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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Dimitrakopoulos, R., Martinez, L. & Ramazan, S. A maximum upside / minimum downside approach to the traditional optimization of open pit mine design. J Min Sci 43, 73–82 (2007). https://doi.org/10.1007/s10913-007-0009-3
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DOI: https://doi.org/10.1007/s10913-007-0009-3