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Minerals 2016, 6(1), 17; doi:10.3390/min6010017

Uncertainty Representation Method for Open Pit Optimization Results Due to Variation in Mineral Prices

1
Department of Energy Resources Engineering, Pukyong National University, Busan 608-737, Korea
2
Daesung Mining Development Inc., Seoul 110-885, Korea
*
Author to whom correspondence should be addressed.
Academic Editor: Michael Hitch
Received: 27 December 2015 / Revised: 10 February 2016 / Accepted: 18 February 2016 / Published: 24 February 2016
View Full-Text   |   Download PDF [6298 KB, uploaded 24 February 2016]   |  

Abstract

This study proposes a new method to quantitatively represent the uncertainty existing in open pit optimization results due to variations in mineral prices. After generating multiple mineral prices using Monte Carlo simulation with data on past mineral prices, a probability model that represents the uncertainty was developed by integrating multiple open pit optimization results derived from the mineral prices. The results of applying the proposed method to the copper-zinc deposits showed that significant uncertainty exists in open pit optimization results due to the variation in copper prices. It was also found that the method has a potential as a tool for classifying the estimation results of ore reserve based on confidence level. View Full-Text
Keywords: uncertainty; open pit optimization; Monte Carlo simulation; revenue factor; ore reserve estimation uncertainty; open pit optimization; Monte Carlo simulation; revenue factor; ore reserve estimation
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Baek, J.; Choi, Y.; Park, H.-S. Uncertainty Representation Method for Open Pit Optimization Results Due to Variation in Mineral Prices. Minerals 2016, 6, 17.

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