10:30 AM - 12:10 PM
Developing simultaneous stochastic optimization of industrial mining complexes and responding to unveiling information
Over the last few years, new digital technologies have been developed based on the concept of optimizing industrial mining complexes. A mining complex or mineral value chain is an engineering system where raw materials are extracted from a group of mineral deposits, transformed into sellable products using different processing/treatment streams, transported and delivered to the spot-market and/or customers. However, the supply of materials extracted from the mines represents a major source of uncertainty and technical risk that needs to be managed. Stochastic integer programs extended to dynamic implementations and solved through newly developed metaheuristic algorithms allow for the simultaneous stochastic optimization of mineral value chains, consisting in tens of millions of binary variables, in one single optimization model. Additionally, new research has focused on developing adaptive models which can assimilate new information to maximize performance and project value at a short and long-term optimization level.