Hybrid model for uncertainty assessment in open pit optimization

Today deposits are often, small in size, with poor quality and with complex structure and geometry, which makes them very difficult to mine. For this reasons, taking into account a wide range of parameters is the most important thing for the successful managing of the economically viable project. The problem is that practically, value of every parameter is strongly connected with many uncertainties. That's why, all uncertainties should be incorporated in calculations in order to provide more realistic solutions. The core of pit optimization is the economic value of every block in block model. The economic block value depends on many parameters of an uncertain value. This paper presents a model for calculating the economic block value and generating optimal pits that can be used for the uncertainty assessment. The developed model is a combination of conventional (deterministic) and stochastic approaches. The presented model takes into account the uncertainty of parameters for the determination of block value. The paper also makes a comparison between ultimate pits generated by conventional and stochastic models of economic block value. This comparison can be used for the uncertainty assessment associated with the optimization of pit limits for coal or metal deposits.