A maximum upside / minimum downside approach to the traditional optimization of open pit mine design |
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| Authors: | R Dimitrakopoulos L Martinez S Ramazan |
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| Affiliation: | (1) COSMO Laboratory, Department of Mining, Metals and Materials Engineering, McGill University, Montreal, Qc, Canada;(2) School of Economics and Finance, Faculty of Business, Queensland University of Technology, Brisbane, Qld, Australia;(3) Rio Tinto, Perth, WA, Australia |
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| Abstract: | The management of cash flows and risk during production is a critical part of a surface mining venture as well as an integral
part of a strategy in developing new and existing operating mines. Orebody uncertainty is a critical factor in strategic mine
planning, the optimization of mine designs and long-term sequencing. Traditional optimization approaches do not account for
in situ grade variability or deal with geological risk. This paper presents a new approach to mine design based on risk quantification
and alternative strategic decision-making criteria.
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Translated from Fiziko-Tekhnicheskie Problemy Razrabotki Poleznykh Iskopaemykh, No. 1, pp. 81–90, January–February, 2007. |
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| Keywords: | Open pit optimization stochastic simulation economic evaluation upside downside |
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