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WHY ACCOUNTING FOR UNCERTAINTY AND RISK CAN IMPROVE FINAL DECISION-MAKING IN STRATEGIC OPEN PIT MINE EVALUATION

The objective of this paper is two-fold:
  • First, it will show what problems can arise when single estimated values are substituted for a distribution of values when evaluating an open pit mine project in the face of uncertainty.
  • Secondly, it will show how the ability to deal with uncertainty and risk in mine project evaluation can have a significant impact on the owners’ and stakeholders’ investment decision-making.
Here a new mine evaluation framework, the integrated valuation/ optimisation framework (named IVOF), is introduced as an alternative tool for mine project evaluation where uncertainty and risk are incorporated in the evaluation process.

Mine Project Evaluation is not Rocket Science

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Project Evaluation 2009...

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