.png){kind=icon}
Return
Simulation-based decision-making system for optimal mine production plan selection
.png){kind=icon}
OA
AI
DOI：10.1007/s13563-021-00297-w.png)
.png){kind=icon}
Original request for help.png){kind=icon}
Share.png){kind=icon}
Save
Abstract
En 中文
Price uncertainty is one of the major uncertainties in the life of mine (LOM) planning process which can have a decisive effect on the overall profitability. Today's mine planning software tools provide block-sequencing optimisation for a given static price assumption that is then used as a basis of managerial decision-making process. This paper proposes a complementary approach to this by introducing a simulation-based decision-making tool that, with the help of simulation, seeks for the optimal mine plan when a managerially estimated price development with minimum and maximum boundaries is used as a data input for the given period. To demonstrate the approach, a realistic gold mine case study is presented with five alternative and technically feasible mine plans calculated in a static optimiser from a commercial mine planning software package. These mine planning scenarios are then subjected to price uncertainty in simulation with and without a price trend assumption to highlight the effect of price on the mine's expected performance. Based on the results, we derive and demonstrate a simulation-based system that automates the matching of optimal mine plan with the managerial insight of long-term price development.
Keywords:
Mine planning
Uncertainty modelling
Simulation
Managerial decision-making
Journal
IF:
3.5
Papers:
506
Citations:
856
Organization
Cited Papers
Impact of demographic changes on the blood supply: Mecklenburg‐West Pomerania as a model region for Europe.png)
Transfusion
TransfusionIF0
PREAI
ShareSaveDNA-damaging agents induce both p53-dependent and p53-independent apoptosis in immature thymocytes.
PREAI
ShareSaveShareSaveOptimal exploration investments under price and geological-technical uncertainty: a real options modelmanagement
managementIF5.7
PREAI
ShareSaveShareSave
View more