The complexity of an open pit production scheduling problem is increased by grade uncertainty. A method is presented to calculate the cost of uncertainty in a production schedule based on deviations from the target pr...The complexity of an open pit production scheduling problem is increased by grade uncertainty. A method is presented to calculate the cost of uncertainty in a production schedule based on deviations from the target production. A mixed integer linear programming algorithm is formulated to find the min- ing sequence of blocks from a predefined pit shell and their respective destinations, with two objectives： to maximize the net present value of the operation and to minimize the cost of uncertainty. An efficient clustering technique reduces the number of var/ables to make the problem tractable. Also, the parameters that control the importance of uncertainty in the optimization problem are studied. The minimum annual mining capacity in presence of grade uncertainty is assessed. The method is illustrated with an oil sand deposit in northern Alberta.展开更多
Commodity prices have fallen sharply due to the global financial crisis. This has adversely affected the viability of some mining projects, including leading to the possibility of bankruptcy for some companies. These ...Commodity prices have fallen sharply due to the global financial crisis. This has adversely affected the viability of some mining projects, including leading to the possibility of bankruptcy for some companies. These price falls reflect uncertainties and risks associated with mining projects. In recent years, much work has been published related to the application of real options pricing theory to value life-of-mine plans in response to long term financial uncertainty and risk. However, there are uncertainties and risks associated with medium/short-term mining operations. Real options theory can also be applied to tactical decisions involving uncertainties and risks. This paper will investigate the application of real options in the mining industry and present a methodology developed at University of Queensland, Australia, for integrating real options into medium/short-term mine planning and production scheduling. A case study will demonstrate the validity and usefulness of the methodology and techniques developed.展开更多
文摘The complexity of an open pit production scheduling problem is increased by grade uncertainty. A method is presented to calculate the cost of uncertainty in a production schedule based on deviations from the target production. A mixed integer linear programming algorithm is formulated to find the min- ing sequence of blocks from a predefined pit shell and their respective destinations, with two objectives： to maximize the net present value of the operation and to minimize the cost of uncertainty. An efficient clustering technique reduces the number of var/ables to make the problem tractable. Also, the parameters that control the importance of uncertainty in the optimization problem are studied. The minimum annual mining capacity in presence of grade uncertainty is assessed. The method is illustrated with an oil sand deposit in northern Alberta.
文摘Commodity prices have fallen sharply due to the global financial crisis. This has adversely affected the viability of some mining projects, including leading to the possibility of bankruptcy for some companies. These price falls reflect uncertainties and risks associated with mining projects. In recent years, much work has been published related to the application of real options pricing theory to value life-of-mine plans in response to long term financial uncertainty and risk. However, there are uncertainties and risks associated with medium/short-term mining operations. Real options theory can also be applied to tactical decisions involving uncertainties and risks. This paper will investigate the application of real options in the mining industry and present a methodology developed at University of Queensland, Australia, for integrating real options into medium/short-term mine planning and production scheduling. A case study will demonstrate the validity and usefulness of the methodology and techniques developed.
