| |
Record |
Links |
|
Author  |
Canessa, G.; Moreno, E.; Pagnoncelli, B.K. |
|
| |
Title |
The risk-averse ultimate pit problem |
Type |
|
| |
Year |
2021 |
Publication |
Optimization And Engineering |
Abbreviated Journal |
Optim. Eng. |
|
| |
Volume |
22 |
Issue |
|
Pages |
2655-2678 |
|
| |
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 |
|
| Permanent link to this record |
