MRCR could be regarded as a multi-stage compounding real option, based on option theory, assuming the convenience yield of coal reserves to be constant, built a one-factor model of valuating MRCR with the stochastic value of coal reserves. On the basis of our one-factor model, set up a two-factor model of evaluating MRCR assuming the convenience yield follows the mean-reverting process. When applied to valuate the MRCR of a coalmine, this model gives higher values than the one-factor model and the NPV. This is because the increase of convenience yield can improve the executive opportunity of MRCR.