ABSTRACT This paper compares two well-known mathematical programming approaches aiming to maximise multi-element open-pit mines’ net present value (NPV). The first approach, called production scheduling-based (PS-based), decides the optimum schedule of the individual blocks within the pit limit, whereas the second approach, called cut-off grade-based (COG-based), decides the partial extraction of bins derived from a reprehensive grade-tonnage curve of the orebody. A modified COG-based approach is also presented to accentuate the importance of blending requirements in multi-element deposits. The blending constraints in the PS-based model are also considered selectively to understand the paramount effect of the accessibility rules and to compare the two types of strategy fairly. The models were then applied to the Chadormalu iron ore open-pit mine in central Iran. The results were almost identical for those deposits with low stripping ratios and where excessive mining capacity is available. On the other hand, the results were entirely different for deposits with high stripping ratios and insufficient mining capacity. It was also shown that the COG-based models overestimate the NPV, in this special case, about 4.3%, and discriminate the ore-waste untruly. Also, the conventional COG-based models consistently violate the rigid bounds of elements at destinations. This comparison provides a guideline for knowing where the fast COG-based approaches can be used for the project evaluations instead of time-consuming PS-based approaches.
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