Selection of optimal open pit mining limits with multiple geostatistical models to quantify uncertainty in pit value

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This proposal addresses risk management in the design of surface mining limits. Numerical models created from geologic data are used in the design and optimize of surface mining limits and determine the production rates and return on investment for a mineral project. Uncertainty is inherent in the geologic data and can be modeled. The uncertainty brings a level of risk to any investment decision made on these designed mining limits. The key research challenge that this proposal will address is the management of the geologic uncertainty in the design of maximum mining limits. Although this research does not explicitly address other forms of risk, the management of any part of the risk inherent in a project will lead to improved decisions in the development of a surface mining project. A clear picture of the effect on the mining limits from the geologic uncertainty will emerge. SRK (Canada) will have an enhanced approach to managing the risk in surface mining limits. This research proposal will benefit Canada by promoting the active management of risk in developing the best resources and discouraging the development of higher risk resources.