FINANCIALLY EFFICIENT ORE SELECTIONS INCORPORATING GRADE UNCERTAINTY
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dc.contributor.author | Richmond A. | |
dc.date.accessioned | 2022-01-25T05:52:45Z | |
dc.date.available | 2022-01-25T05:52:45Z | |
dc.date.issued | 2003 | |
dc.identifier | https://elibrary.ru/item.asp?id=5003723 | |
dc.identifier.citation | Mathematical Geology, 2003, 35, 2, 195-215 | |
dc.identifier.issn | 0882-8121 | |
dc.identifier.uri | https://repository.geologyscience.ru/handle/123456789/34598 | |
dc.description.abstract | Traditional mining selection methods focus on local estimates or loss functions that do not take into account the potential diversification benefits of financial risk that is unique to each location. A constrained efficient set model with a downside risk function is formulated as a solution. Estimates of this nonlinear mixed-integer combinatorial optimization problem are provided by a simulated annealing heuristic. A utility framework that is congruent with the proposed efficiency model is then used to choose the optimal set of local mining selections for a decision-maker with specific risk-averse characteristics. The methodology is demonstrated in a grade control environment. The results show that downside financial risk can be reduced by around 33% while the expected payoff is only reduced by 1% when compared to ore selections generated by traditional cut-off grade techniques. | |
dc.subject | DOWNSIDE RISK | |
dc.subject | PORTFOLIO THEORY | |
dc.subject | MIXED-INTEGER OPTIMIZATION | |
dc.title | FINANCIALLY EFFICIENT ORE SELECTIONS INCORPORATING GRADE UNCERTAINTY | |
dc.type | Статья |
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