Abstract
Geological uncertainty affects the mining material supply (material types and grades), and it is quantified with geostatistical simulations. It can be integrated with demand uncertainty (i.e., market fluctuations) within new digital technologies for life-of-mine planning, as part of strategic risk management.
This one-day course is divided into two components:
- Mineral Resources Uncertainty Characterization
- New Digital Technologies and Risk Management in Strategic Mine Planning.
The first part will cover modern geostatistical simulation techniques for the stochastic characterization of geological, grade, and geometallurgical uncertainties affecting material supply. Categorical simulation techniques can be used to characterize the tonnage and geometric uncertainty of different deposit types, while continuous simulation techniques address the complex multivariate relationships between grade and geometallurgical variables. The use of stochastic approaches for mineral resources modelling makes it possible to identify opportunities for increased confidence in mineral resource estimates. Mineral resource classification can benefit from the quantitative confidence metrics provided by simulations.
The second part of the course presents a new generation of applied technologies that take mine planning and production scheduling optimization—as well as asset valuation, including reserve estimation and reporting—to a new level: Simultaneous optimization of mining complexes – mineral value chains with uncertainty.
A mining complex – mineral value chain refers to the integration of mining and processing operations with multiple pits and/or underground mines, multiple metals or minerals, stockpiles, blending options, and alternative processing streams to yield sellable products delivered to various customers and/or the spot market.
Simultaneous optimization of mining complexes aims to generate a production schedule for the various mines and processing streams that maximizes the economic value of the enterprise as a whole, in terms of the market value of metal product(s).
This approach provides an advanced framework and methodologies for reserve estimation and classification. Emphasis is placed on downstream applications pertinent to the feasibility, development, and planning stages of mining ventures, as well as on the financial optimization of relevant aspects of operations and production, with particular focus on mineral reserve estimation and classification.
Target Audience
Mineral Resource and Mineral Reserves Managers, Mine Geologists, Mine Planners.
Facilitators
- David Francisco Machuca Mory, SRK Consulting, Canada
- Roussos Dimitrakopoulos, McGill University
