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  Optimal mine operating strategy for a fluctuating price
Titel: Optimal mine operating strategy for a fluctuating price
Auteur: Appiah, Paul B.
Sturgul, John R.
Verschenen in: International journal of mining, reclamation and environment
Paginering: Jaargang 6 (1992) nr. 3 pagina's 121-128
Jaar: 1992
Inhoud: A profit maximizing mining operation may find it financially unjustified to invest in spare production capacity for use only part of the time. Consequently, the existing mining or processing capacity for the operation becomes a constraint as short term operating decisions are made in response to short term fluctuations in price for the mineral produced. Within the limitations imposed by capacity, an optimal operating strategy for maximizing the net after tax future value of the remaining ore reserves of a mine experiencing short term price fluctuations is presented and demonstrated. It is understood by this optimal strategy that mining and processing capacities would be fully utilized irrespective of the price regime (whether low or' high price time) and that long term financial gains would be maximized without compromising the already planned sequence and rates of mining. A dynamic programming approach is used to determine optimal mining rates and mine life.
Uitgever: Taylor & Francis
Bronbestand: Elektronische Wetenschappelijke Tijdschriften

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