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Modern market conditions are characterized with volatility of the prices and demand for raw materials. Therefore the development of many major mineral deposits in the Russian Federation requires elaboration of the company's development strategy which involves solving complex design tasks to ensure production efficiency in complex geological and mining conditions with proper account of natural and environmental constraints as well as the company's sustainability and viability goals over a long period of time. The article presents one of the approaches that can be used when selecting the development strategy of a mining company with account of environmental constraints. Using a limestone deposit, which name has been changed due to the confidentiality conditions, as an example, the article describes options for technological solutions related to dewatering of its reserves. Implementation of these solutions is aimed at developing and extending the lifetime of the mining operation, mitigating environmental risks and implementing environmental protection measures. Systematization of methods to protect the open pit from ground waters is made based on the complicating factors. An aggregated technical and economic assessment of the presented options of strategic decisions is given.