Determination of the optimum cut-off grades and production scheduling in multi-product open pit mines using imperialist competitive algorithm (ICA)

Mohammadi, Sadjad; Kakaie, Reza; Ataei, Mohammad; Pourzamani, E.

doi:10.1016/j.resourpol.2016.11.005

Cited by 20 publications

(4 citation statements)

References 8 publications

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“…The concept of cut-off grade, defined as the standard grade of mineral deposits used for plant material feed, is explored by Sattarvand et al (2015), emphasizing its critical role in the initial decision-making process, often framed as a challenge within the 'ultimate pit limit. While Thompson and Barr (2014) attempted to employ the RO methodology to assess cut-off grade under stochastic prices, the operational implementation struggled, evolving into an optimization problem later addressed by Mohammadi et al (2017).…”

Section: Real Options "In" Mining Projects At the Strategic Levelmentioning

confidence: 99%

Strategic Integration of Real Options for Enhanced Valuation and Optimization in Mining Project Planning under Uncertainty: A Comprehensive Review

Ali,

Rafique

2024

IJPM

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Purpose: In the contemporary landscape of mining projects, the imperative to navigate through periods of uncertainty has driven the exploration of alternative strategic tools rooted in project flexibility. Real options have emerged as a pivotal strategic approach, offering the means to adapt and refine mining projects under unpredictable conditions Materials and Methods: This paper provides a comprehensive review and discussion on the strategic application of real options for optimizing mining project planning in the face of uncertainty. Organized into four sections, the paper begins with a general introduction to real options in Section one, delving into their strategic and technical classifications. Section two critically examines and reviews the indispensable role of real options in the realms of mining investment and project planning. The third section is dedicated to an in-depth discussion of the strategic tools inherent in real options, specifically focusing on their valuation and optimization aspects within mining project planning. The final section provides a discussion and conclusion on the strategic application of real options for optimizing mining project planning under uncertainty. Findings: The review identifies that real options offer valuable strategic flexibility in addressing uncertainties inherent in mining project planning. Through a detailed examination of their application, it becomes evident that real options can enhance decision-making processes and improve project outcomes by allowing for adaptive responses to changing conditions. Implications to Theory, Practice, and Policy: The strategic integration of real options into mining project planning presents significant implications for theory, practice, and policy. Theoretical implications include advancing understanding of decision-making under uncertainty and the role of flexibility in strategic planning. In practice, the adoption of real options can lead to improved project outcomes, increased resilience to market fluctuations, and enhanced risk management strategies. From a policy perspective, recognizing the value of real options may inform regulatory frameworks and promote the adoption of flexible planning approaches within the mining industry, ultimately contributing to sustainable development and resource management.

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Section: Real Options "In" Mining Projects At the Strategic Levelmentioning

confidence: 99%

Strategic Integration of Real Options for Enhanced Valuation and Optimization in Mining Project Planning under Uncertainty: A Comprehensive Review

Ali,

Rafique

2024

IJPM

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“…Recent research has demonstrated that ICA is an efficient algorithm for the job shop scheduling problems, such as the flowshop and single machine scheduling ones [45][46][47][48][49]. ICA has advantages in terms of its rapid convergence speed, and many improved algorithms have been proposed on its basis.…”

Section: Canonical Icamentioning

confidence: 99%

Discrete imperialist competitive algorithm for the resource-constrained hybrid flowshop problem with energy consumption

Tao

Huang

et al. 2020

Complex Intell. Syst.

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The resource-constrained hybrid flowshop problem (RCHFS) has been investigated thoroughly in recent years. However, the practical case that considers both resource-constrained and energy consumption still has rare research. To address this issue, a discrete imperialist competitive algorithm (DICA) was proposed to minimize the makespan and energy consumption. In the proposed algorithm, first, each solution was represented by a two-dimensional vector, where one vector represented the scheduling sequence and another one showed the machine assignment. Then, a decoding method considering the resource allocation was designed. Finally, we combined DICA and the simulated annealing algorithm (SA) to improve the performance of the proposed approach. Furthermore, we tested the proposed algorithm based on a randomly generated set of real shop scheduling system instances and compared with the existing heuristic algorithms. The results confirmed that the proposed algorithm can solve the RCHFS with high efficiency.

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“…Gilani and Sattarvand ( 2016 ) evaluated the effect of grade uncertainties on the production planning for open-pit mines using the ant colony algorithm (OCA). Mohammadi et al ( 2017 ) applied the imperialist competitive algorithm (ICA) to check for the influence of ore grade uncertainties on determining the cutoff grade. Jafrasteh et al ( 2018 ) used the ANN, random forest algorithm (RFA), and gaussian processes to evaluate the copper grade.…”

Section: Introductionmentioning

confidence: 99%

Ore grade estimation using the imperialist competitive algorithm (ICA)

et al. 2021

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In this paper, a hybrid inverse distance weighted (IDW) and the imperialist competitive algorithm (ICA) was proposed for grade estimations in mining projects. Indeed, the coefficients of the IDW equation, power, and the influence distance were modified by applying the ICA algorithm. For this, an example was solved by using IDW, the ordinary kriging, and IDW-ICA. After successfully validating the IDW-ICA, the iron grades were estimated in the Baba Ali iron mine, the most prominent iron mine in the west of Iran. For this, after gathering data from thirty-two boreholes, the grade estimations were conducted using IDW, kriging, and IDW-ICA. Some statistical parameters, including the mean absolute percentage error (MAPE), root-mean-squared error (RMSE), and correlation coefficient, were used to compare the results. The higher value of the R 2 , 94.41%, the lowest values of MAPE, 17.4%, and RMSE, 4.19, of the proposed algorithm, revealed that the IDW-ICA could be applied as a new-fangled method for grade estimations in the mining projects.

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Determination of the optimum cut-off grades and production scheduling in multi-product open pit mines using imperialist competitive algorithm (ICA)

Cited by 20 publications

References 8 publications

Strategic Integration of Real Options for Enhanced Valuation and Optimization in Mining Project Planning under Uncertainty: A Comprehensive Review

Strategic Integration of Real Options for Enhanced Valuation and Optimization in Mining Project Planning under Uncertainty: A Comprehensive Review

Discrete imperialist competitive algorithm for the resource-constrained hybrid flowshop problem with energy consumption

Ore grade estimation using the imperialist competitive algorithm (ICA)

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