Optimising Open Pit Mine Scheduling Taking into Consideration Time Value of Money and Mining Restrictions
In an earlier study, the authors introduced the new algorithm that allows for a definition of open pit limits taking into consideration time value of money. This study presents further expansion of this algorithm that allows determining the optimum mining sequence and optimum width of pushbacks, in a manner that maximises the net present value (NPV) of a deposit. The algorithm combines dynamic programming and mining heuristic, and allows for incorporation of price vectors, costs, cut-off grades and other mine design parameters. Test runs of the algorithm conducted by the authors have led consistently to pits and mining sequences with higher NPV values than those generated using parametric techniques. © 2013 Copyright Taylor and Francis Group, LLC.
E. L. Nanjari and T. S. Golosinski, "Optimising Open Pit Mine Scheduling Taking into Consideration Time Value of Money and Mining Restrictions," International Journal of Mining, Reclamation and Environment, Taylor & Francis, Jan 2013.
The definitive version is available at http://dx.doi.org/10.1080/09658416.2012.655166
Mining and Nuclear Engineering
Keywords and Phrases
Long Range Mine Planning; Mining Sequence; NPV Optimisation; Pit Limit Optimisation; Pushbacks
Article - Journal
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