Journal of Mining Science

, Volume 47, Issue 2, pp 191–201 | Cite as

Incorporating geological and market uncertainties and operational flexibility into open pit mine design

Strategic Mine Planning Under Uncertainty

Abstract

This work outlines a procedure for integrating uncertainty and operational flexibility into open pit mine design selection. A multi-criteria design ranking system based on advanced uncertainty and financial modeling techniques such as Monte Carlo simulation and real options is proposed. A case study at a copper mine is provided.

Keywords

Mine design economic evaluation real options Monte Carlo simulation 

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Copyright information

© Pleiades Publishing, Ltd. 2011

Authors and Affiliations

  1. 1.COSMO-Stochastic Mine Planning Laboratory, Department of Mining and Material EngineeringMcGill UniversityMontrealCanada

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