Dynamic Optimization of Open-pit Cutoff Grade by the Maximum Principle

摘要：

This paper puts forward a methodology for the optimization of open-pit cutoff grade, which is based on the maximum principle. After a brief introduction to the analytical framework of constrained optimization by the maximum principle, a mathematical model for selecting an optimum cutoff grade function is constructed, this aims at the maximization of total present value of an open pit mine. By this method, the optimum cutoff grade series of a mine can be explicitly expressed as a function of residual mine life, and the function can be obtained by either numerical or analytical solution. Through the solution of the constrained optimum problem, we can also get the information on the shadow price of the mines ore reserve. This information may be very useful in the decision making of pit extension. In the final part of the paper, a calculation example is given.

关键词： cutoff grade open-pit the maximum principle

作者: Yingliang Xie Linhai Xie

作者单位: School of Economic Management Jiangxi University of Science & Technology Ganzhou, Jiangxi Province, Associate professor, School of Economics & Management Jiangxi University of Science & Technology Gan

会议类型: 国际会议

会议名称: 2007 Conference on Systems Science, Management Science and System Dynamics(第二届系统科学、管理科学与系统动力学国际会议)

会议地点: 上海

会议语种:英文

页码: 2435-2442

在线出版日期: 2007-10-19（万方平台首次上网日期，不代表论文的发表时间）