This research evidences the value of flexibility on the investment decision, in the exploration sector of copper, face to the existence of an aband onment option. The results of three evaluation models are compared : the Net Present Value; the Binomial and a Suitable Binomial to the exploration sector of copp er. Monthly quotations of copper of the LME had been used; values for the Producers Price Index ; e values of OT-September with maturity nearest to the time horizon of the investment. To t he similarity of other applications of the real options, we confirm that, in uncertainty context, t he traditional method significantly understates the return of the investment decisions.

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Flexibility on the Investment Decision,Real Option s,Exploration Sector of Copper,Natural Resources Exploration,Evaluation M ethods of Investments.