A risk quantification framework for strategic mine planning: Method and application

Quantification, assessment and management of orebody uncertainty is critical to strategic mine planning. A method consisting of a series of steps for uncertainty quantification and risk assessment in pit design optimization is outlined here. Multiple simulated scenarios of an orebody’s grade distribution are processed through an established pit optimization approach to produce a distribution of possible outcomes in terms of key project indicators. These indicators are then assessed to support mine planning decisions.