Abstract: The process of mineral exploration is a dynamic one in which various options are deferred，expanded，contracted，abandoned，and conversed，interacting each other.In the process of mineral exploration，an accounting model of eco-compensation，based on multidimensional nested options，could be established if various choices (temporarily closed，permanently closed and re-started) are embedded in its cash flow.In an empirical study of “Manganese Triangle”，it is found that embedded cost method ROV better reflects the value of investment than DCF method under uncertain mineral development projects；in the DCF method，the value of resources is not properly reflected in the cash flow of various options so the amount of ecological compensation is far less than the normal amount payable.Therefore，it is significant to establish a multidimensional nested option model and scientifically calculate the ecological compensation amount，trying to avoid “pollution first and management second”.

Key words: multidimensional nested options, eco-compensation of mineral exploitation, “Manganese Triangle”