Long-term production scheduling is an important and integral part of the planning process for any open pit mine. It aims to define an extraction sequence of the mineralized material from the ground that produces the maximum possible discounted profit, i.e. NPV, while satisfying a set of physical and operational constraints. In the conventional approaches, the planning process usually starts with the construction of a geological block model that divides the orebody and the surrounding rock into three-dimensional arrays of regular, usually identical-sized, blocks. A set of attributes such as grade, specific gravity etc. is then assigned to each of these blocks, estimated using some form of spatial interpolation technique e.g. kriging, inverse distance method etc. and the drill-hole sample data. The blocks are then divided into two groups -waste and ore blocks. The blocks for which the prospective profit exceeds the processing cost are categorized as ore, while the rest are the waste blocks. An economic value is then assigned to each of these individual blocks by taking into account the group to which they belong, their respective estimated grade or metal content, the recovery, and the economic parameters such as metal price, mining cost, and processing costs. The ultimate pit limits (UPLs) are then determined using this economic block model, followed by the more complex production scheduling problem to define the most profitable annual extraction sequence of the blocks lying inside the ULP while satisfying different physical and operational constraints.A major drawback of this approach is its assumption that all the input parameters are known with certainty, while on the contrary a certain degree of uncertainty is almost always associated with these parameters, and ignoring this may result into unrealistic and erroneous scheduling decisions. The uncertainty in the input parameters may be caused by different economic and technical factors such as metal prices, currency exchange rates, mining and processing costs, and block grades. The graderelated uncertainty is considered to be the most important source of uncertainty for the scheduling process for open pit mines and is the main focus of study in this paper. The grade uncertainty stems from the fact that the grade values of the individual blocks are estimated using very limited drill-hole sample data, and usually a significant and variable level of uncertainty is associated with each of these estimated values. Geostatistical conditional simulation techniques provide a framework to generate multiple, equally probable realizations of the orebody's Long-term production scheduling for open pit mines is a large-scale, complex optimization problem involving large data-sets, multiple hard and soft constraints, and uncertainty in the input parameters. Uncertainty in the input parameters may be caused by different geological, economic, or technical factors. The uncertainty caused by geological factors, which is commonly termed geological or grade uncertainty, is considered ...