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dc.contributor.authorChatterjee, S.
dc.contributor.authorSethi, M.
dc.contributor.authorAsad, Mohammad Waqar
dc.date.accessioned2017-01-30T10:47:22Z
dc.date.available2017-01-30T10:47:22Z
dc.date.created2016-01-20T20:00:33Z
dc.date.issued2016
dc.identifier.citationChatterjee, S. and Sethi, M. and Asad, M.W. 2016. Production phase and ultimate pit limit design under commodity price uncertainty. European Journal of Operational Research. 248 (2): pp. 658-667.
dc.identifier.urihttp://hdl.handle.net/20.500.11937/5627
dc.identifier.doi10.1016/j.ejor.2015.07.012
dc.description.abstract

Open pit mine design optimization under uncertainty is one of the most critical and challenging tasks in the mine planning process. This paper describes the implementation of a minimum cut network flow algorithm for the optimal production phase and ultimate pit limit design under commodity price or market uncertainty. A new smoothing splines algorithm with sequential Gaussian simulation generates multiple commodity price scenarios, and a computationally efficient stochastic framework accommodates the joint representation and processing of the mining block economic values that result from these commodity price scenarios. A case study at an existing iron mining operation demonstrates the performance of the proposed method, and a comparison with conventional deterministic approach shows a higher cumulative metal production coupled with a 48% increase in the net present value (NPV) of the operation.

dc.publisherELSEVIER SCIENCE BV
dc.titleProduction phase and ultimate pit limit design under commodity price uncertainty
dc.typeJournal Article
dcterms.source.volume248
dcterms.source.number2
dcterms.source.startPage658
dcterms.source.endPage667
dcterms.source.issn0377-2217
dcterms.source.titleEuropean Journal of Operational Research
curtin.departmentDept of Mining Eng & Metallurgical Eng
curtin.accessStatusFulltext not available


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