In 2010, Anshan Iron and Steel Group Corporation planned to conduct replacement by taking advantage of 100% equities in Angang Group Investment (Australia) Pty Ltd. and related assets for assets of Pangang Group Steel and Vanadium Titanium Co., Ltd. and its equities held in companies conducting steel businesses. Therefore, an appraisal is necessary on part equities held by Angang Group Investment (Australia) Pty Ltd. in Karara Mining Ltd. Appraisal base date is June 30, 2010. As there was no standard or guidance for overseas mining right appraisal, valuers developed appraisal model and made calculation according to DCF method that had been commonly used in domestic secondary market. Valuers carefully analyzed  principles for resource reserve classification stated in mineral resource reserve report developed according to Australia JORC standards, compared them with China’s resource reserve estimation standards and made an appraisal accordingly. Besides, as the mine was under construction and was not brought into production, so on-site financial staff did not clearly know depreciation policies for assets turning into fixed assets and resource tax policies, so according to their experience gained in other projects and local resource tax policies and other articles searched in relevant websites, they developed DCF estimation model, completed appraisal on the whole project as scheduled and successfully passed record filing by State-owned Assets Supervision and Administration Commission of the State Council.