Research on Economic and Legal Attribute of Mineral Exploration Rights

The exploration right represents a Jura in re aliana based on the national ownership of resources; it is the usufructuary rights with strong stipulation, exclusiveness, and diversity by law. The legal subject of exploration right is exploration-right possessor. From the real situation, the exploration-right possessors in China are mainlygeological exploration units and state-owned mining companies, while the objects of exploration right is the exploration areas that include the earth's surface and underground space of land where exploration-right possessor has the right to conduct geological exploration and otherrelated activities. From the perspective of the accounting, exploration right has the four characteristics of assets, in line with the asset definition, so should belong to the category of assets on the accounting. Different views from comprehensive theoretical and practical circle are that solid exploration right should be regarded as a separate asset to be refl ected and be regulated, called mineral assets. The financial accounting for the acquisition of the exploration right, initial measurement, subsequent measurement, disposition, and information disclosure must be established on the basis of this new concept and accounting items.