Ore Reserve Estimation and Strategic Mine Planning
Stochastic Models and Optimizations with Case Studies
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Beschreibung
The mining business faces, perhaps more than any other, continual risk in producing metals and raw materials under fluctuating market demand. At the same time, the greatest uncertainty driving the risk and profitability of mining investments is the geological variability of mineral deposits. This supply uncertainty affect the prediction of economic value from the initial valuation of a mining project through mine planning, design and production scheduling. Is this important? A World Bank survey, for example, shows 73% of mining projects failed in North America alone due to problems in their ore reserve estimates, leading to losses of billions in capital investment over a decade.
This book is the first of its kind, presenting state-of-the-art stochastic simulation and optimization techniques and step-by-step case studies. Quantification of geological uncertainty through new efficient conditional simulation techniques for large deposits, integration of uncertainty to stochastic optimization formulations for design and production scheduling and the concurrent management of risk are shown to create flexibility, options and oportunities, increase asset value, cashflows and return on investment.
New approaches introduced include resource/reserve risk quantification, cost-effective drilling programs, pit design and long-term production scheduling optimization with simulated orebodies, ore reserve classification, geologic risk discounting, waste managing and demand driven scheduling, risk assessment in meeting project production schedules ahead of mining, risk based optimal stope design, options valuation when mining. Applications include commodities such as gold, copper, nickel, iron ore, coal and diamonds.
Audience
This book will be of interest to mine planning engineers, resource and mine geologists, resource and financial analysts, mining engineers, mining project, mine managers.
This first-of-its-kind book presents stochastic simulation and optimization techniques and detailed case studies tailored to the geological variability of mineral deposits. Applications include commodities such as gold, copper, nickel, iron, coal and diamonds.
The mining business faces continual risks in producing metals and raw materials under fluctuating market demand. At the same time, the greatest uncertainty driving the risk and profitability of mining investments is the geological variability of mineral deposits. This supply uncertainty affects the prediction of economic value from the initial valuation of a mining project through mine planning, design and production scheduling.
This book is the first of its kind, presenting state-of-the-art stochastic simulation and optimization techniques and step-by-step case studies. Quantification of geological uncertainty through new efficient conditional simulation techniques for large deposits, integration of uncertainty to stochastic optimization formulations for design and production scheduling and the concurrent management of risk are shown to create flexibility, options and oportunities, increase asset value, cashflows and return on investment.
New approaches introduced include resource/reserve risk quantification, cost-effective drilling programs, pit design and long-term production scheduling optimization with simulated orebodies, ore reserve classification, geologic risk discounting, waste managing and demand driven scheduling, risk assessment in meeting project production schedules ahead of mining, risk based optimal stope design, options valuation when mining. Applications include commodities such as gold, copper, nickel, iron ore, coal and diamonds.
State-of-the-art technologies for risk-based orebody modelling and mine planning, optimization and risk managementConditional simulation framework founded upon new fast and efficient methods for enhancing metal recovery and mine profitabilityNew uncertainty-based optimization formulations for mine design and production scheduling, capturing upside potential and minimizing downside risk of a mine/project
Autor*in
Roussos Dimitrakopoulos
Themen in »Ore Reserve Estimation and Strategic Mine Planning«
Conditional simulation Ore reserves Risk analysis Stochastic optimization Strategic mine planning
Stimmen zu »Ore Reserve Estimation and Strategic Mine Planning«
"Emerging technologies need to be established as best practice for future generations. …… No other book is available that integrates aspects of orebody uncertainty and the need for a stochastic approach to mine scheduling. Modern resource companies like Rio Tinto fully endorse developments in this field, and we congratulate Prof Dimitrakopoulos on this ground-breaking work" Peter Ravenscroft, General Manager, Rio Tinto
"We [at BHP Billiton] believe that this book is unique, fills a technology transfer gap and elucidates a new generation of technologies dealing with quantitative risk analysis in ore reserves, mine design and mining project evaluation. We recognize the critical need for new technologies … allowing us to manage risk effectively and to our benefit."
"The author is considered the leading international expert in the field." Gavin Yeates, Resource Evaluation Manager, BHP Billiton
"Emerging technologies need to be established as best practice for future generations. …… No other book is available that integrates aspects of orebody uncertainty and the need for a stochastic approach to mine scheduling … an important step in advancing further developments in this field." Peter J. Ravenscroft, General Manager, Rio Tinto Technical Services
"Prof Dimitrakopoulos’ practical approach in applying solutions to ore reserve and mining related problems will ensure that the book will appeal to a wide audience. It contains both the theory as well as easily understood applications of the techniques, demonstrated through examples from actual mining operations." Duncan Campbell, Vice President, Mineral Resource Evaluation, AngloAmerican
"This book … detailing stochastic methods and their application to quantifying technical risk and uncertainties associated with ore reserves and mine strategic planning) … will assists
in establishing best practice standards to both the DeBeers Group and the diamond industry as a whole." Dr. Wyand J. Kleingeld, Group Manager Mineral Resources, De Beers Group"The research Prof Dimitrakopoulos has conducted and methods generated from it show how future mine design, production scheduling and cash flow can all be improved by using the new technologies being development and practiced. We [at CVRD] believe that it is essential for us to integrate and prioritize these techniques if we want to survive in an increasingly competitive market. " Edson S.C. Ribeiro, General Manager, Companhia Vale do Rio Doce(CVRD)
"….Prof Dimitrakopoulos is in an excellent, perhaps unique position to produce a book of significance and long-lasting stature within the mining industry. He enjoys an excellent reputation as an expert in the field and has made many significant contributions to the technical literature." Peter Forrestal, General Manager, Technical Development, Xstrata Group
"… Practical teaching material, such as this book, is vital to develop our skills base. There is a clear need for a practical reference work for the industry practitioner that can also stand its own ground as a state-of-the-art book for the research community. In my opinion this book can serve this purpose and shifts the paradigm in the field. Michael F. O’Brien, Manager, Evaluation, AngloGold
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