Using Mathematics to Maximize the Value of Open-Pit Mines. Mineral resources are one of Australia's greatest assets. Their effective management will bring substantial long-term benefits to the Australian economy. Planning the exploitation of a mineral resource is a highly complex task. Current methods are approximate, and do not fully consider two critical issues: (1) ore mined at different times must be blended to achieve saleable product and (2) resource markets may not evolve as predicted ....Using Mathematics to Maximize the Value of Open-Pit Mines. Mineral resources are one of Australia's greatest assets. Their effective management will bring substantial long-term benefits to the Australian economy. Planning the exploitation of a mineral resource is a highly complex task. Current methods are approximate, and do not fully consider two critical issues: (1) ore mined at different times must be blended to achieve saleable product and (2) resource markets may not evolve as predicted. In this project we shall develop creative mathematical solutions to maximise the expected net present value of mines with far greater accuracy, taking into account blending and the uncertain nature of future demand.Read moreRead less
A Mathematical Approach to Flexible Management of Open Pit Mines with Uncertain Geology and Unpredictable Demand. This project will create new mathematical algorithms to flexibly manage open pit mining projects. The development of strategic plans for mining operations is a highly complex task, based on incomplete geological information and uncertain future commodity demand. The smart mathematics we create will allow Australia to capitalise on upturns in international demand, while limiting unavo ....A Mathematical Approach to Flexible Management of Open Pit Mines with Uncertain Geology and Unpredictable Demand. This project will create new mathematical algorithms to flexibly manage open pit mining projects. The development of strategic plans for mining operations is a highly complex task, based on incomplete geological information and uncertain future commodity demand. The smart mathematics we create will allow Australia to capitalise on upturns in international demand, while limiting unavoidable negative outcomes, by flexibly adjusting the mining operation to prevailing geological and economic conditions. Australia's mineral exports are worth over $50b annually to the Australian economy. Our techniques will better manage Australia's mining projects and capture new, emerging markets, significantly impacting on Australia's balance of trade.Read moreRead less
Understanding cycles in mineral commodity price, a market model with uncertainty. Mining accounts for more than 8% of Australia's GDP, and almost 50% of Australia's total merchandise exports. Understanding phenomenological mechanisms for price fluctuations and using our dynamic price model can help determine better timing of investments in mining infrastructure. This knowledge will help Australia benefit from the upside of commodity 'cycles', super or not. The market model that will be develope ....Understanding cycles in mineral commodity price, a market model with uncertainty. Mining accounts for more than 8% of Australia's GDP, and almost 50% of Australia's total merchandise exports. Understanding phenomenological mechanisms for price fluctuations and using our dynamic price model can help determine better timing of investments in mining infrastructure. This knowledge will help Australia benefit from the upside of commodity 'cycles', super or not. The market model that will be developed in this project can be used to assist in better planning for commodity cycle upside, improving the overall efficiency of capital utilisation in the long term.Read moreRead less