Optimising Open Pit Mine Scheduling Taking into Consideration Time Value of Money and Mining Restrictions
Abstract
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.
Recommended Citation
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 https://doi.org/10.1080/09658416.2012.655166
Department(s)
Mining Engineering
Keywords and Phrases
Long Range Mine Planning; Mining Sequence; NPV Optimisation; Pit Limit Optimisation; Pushbacks
International Standard Serial Number (ISSN)
1748-0930
Document Type
Article - Journal
Document Version
Citation
File Type
text
Language(s)
English
Rights
© 2013 Taylor & Francis, All rights reserved.
Publication Date
01 Jan 2013
