A Mining License is an authorisation granted by the government or a state agency to a firm or individual to develop a mineral resource and the setting up of associated mining operations on a concession. The terms and conditions of the mining operations are typically set out in the Mining License. A Mining License qualifies as an intangible asset because it can be recognised, separated, and the associated economic benefits reliably measured. Intangible assets are a class of assets without physical form yet offer potential economic value to owners. Business valuators apply techniques under the income, market and asset methods in the process of estimating the fair market value of a mining license.