Stochastic Final Pit Limits: An Efficient Frontier Analysis under Geological Uncertainty in the Open-Pit Mining Industry

• Published in: Mathematics (Basel) Vol. 10; no. 1; p. 100
• Main Authors: Jelvez, Enrique, Morales, Nelson, Ortiz, Julian M.
• Format: Journal Article
• Language: English
• Published: Basel MDPI AG 01.01.2022
• Subjects: Algorithms; Approximation; Case studies; Decision making; Economic impact; Exploitation; Geology; geostatistics; Mathematics; Mineral deposits; Mining; Mining industry; Open pit mining; Optimization; Pareto-optimal front; Production planning; Random variables; Risk aversion; Risk management; Simulation; stochastic final pit; Stochastic programming; Uncertainty

In the context of planning the exploitation of an open-pit mine, the final pit limit problem consists of finding the volume to be extracted so that it maximizes the total profit of exploitation subject to overall slope angles to keep pit walls stable. To address this problem, the ore deposit is disc...