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The risk-averse ultimate pit problem

Gianpiero Canessa(gcanessag***at***gmail.com)
Eduardo Moreno(eduardo.moreno***at***uai.cl)
Bernardo Pagnoncelli(bernardo.pagnoncelli***at***uai.cl)

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Citation: Unpublished, Universidad Adolfo Ibáñez, Diagonal Las Torres 2640, Santiago, Chile, August 2019.

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Entry Submitted: 08/30/2019
Entry Accepted: 09/01/2019
Entry Last Modified: 08/30/2019

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