Authors: Elkington,TJ; Grobler,FC

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DOI https://doi.org/10.36487/ACG_rep/1108_02_Elkington

Cite As:
Elkington,TJ & Grobler,FC 2011, 'Robust mine planning', in Y Potvin (ed.), Strategic versus Tactical 2011: Proceedings of the Fourth International Seminar on Strategic versus Tactical Approaches in Mining, Australian Centre for Geomechanics, Perth, pp. 11-19, https://doi.org/10.36487/ACG_rep/1108_02_Elkington

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Abstract:
Financial risk analysis is often conducted at the end of a feasibility study, after a project strategy has already been selected. Thus, risk (quantitatively at least) and uncertainty has limited influence in the decision making process. This paper proposes a simple and efficient process to consider risk in the decision making (or options selection) phase of a study. In this way, “robust” strategies can be selected: strategies that perform well under a wide range of conditions. This is in contrast to the typical approach of “optimising” a project based on a single set of point estimates (assumptions) of the future, without consideration of inherent uncertainty. Three case studies show some analyses that can be adopted to consider project robustness.

References:
Elkington, T., Grobler, F. and Myers, P. (2010) Supporting Robust Strategic Underground Mine Decision-Making, Proceedings of CIM 2010, Vancouver, Canada, May 2010.
Grobler, F., Elkington, T. and Rendu, J.M. (2011) Robust decision making: Application to Mine Planning under Price Uncertainty, in Proceedings of APCOM 35, Wollongong, Australia, September 2011 (in print).




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