Reducing risk and optimizing the mine production schedule at the LabMag magnetite deposit

CIM Montreal 2015
Michael Spleit (New Millennium Iron Corp.), Roussos Dimitrakopoulos (McGill University)
In this study, a set of geological simulations of the LabMag taconite deposit in Labrador, Canada was generated in order to quantify the geological variability in an existing mining schedule and assess the schedule’s performance. Subsequently, a production schedule optimization based on stochastic integer programming (SIP) was developed to improve mine profitability while simultaneously managing the risk of production tonnage and quality deviations.
Keywords: optimization, mine planning, production scheduling, iron ore, risk
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