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Author (up) Canessa, G.; Moreno, E.; Pagnoncelli, B.K. doi  openurl
  Title The risk-averse ultimate pit problem Type
  Year 2021 Publication Optimization And Engineering Abbreviated Journal Optim. Eng.  
  Volume Early access Issue Pages 24 pp  
  Keywords Ultimate pit; Mining; Risk-averse optimization; Integer programming  
  Abstract In this work, we consider a risk-averse ultimate pit problem where the grade of the mineral is uncertain. We derive conditions under which we can generate a set of nested pits by varying the risk level instead of using revenue factors. We propose two properties that we believe are desirable for the problem: risk nestedness, which means the pits generated for different risk aversion levels should be contained in one another, and additive consistency, which states that preferences in terms of order of extraction should not change if independent sectors of the mine are added as precedences. We show that only an entropic risk measure satisfies these properties and propose a two-stage stochastic programming formulation of the problem, including an efficient approximation scheme to solve it. We illustrate our approach in a small self-constructed example, and apply our approximation scheme to a real-world section of the Andina mine, in Chile.  
  Address [Canessa, Gianpiero] Univ Adolfo Ibanez, PhD Program Ind Engn & Operat Res, Diagonal Las Torres 2640, Santiago 7941169, Chile, Email: canessa@kth.se  
  Corporate Author Thesis  
  Publisher Springer Place of Publication Editor  
  Language English Summary Language Original Title  
  Series Editor Series Title Abbreviated Series Title  
  Series Volume Series Issue Edition  
  ISSN 1389-4420 ISBN Medium  
  Area Expedition Conference  
  Notes WOS:000557140000001 Approved  
  Call Number UAI @ eduardo.moreno @ Serial 1219  
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