In situ resource utilization (ISRU) activities are receiving increasing attention, both from space agencies and among the international science and industrial community. Prominent examples of ongoing ISRU space programs are the NASA Artemis program and the Terrae Novae program run by the European Space Agency. In technical sciences, there are at least three groups of activities related to ISRU: prospecting bodies in the context of space missions, technological investigations related to surface infrastructure and operations, and conceptual analyses of future mining activities. The present paper belongs to the third group and brings new insights into a potential open pit mine operating on the Moon. There are several novel contributions: the definition of the objectives of the mine, based on economic indicators; a conceptual description of a pit architecture dedicated to excavating ilmenite-rich feedstock; and a qualitative and quantitative description of the chosen processes and the mine’s topology. In the paper, there are also added links to other papers connected with ISRU activities.