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    A new methodology for flexible mine design

    Access Status
    Fulltext not available
    Authors
    Groeneveld, B.
    Topal, Erkan
    Leenders, B.
    Date
    2018
    Type
    Book Chapter
    
    Metadata
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    Citation
    Groeneveld, B. and Topal, E. and Leenders, B. 2018. A new methodology for flexible mine design. In Advances in Applied Strategic Mine Planning, 191-216.
    Source Title
    Advances in Applied Strategic Mine Planning
    DOI
    10.1007/978-3-319-69320-0_14
    ISBN
    9783319693200
    School
    WASM: Minerals, Energy and Chemical Engineering (WASM-MECE)
    URI
    http://hdl.handle.net/20.500.11937/66561
    Collection
    • Curtin Research Publications
    Abstract

    © The Australasian Institute of Mining and Metallurgy 2018. All rights are reserved. Uncertainty and risk are invariably embedded in every mining project. Mining companies endeavouring to maximise their return for shareholders make important strategic decisions which take years or even decades to 'play out'. Therefore, developing a model that analyses the potential payoff of a decision based on current fixed assumptions is severely flawed. A model that incorporates uncertainty and is able to adapt, almost certainly will help deliver a design with a better risk-return profile. In this paper, a new approach is developed in order to have a design that is flexible and able to adapt with change. This is achieved by developing a mixed integer programming model that determines the optimal design for simulated stochastic parameters. This research has incorporated optionality (flexibility) in relation to mining, stockpiling, processing plant and port capacity. The results are promising and are helping decision makers to think in terms of value, risk and frequency of execution.

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