Conventional open pit mine optimization models for designing mining phases and ultimate pit limit do not consider expected variations and uncertainty in metal content available in a mineral deposit (supply) and commodity prices (market demand). Unlike the conventional approach, a stochastic framework relies on multiple realizations of the input data so as to account for uncertainty in metal con...

The block economic value (BEV) of a single-metal deposit is calculated based on the metal content and the related costs. The common methods available for calculating BEV are just based upon the profitable elements, and the effects of undesirable elements on BEV are not considered. However, in multi-element deposits, the effects of other elements existing in the blocks on BEV should be considere...