Production phase and ultimate pit limit design under commodity price uncertainty
dc.contributor.author | Chatterjee, S. | |
dc.contributor.author | Sethi, M. | |
dc.contributor.author | Asad, Mohammad Waqar | |
dc.date.accessioned | 2017-01-30T10:47:22Z | |
dc.date.available | 2017-01-30T10:47:22Z | |
dc.date.created | 2016-01-20T20:00:33Z | |
dc.date.issued | 2016 | |
dc.identifier.citation | Chatterjee, 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.uri | http://hdl.handle.net/20.500.11937/5627 | |
dc.identifier.doi | 10.1016/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.publisher | ELSEVIER SCIENCE BV | |
dc.title | Production phase and ultimate pit limit design under commodity price uncertainty | |
dc.type | Journal Article | |
dcterms.source.volume | 248 | |
dcterms.source.number | 2 | |
dcterms.source.startPage | 658 | |
dcterms.source.endPage | 667 | |
dcterms.source.issn | 0377-2217 | |
dcterms.source.title | European Journal of Operational Research | |
curtin.department | Dept of Mining Eng & Metallurgical Eng | |
curtin.accessStatus | Fulltext not available |
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