| Content Provider | MDPI |
|---|---|
| Author | Baek, Jieun Choi, Yosoon Park, Han-su |
| 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. |
| File Size | 6449152 |
| File Format | |
| e-ISSN | 2075163X |
| DOI | 10.3390/min6010017 |
| Journal | Minerals |
| Issue Number | 1 |
| Volume Number | 6 |
| Language | English |
| Publisher Date | 2016-02-24 |
| Access Restriction | Open |
| Subject Keyword | uncertainty open pit optimization Monte Carlo simulation revenue factor ore reserve estimation |
| Content Type | Text |
| Resource Type | Article |
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