Abstract
Long-term production planning (LTPP) is a large-scale optimization problem that aims to find the block extraction sequence that produces the maximum possible net present value (NPV) whilst satisfying a variety of physical and economical constraints. The economic feasibility of a mine is highly dependent upon careful LTPP. As the mining industries extract deeper and lower grade ores, LTPP is becoming a key item that can result in ceasing operations or continuing the project. Mathematical programming models are well suited to optimizing LTPP of open pit mines. These mathematical models have been studied extensively in the literature since the 1960s. The result of this study shows that there are two approaches for dealing with LTPP problems: (1) deterministic and (2) uncertainty-based approaches. This paper first discusses the deterministic algorithms and then, after an introduction to uncertainty associated with mining projects, reviews uncertainty-based algorithms. The advantages and disadvantages of these algorithms are discussed and suggestions for future research are offered.
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