Risk-resilient mine production schedules with favourable product quality for rare earth element projects. Issue 1 (2nd January 2018)

• Record Type: Journal Article
• Authors: Quigley, Matthew; Dimitrakopoulos, Roussos; Grammatikopoulos, Tassos
• Is Part Of: Mining technology. Volume 127:Issue 1(2018)
• Page Start: 41
• Page End: 55
• Publication Date: 2018-01-02
• Subjects: Mine planning -- production scheduling -- rare earth elements -- stochastic (geostatistical) orebody simulation -- stochastic mine planning -- risk management -- net present value; Mining engineering -- Periodicals; Mineral industries -- Periodicals; 662.05; 622.05
• DOI: 10.1080/14749009.2017.1323172
• Languages: English
• ISSNs: 2572-6668

Abstract

Abstract: By estimating ore quality and assuming the distribution of rare earth elements present in a deposit using the total rare earth oxide grade, a mine planner does not have the necessary resolution to assess the geological risk and inform their decisions. Thus, it is unlikely that the mine production schedule will maximise the generation of cash flows or meet the expected production targets. Suitable representation of a deposits' spatial variability and uncertain characteristics, coupled with advancements in the field of stochastic mine planning, can offer the tools to develop a mine design that will yield a higher net present value and ensure more reliable ore quality. The application herein consists of the joint simulation of 15 rare earth elements in a monazite–bastnäsite deposit and the generation of a risk-resilient production schedule that maximises net present value and ensures consistent ore grades and rare earth mineral blends at the processing facility.