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An Optimized Open Pit Mine Application for Limestone Quarry Production Scheduling to Maximize Net Present Value
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An Optimized Open Pit Mine Application for Limestone Quarry Production Scheduling to Maximize Net Present Value
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Journal Article
An Optimized Open Pit Mine Application for Limestone Quarry Production Scheduling to Maximize Net Present Value
2022
Overview
This study involves a working limestone mine that supplies limestone to the cement factory. The two main goals of this paper are to (a) determine how long an operating mine can continue to provide the cement plant with the quality and quantity of materials it needs, and (b) explore the viability of combining some limestone from a nearby mine with the study mine limestone to meet the cement plant’s quality and quantity goals. These objectives are accomplished by figuring out the maximum net profit for the ultimate pit limit and production sequencing of the mining blocks. The issues were resolved using a branch-and-cut based sequential integer and mixed integer programming problem. The study mine can exclusively feed the cement plant for up to 15 years, according to the data. However, it was also noted that the addition of the limestone from the neighboring mine substantially increased the mine’s life (85 years). The findings also showed that, when compared with the production planning formulation that the company is now using, the proposed approach creates 10% more profit. The suggested method also aids in determining the desired desirable quality of the limestone that will be transported from the nearby mine throughout each production stage.
