The effective management of geological risk in long-term production scheduling of open pit mines

Godoy, Marcelo (2003). The effective management of geological risk in long-term production scheduling of open pit mines PhD Thesis, School of Engineering, The University of Queensland.

       
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Author Godoy, Marcelo
Thesis Title The effective management of geological risk in long-term production scheduling of open pit mines
School, Centre or Institute School of Engineering
Institution The University of Queensland
Publication date 2003-01-01
Thesis type PhD Thesis
Supervisor Dimitrakopoulous, Roussos
Total pages 256
Collection year 2003
Language eng
Subjects L
290701 Mining Engineering
640200 Primary Mining and Extraction Processes
Abstract/Summary Investment in mining projects, like most business investment, is susceptible to risk and uncertainty. The ability to effectively identify, assess and manage risk may enable strategic investments to be sheltered and operations to perform closer to their potential. In mining, geological uncertainty is seen as the major contributor to not meeting project expectations. The need to assess and manage geological risk for project valuation and decision-making translates to the need to assess and manage risk in any pertinent parameter of open pit design and production scheduling. This is achieved by taking geological uncertainty into account in the mine optimisation process. This thesis develops methods that enable geological uncertainty to be effectively modelled and the resulting risk in long-term production scheduling to be quantified and managed. One of the main accomplishments of this thesis is the development of a new, risk-based method for the optimisation of long-term production scheduling. In addition to maximising economic returns, the new method minimises the risk of deviating from production forecasts, given the understanding of the orebody. This ability represents a major advance in the risk management of open pit mining.
Keyword Mineral industries -- Risk management
Strip mining -- Risk management

Document type: Thesis
Collection: UQ Theses (non-RHD) - UQ staff and students only
 
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Created: Sat, 25 Aug 2007, 04:18:12 EST