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The possibility of mineral deposit exploitation control with Bellman's optimality principle use -- a Polkowice--Sieroszowice copper mine case study

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  • Mariusz Krzak
  • Paweł Panajew

Abstract

Decision-making problems in mineral deposit management can be solved with mathematical techniques. Accomplishment of geological mining projects is usually long lasting and expensive as well as it proceeds in uncertainty conditions and is burdened with a considerable risk. The article presents possible applications of Bellman's optimality principle in exploitation control in the Polkowice--Sieroszowice copper mine. Exploitation blocks of a certain area in the mine differ mutually in ore quality and geological mining conditions. The blocks can be exploited in a certain sequence, which at optimal financial means allocation guarantees maximization of the incomes. In the first step of solving the decision-making problem the price of ore has been calculated. In the second the optimality equations have been constructed. These equations describe possible to achieve incomes related to allocated and consumed financial means. Mathematically solving the equations has allowed selecting the sequence of optimal decisions constituting the optimal strategy.

Suggested Citation

  • Mariusz Krzak & Paweł Panajew, 2012. "The possibility of mineral deposit exploitation control with Bellman's optimality principle use -- a Polkowice--Sieroszowice copper mine case study," Applied Economics Letters, Taylor & Francis Journals, vol. 19(10), pages 993-999, July.
  • Handle: RePEc:taf:apeclt:v:19:y:2012:i:10:p:993-999
    DOI: 10.1080/13504851.2011.610734
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