In order to get rid of the dilemma of resource shortage, large domestic mining enterprises began to invest in mineral resources overseas. As a basic tool for investment analysis and decision-making, mining project valuation can help enterprise operators better grasp the prediction and management of the future, ensure the best benefit of mining investment. Based on DCF method and market method, take the lion mine project in Africa as an example for value evaluation. Finally, the evaluation results are compared and verified in combination with the current mining market, so as to judge whether the mergers and acquisitions behavior is correct.The results show that: complete the transaction of the target project at the time point of the base date is a correct decision, the evaluation method combining DCF method and market method is more scientific and reasonable than the traditional evaluation method, it can provide reference for mining investment and mergers and acquisitions decision-making.