The risk-averse ultimate pit problem
Abstract: In this work, we consider a risk-averse ultimate pit problem where the grade of the mineral is uncertain. We propose a two-stage formulation of the problem and discuss which properties are desirable for a risk measure in this context. We show that the only risk measure that satisfies these properties is the entropic. We propose an efficient approximation scheme to solve the risk-averse version of the problem and show its viability in large-scale mines.
Keywords: Ultimate Pit; Mining; Risk-Averse Optimization; Integer programming
Category 1: Stochastic Programming
Category 2: Integer Programming (0-1 Programming )
Citation: Unpublished, Universidad Adolfo Ibáñez, Diagonal Las Torres 2640, Santiago, Chile, August 2019.
Entry Submitted: 08/30/2019
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