Mid-long term boundary dynamic optimization of open-pit coal mine considering coal price fluctuation

Shuai Wang, Bo Cao, Runcai Bai and Guangwei Liu

PLOS ONE, 2024, vol. 19, issue 2, 1-26

Abstract: The delineation of the open-pit mining boundary, particularly in the context of medium to long-term planning, forms the foundation of mining design. However, due to the non-linear and dynamic nature of the economic and technical parameters influencing boundary delineation, determining the optimal mining boundary can be exceedingly challenging. Currently, most boundary optimization methods assume that block parameters remain fixed, which results in enterprises assuming a certain level of risk when facing changes in internal and external conditions. In this regard, this paper introduces the concept of "achievement degree" to reflect the risk associated with the results of boundary design. Using coal prices as an example, this article applies the predicted coal price curve to boundary optimization adjustments by specifying the "achievement degree" requirements for various time periods, thereby facilitating risk-controlled and economically optimal boundary decisions. Taking the illustrative case of an idealized small-scale inclined coal seam open-pit mine, adjustments to the boundary closely track variations in coal prices, further enhancing returns. The results demonstrate that the method proposed in this paper can increase overall revenue by approximately 51.15% within the forecast period, while effectively managing risks.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0296932

DOI: 10.1371/journal.pone.0296932

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