Kalman Filtering-Based Approach for Project Valuation of an Iron Ore Mining Project Through Spot Price and Long-Term Commitment Contracts

Sauvageau, Mathieu; Kumral, Mustafa

doi:10.1007/s11053-017-9329-4

Cited by 7 publications

(1 citation statement)

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“…Mining projects are already very risky due to the high uncertainty related to grade distribution and volatile commodity prices (Maseko and Musingwini, 2019;Sauvageau and Kumral, 2017), thus emphasizing the importance of operational optimization. Although underground mining is considered as being governed by rock mechanics constraints, with no room for optimization, the recent prevalence of underground mining techniques increases the importance of computer-aided tools for planning and layout optimization, in order to maximize the profit and minimizie the environmental impact.…”

Section: Introductionmentioning

confidence: 99%

Clustering-based iterative approach to stope layout optimization for sublevel stoping

Sari

Kumral

2021

J. S. Afr. Inst. Min. Metall.

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SYNOPSIS Underground mining operations tend to have higher operating costs than surface mines. When metal prices decrease, profitability is jeopardized due to the high costs. Therefore, mining management harnesses new practices that increase operational efficiency. One way to manage this challenge is to invest in new mine planning practices. Stope layout optimization as a part of underground mine planning aims to identify a portion of the orebody in the form of production volumes (stopes) to maximize profit under roadway and stope dimension constraints. In this paper we propose a novel approach based on identifying ore-rich areas of the deposit and prioritizing their extraction through an iterative heuristic clustering approach. The proposed approach is compared with and validated by an exact method through a small mining example. The heuristics produced nearly identical results in a very short time. Finally, a case study was carried out using a larger data-set. The cluster-based iterative approach generated near-optimal stope layouts in a computationally effective manner. Keywords: underground mining, iterative optimization, stope layout planning, sublevel stoping.

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Section: Introductionmentioning

confidence: 99%