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Optimal production scale of open pit mining operations with uncertain metal supply and long-term stockpiles

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  • Waqar Ali Asad, Mohammad
  • Dimitrakopoulos, Roussos
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    Abstract

    An open pit mining operation consists of various stages, and the calculation of the production capacities of these stages depends upon the available supply of ore (mineralized material of economic value) and waste material. Cutoff grade is the criterion that specifies the amount of ore and waste. The material with grade equal to or higher than the cutoff grade is classified as ore. The material with grade less than the cutoff grade is considered waste. While this explains the link between cutoff grade theory and the calculation of production capacities, the majority of optimization models for finding production capacities not only disregards this relationship but also ignores expected variations and uncertainty in metal content or the available supply of ore and waste material.

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    Bibliographic Info

    Article provided by Elsevier in its journal Resources Policy.

    Volume (Year): 37 (2012)
    Issue (Month): 1 ()
    Pages: 81-89

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    Handle: RePEc:eee:jrpoli:v:37:y:2012:i:1:p:81-89

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    Web page: http://www.elsevier.com/locate/inca/30467

    Related research

    Keywords: Optimization; Cutoff grade; Net present value maximization; Production capacities;

    References

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    1. James Otto & Craig Andrews & Fred Cawood & Michael Doggett & Pietro Guj & Frank Stermole & John Stermole & John Tilton, 2006. "Mining Royalties : A Global Study of Their Impact on Investors, Government, and Civil Society," World Bank Publications, The World Bank, number 7105, October.
    2. James Otto & Craig Andrews & Fred Cawood & Michael Doggett & Pietro Guj & Frank Stermole & John Stermole & John Tilton, 2006. "Mining Royalties : A Global Study of Their Impact on Investors, Government, and Civil Society, Appendixes," World Bank Publications, The World Bank, number 7136, October.
    3. Osanloo, M. & Rashidinejad, F. & Rezai, B., 2008. "Incorporating environmental issues into optimum cut-off grades modeling at porphyry copper deposits," Resources Policy, Elsevier, vol. 33(4), pages 222-229, December.
    4. Abdel Sabour, S. A., 2002. "Mine size optimization using marginal analysis," Resources Policy, Elsevier, vol. 28(3-4), pages 145-151.
    5. Dimitrakopoulos, Roussos G. & Abdel Sabour, Sabry A., 2007. "Evaluating mine plans under uncertainty: Can the real options make a difference?," Resources Policy, Elsevier, vol. 32(3), pages 116-125, September.
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    Cited by:
    1. Asad, Mohammad Waqar Ali & Dimitrakopoulos, Roussos, 2013. "A heuristic approach to stochastic cutoff grade optimization for open pit mining complexes with multiple processing streams," Resources Policy, Elsevier, vol. 38(4), pages 591-597.

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