A risk quantification framework for strategic mine planning: Method and application

Godoy, M.; Dimitrakopoulos, Roussos

doi:10.1134/s1062739147020109

Cited by 21 publications

(7 citation statements)

References 5 publications

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“…These perturbations should be done towards improvements in the objective value. Previous implementation of metaheuristic approaches based on perturbation for the mine production scheduling problem has shown their ability to generate solutions with higher value and less risk (Godoy 2003;Leite and Dimitrakopoulos 2007;Albor and Dimitrakopoulos 2009;Goodfellow and Dimitrakopoulos 2013). Given the monetary value associated with time because of discounting, profitable units should be pushed to be extracted in early periods and non-profitable ones should be pushed to later periods.…”

Section: Solution Approach Based On Simulated Annealingmentioning

confidence: 99%

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Globally optimising open-pit and underground mining operations under geological uncertainty

2016

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A mining complex may be comprised of multiple components, including open-pit and underground operations. Traditional approaches in mine planning do not account for the various components simultaneously leading to under-value solutions. Over the last decade, some methods have been developed to incorporate multiple components of the mining value chain during optimisation. Even though these new methods incorporate more decisions and flexibility to the optimisation of a mining complex, they may either ignore uncertainties associated with the mining project or consider decisions taken before optimisation. This paper presents a method that optimises mining complexes comprised of multiple open-pits, underground operations and processing destinations. Mining, blending, processing and transportation decision variables are simultaneously optimised while accounting for geological uncertainty. The method uses a simulated annealing algorithm at different decision levels in order to generate a stochastic-based extraction sequence and processing policies. A case study shows its ability to generate a higher NPV while facing a reduced amount of risk when compared to traditional optimisation methods.

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Section: Solution Approach Based On Simulated Annealingmentioning

confidence: 99%

“…Twenty orebody simulations are generated for the underground deposit using direct block simulation by considering the drillhole data within the mineralised domain (Godoy 2003). Figure 11 shows the validation of the orebody simulations generated.…”

Section: Case Study: a Gold Mining Complexmentioning

confidence: 99%

Globally optimising open-pit and underground mining operations under geological uncertainty

2016

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“…For dealing with various mining and geology problems, stochastic approach is suggested by many authors [6][7][8][9]. This paper presents a stochastic model for calculating the EBV.…”

Section: Introductionmentioning

confidence: 99%

Hybrid model for uncertainty assessment in open pit optimization

Stevanovic¹,

Banković²,

Pešić-Georgiadis³

et al. 2020

Tehnika

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Today deposits are often, small in size, with poor quality and with complex structure and geometry, which makes them very difficult to mine. For this reasons, taking into account a wide range of parameters is the most important thing for the successful managing of the economically viable project. The problem is that practically, value of every parameter is strongly connected with many uncertainties. That's why, all uncertainties should be incorporated in calculations in order to provide more realistic solutions. The core of pit optimization is the economic value of every block in block model. The economic block value depends on many parameters of an uncertain value. This paper presents a model for calculating the economic block value and generating optimal pits that can be used for the uncertainty assessment. The developed model is a combination of conventional (deterministic) and stochastic approaches. The presented model takes into account the uncertainty of parameters for the determination of block value. The paper also makes a comparison between ultimate pits generated by conventional and stochastic models of economic block value. This comparison can be used for the uncertainty assessment associated with the optimization of pit limits for coal or metal deposits.

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“…Consequently, these models cannot handle input uncertainty and utilize an estimated average type orebody model containing single or constant economic value for a particular mining block (Dowd 1994;Dimitrakopoulos 2011). However, in the presence of geological and/or financial uncertainty, the implications of economic decisions suggested in conventional optimization studies may lead to the closure of capital intensive mining projects (Dimitrakopoulos and Abdel Sabour 2007;Godoy and Dimitrakopoulos 2011).…”

Section: Introductionmentioning

confidence: 99%

Stochastic production phase design for an open pit mining complex with multiple processing streams

Asad

Dimitrakopoulos

Eldert

2013

Engineering Optimization

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In a mining complex, the mine is a source of supply of valuable material (ore) to a number of processes that convert the raw ore to a saleable product or a metal concentrate for production of the refined metal. In this context, expected variation in metal content throughout the extent of the orebody defines the inherent uncertainty in the supply of ore, which impacts the subsequent ore and metal production targets. Traditional optimization methods for designing production phases and ultimate pit limit of an open pit mine not only ignore the uncertainty in metal content, but, in addition, commonly assume that the mine delivers ore to a single processing facility. A stochastic network flow approach is proposed that jointly integrates uncertainty in supply of ore and multiple ore destinations into the development of production phase design and ultimate pit limit. An application at a copper mine demonstrates the intricacies of the new approach. The case study shows a 14% higher discounted cash flow when compared to the traditional approach.

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A risk quantification framework for strategic mine planning: Method and application

Cited by 21 publications

References 5 publications

Globally optimising open-pit and underground mining operations under geological uncertainty

Globally optimising open-pit and underground mining operations under geological uncertainty

Hybrid model for uncertainty assessment in open pit optimization

Stochastic production phase design for an open pit mining complex with multiple processing streams

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