Abstract: The formation mechanism of mining right value of mineral resources based on option is the basis of the mining right evaluation of mineral resource with the theory of option price.Based on analysis of the option characteristics of mineral resource mining right，it is pointed out that mineral resource mining right could be regarded as multi-periods call option executed annually.For its underlying assert is mineral reserve，mineral resource mining rights is actually a real option.To evaluate mineral resources mining rights is to determine the value of the real option.The factors to affect the value of mineral mining rights are the price of mineral resource，the full cost of mineral mining，the value of mineral reserve，the opportunity cost of mineral mine investment，the holding term of mineral mining rights，the fluctuating rate of mineral reserve value，risk-free rate，and convenience yield.Moreover，the formation path of mineral mining rights depends on the changing process of mineral reserve price.

Key words: Mineral resources, Mining rights, Option