Simultaneous stochastic optimization of mining complexes - mineral value chains: an overview of concepts, examples and comparisons. Issue 6 (3rd July 2022)

• Record Type: Journal Article
• Authors: Dimitrakopoulos, Roussos; Lamghari, Amina
• Is Part Of: International journal of mining, reclamation and environment. Volume 36:Issue 6(2022)
• Page Start: 443
• Page End: 460
• Publication Date: 2022-07-03
• Subjects: Mining complex -- stochastic optimization -- metaheuristics -- supply uncertainty -- demand/market uncertainty -- geostatistical simulation -- risk management -- strategic planning; Mining engineering -- Periodicals; Mineral industries -- Environmental aspects -- Periodicals; Abandoned mined lands reclamation -- Periodicals; 622.292
• DOI: 10.1080/17480930.2022.2065730
• Languages: English
• ISSNs: 1748-0930

Abstract

ABSTRACT: This paper overviews the simultaneous stochastic optimisation of mining complexes or mineral value chains where raw materials mined from mineral deposits in an area are transformed into a set of sellable products. The supply of materials extracted from available mines represents a major source of uncertainty and technical risk that needs to be managed, along with market demand. An overview of the main concepts, case studies and comparisons show how the approach manages risk and capitalises on synergies between the components of the mining complex and major differences from conventional methods. Results lead to strategic plans with larger amounts of metal produced from the same mineral resources, a substantially improved ability for operations to meet production forecasts, and a significantly higher net present value.