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    Optimisation with options

    Access Status
    Fulltext not available
    Authors
    Elkington, T.
    Gould, John
    Date
    2011
    Type
    Journal Article
    
    Metadata
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    Citation
    Elkington, T. and Gould, J. 2011. Optimisation with options. Mining Technology. 120 (4): pp. 233-240.
    Source Title
    Mining Technology
    DOI
    10.1179/1743286311Y.0000000013
    ISSN
    1474-9009
    Remarks

    Copyright © 2011 Institute of Materials, Minerals and Mining

    URI
    http://hdl.handle.net/20.500.11937/41024
    Collection
    • Curtin Research Publications
    Abstract

    We provide a valuation framework for mining projects incorporating options to vary mining, processing and stockpiling rates, options to alter processing and stockpiling cutoff grades, options to expand mining and processing capacities and the option to abandon. Each of these real operating options is exercisable in response to price variability for the mineral being mined. With a case study application, we demonstrate that project optimisation with recognition of real options (versus without) entails: increased project value, as expected; and, at project outset, prescription of lower processing capacity (with lower associated capital expenditure), higher processing cutoff grade and greater use of stockpiles.

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