631,092 142,631,092 142,631,092 142,631,092 142,631,092 142,631,092
49,955,422 49,955,422 49,955,422 49,955,422 49,955,422 49,955,422
-500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-1,000,000 -1,000,000 -1,000,000 -1,000,000 -1,000,000 -1,000,000
-1,500,000 -1,500,000 -1,500,000 -1,500,000 -1,500,000 -1,500,000
 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000
-2,500,000 -2,500,000 -2,500,000 -2,500,000 -2,500,000 -2,500,000
-750,000 -750,000 -750,000 -750,000 -750,000 -750,000
-1,000,000 -1,000,000 -1,000,000 -1,000,000 -1,000,000 -1,000,000
-850,000 -850,000
-37,500,000
56,250,000
183,986,514 183,986,514 184,836,514 184,836,514 184,836,514 203,586,514
-45,996,629 -45,996,629 -46,209,129 -46,209,129 -46,209,129 -50,896,629
137,989,886 137,989,886 138,627,386 138,627,386 138,627,386 152,689,886
7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000
850,000 850,000
37,500,000

2,000,000
24,977,711
146,589,886 146,589,886 146,377,386 146,377,386 146,377,386 224,917,597

Capital
31,977,711
54,450,093
75,219,949
75,215,106
75,200,825
75,158,715
75,247,042
75,507,497
76,275,516
0
 31.1 gr
1,000,000 gr

Valor Salvamento
750000
3000000
6750000
1500000
11250000
13500000
19500000
56250000
 Determine el (VAN 12%) para elproblema 1 considerando que se financian 35 millones de dolares de las
inversiones del ao 2 con un credito a 4 aos plazo con una tasa de interes anua de 6 % y 4 cuotas anuales e
iguales. El periodo de gracia total es de un ao paea este credito,

Prestamo: 35,000,000 US$ Valor Futuro: 37,100,000

Interes: 6% Valor Cuota: 13,879,474
Periodo: 4 aos
Tipo Cuota: Anual

Tabla de Intereses
Aos Saldo deuda Interes Amortizacion deuda
1 35,000,000 2,100,000 11,779,474 23,220,526
2 23,220,526 1,393,232 12,486,242 10,734,283
3 10,734,283 644,057 13,235,417 -2,501,134
-2,501,134 -150,068 14,029,542 -16,530,676

Nuevo Flujo de Caja (Se agrega lo siguiente al flujo de Caja)

Ao 0 1 2 3 4
Intereses (-)
UAI
TAX
UDI
Prestamo(+)
Amortizacion deuda(-)
Flujo de caja

Flujo de Caja

Ao 0 1 2 3 4
Interes deuda -2,100,000
UAI 91,325,671 188,986,514 183,986,514 181,886,514
TAX(25%) -22,831,418 -47,246,629 -45,996,629 -45,471,629
UDI 68,494,253 141,739,886 137,989,886 136,414,886
Depresiacion 0 500,000 2,750,000 7,750,000 7,750,000
Amortizacion 0 850,000 850,000 850,000 850,000
Valor libro 0 0 0 0 0
Inverciones M. Mina -5,000,000 -10,000,000 -15,000,000 0 0
Inversiones M. Planta 0 -5,000,000 -25,000,000 0 0
Inversiones O. Fisicas 0 -15,000,000 -20,000,000 0 0
Inversion Terreno -2,000,000 0 0 0 0
 Capital de Trabajo -24,977,711 0 0 0 0
Recuperacion Terreno 0 0 0 0 0
Recuperacion Capital 0 0 0 0 0
Prestamo 35,000,000
Amortizacion deuda -10,993,843
Flujo de Caja -31,977,711 39,844,253 120,339,886 146,589,886 134,021,042

VAN (12%) $ 570,587,457.33 US$ -$ 0.00

TIR 212%
s de dolares de las
% y 4 cuotas anuales e

(Devido a 1 ao de gracia)
Valor cuota -$ 13,093,843.45

Tabla de Interese
ao interes cuota amortizacion deuda
0 -35,000,000
1 $ 2,100,000.00 -$ 13,093,843.45 -$ 10,993,843.45 -$ 24,006,156.55
2 $ 1,440,369.39 -$ 13,093,843.45 -$ 11,653,474.05 -$ 12,352,682.50
3 $ 741,160.95 -$ 13,093,843.45 -$ 12,352,682.50 $ 0.00

5 6 7 8 9

5 6 7 8 9
-1,440,369 -741,161
182,546,145 184,095,353 184,836,514 184,836,514 203,586,514
-45,636,536 -46,023,838 -46,209,129 -46,209,129 -50,896,629
136,909,609 138,071,515 138,627,386 138,627,386 152,689,886
7,750,000 7,750,000 7,750,000 7,750,000 7,750,000
850,000 0 0 0 0
0 0 0 0 37,500,000
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
 0 0 0 0 0
0 0 0 0 2,000,000
0 0 0 0 24,977,711

-11,653,474 -12,352,682
133,856,135 133,468,833 146,377,386 146,377,386 224,917,597