Mining business makes no sense without mineral assets comprising mineral rights, exploration and evaluation expenditures, development costs, ore reserves and resources. The paper is aimed at investigation of how mineral reserves and resources are evaluated and represented in financial statements of mining companies, and what kind of influence do these mineral assets exert on the market value of a company. We concluded that application of so called accounting and managerial approaches to estimation of mineral resources base gave completely different results. Despite this, ore reserves and resources are not recognized in the financial reports. This leads to occurrence of difference between market and book value of a company, which should be taken into account in business combinations. Using correlation analysis we deter-mined the dependence of capitalization and mineral resources base indicators and factors exerting influence on it. The evaluation of mineral assets as a very important part of business combination deal should be prepared on a basis of income and cost approach. The advantage of such a combination is the ability to take into account as many financial, organizational, managerial and technological factors as possible.

Abdo, H. & Al-Gabery Al-H. (2013). Exploring the Effects of Oil and Gas Reserves Disclosures on the Market Value of Oil and Gas Companies. http://onlineresearchjournals.org/JSS/pdf/2013/aug/Abdo%20and%20Al-Gabery.pdf

Annual Report of Polymetal International PLC (2012). Moscow: The College, 87 p.: http://www.polymetal.ru/~/media/Files/P/Polymetal/Annual%20Reports/6378-Polymetal-AR12-RUS.pdf

Annual Report of Polymetal International PLC (2014). Moscow: The College, 96 p.: http://www.polymetal.ru/~/media/Files/P/Polymetal/Annual%20Reports/2014_Polymetal_AR_rus.pdf

Baurens, S. (2010). Valuation of Metals and Mining Companies. Zürich: BasInvest, 81 p.

Coetsee, D. (2010). The Role of Accounting Theory in the Development of Ac-counting Principles. Meditari Accounting Research, 18, 1-16.

Conceptual Framework for Financial Reporting. (2010). http://www.iasplus.com/en/standards/other/framework

Cortese, C. & Irvine, H.J. (2010) Investigating International Ac-counting Standard Setting: the Black Box of IFRS 6. Research in Accounting Regulation, 22(2), 87-95.

Damodaran, A. (2006). Damodaran on Valuation: Security Analysis for In-vestment and Corporate Finance. New York: John Wiley & Sons, 696 p.

Davis, G.A. (2002). Economic Methods of Valuing Mineral Assets, August. http://www.bvappraisers.org/contentdocs/Conference/Graham_Davis_Economic_Method.pdf.

Ellis, T.R. (2001) Difference Between a Value Estimate and an Appraisal. Society for Mining, Metallurgy, and Exploration, Inc., 310, 25-35.

Eves, C. (2013). The Valuation of Long Life Mines: Current Issues and Methodologies. 19-th Annual Pacific-Rim Real Estate Society Conference. Melbourne Aus-tralia, 13-16 January.

Extractive Activities. (2010). Discussion Paper DP/2010/1, 184 p. http://www.crirsco.com/dpextractiveActivitiesApr10.pdf

IFRS 3 Business Combinations. (2014). Technical Summary, 203 p. http://www.ifrs.org/IFRSs/Documents/Technical-summaries-2014/IFRS%203.pdf

Inanga, E.L. & Schneider, W.B. (2005). The Failure of Accounting Research to Improve Accounting Practice: a Problem of Theory and Lack of Communication. Critical Perspectives on Accounting, 16(3), 227-248.

International Reporting Template for the Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves. (2013).  CRIRSCO, 43 p. November. http://www.crirsco.com/templates/international_reporting_template_november_2013.pdf

Ironkwe U. & Promise, O.A. (2015). An Analysis of International Financial Reporting Standards (IFRS): Issues Concerning Some Elements of Ac-Counting in Oil and Gas Industries in Nigeria. International Journal of Management Science and Business Administration, 1(9), 14-32.

Kaiser, M.J., Yunke, Yu. (2012) Oil and Gas Company Valuation, Reserves, and Production. Oil & Gas Financial Journal, 9(3). http://www.ogfj.com/articles/print/volume-9/issue-3/features/oil-and-gas-company-valuation.html

Martin, J.D., Petty, W.J., & Wallace, J.S. (2009). Value–Based Management with Corporate Social Responsibility. Oxford: Oxford University Press.

Mazen, M. (2014). Should I Invest in Production Ore Reserves? Oil & Gas Financial Journal, 11(3). http://www.ogfj.com/articles/print/volume-11/issue-3/features/should-i-invest-in-production-or-reserves.html

New Guidance on Accounting for Extractive Activities. A Big Issue for the Energy and Resources Industry (2011). www.pwc.com/jp/ja/japan-knowledge/archive/assets/pdf/ifrs-accounting-extractive201201.pdf

New on the Horizon: Extractive Activities. International Financial Reporting Standards (2010). KPMG Limited. www.kpmg.com/ES/es/ActualidadyNovedades/ArticulosyPublicaciones/New-on-the-Horizon-Extractive-Activities.pdf

Polymetal Acquires Altynalmas Gold for $618,5 million. 22.05.2014. http://www.vestifinance.ru/articles/43091

The Condensed Consolidated Interim Financial Statements of Altynalmas Gold Ltd. (2014). http://www.kase.kz/files/emitters/CA_ALTN/ca_altnfm2_2014_cons_rus.pdf

Yachina, N.P., Petrova, T.N., Kharitonov, M.G., Nikitin, G.A. & Zhumataeva, E.O. (2016). The Method of the Content Selection for Formation of Technological Culture among Students Based on Ethnological Values. International Electronic Journal of Mathematics Education, 11(1), 211-219