A model of discounted profit variation of open pit production sequencing optimization

Halatchev, Rossen A. (2005). A model of discounted profit variation of open pit production sequencing optimization. In: S. Dessureault, R. Ganguli, V. Kesoevic and J. G. Dwyer, Proceedings of the 32nd International Symposium on the Application of Computers and Operations Research in the Mineral Industry (APCOM 2005). 32nd International Symposium on the Application of Computers and Operations Research in the Mineral Industry (APCOM 2005), University of Arizona, Tucson, USA, (315-323). 30 March - 1 April 2005.

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Author Halatchev, Rossen A.
Title of paper A model of discounted profit variation of open pit production sequencing optimization
Conference Paper Type Fully Published Paper
Conference name 32nd International Symposium on the Application of Computers and Operations Research in the Mineral Industry (APCOM 2005)
Conference location University of Arizona, Tucson, USA
Conference dates 30 March - 1 April 2005
Proceedings title Proceedings of the 32nd International Symposium on the Application of Computers and Operations Research in the Mineral Industry (APCOM 2005)
Editor S. Dessureault
R. Ganguli
V. Kesoevic
J. G. Dwyer
Place published Leiden
Publisher A.A. Balkema Publishers
Publication date 2005
ISBN 0415374499
Start page 315
End page 323
Total pages 9
Language eng
Abstract/Summary This paper offers a solution of the production sequencing optimization of an open pit mine through the investigation of the time aspect of the problem. The solution is obtained with the use of the author’s method of production scheduling optimization with multi-stage stabilization of the mining rate and incorporation of a combinatorial analysis for generating all theoretically possible variants of the mine sequence arrangement. The optimization scheduling model is based on the concept of “mine-mill-market” interaction and implements the mine planning principles of metal recovery optimization and waste deferment. The theoretical framework of the production sequencing optimization is described in the context of using the cumulative spatial and time graphs of an open pit mine. The results obtained from the production sequencing optimization of a hypothetical open pit gold mine indicate a discrete model of the discounted profit variation which reveals the great potential of the solution as a tool for solving the problem of price volatility and geological uncertainty in short- and long-term plan. A program written in C++ and incorporating the ILOG CPLEX Callable Libraries is used for running the production scheduling optimization model.
Subjects 091405 Mining Engineering
Q-Index Code E1
Q-Index Status Provisional Code
Institutional Status Unknown

Document type: Conference Paper
Sub-type: Fully Published Paper
Collection: School of Mechanical & Mining Engineering Publications
 
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Created: Tue, 04 Apr 2006, 01:40:42 EST