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Pit Optimization Settings: Time An explanation of fields and properties |
Pit Optimization Settings: Time
To access this dialog:
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Using the Optimization control bar, select Ultimate Pit | Settings and select the Time tab.
In this dialog you define parameters needed for NPV evaluations. For detailed explanation of the overall process, see Pit Optimization.
Field Details:
Annual discounting: enter a percentage discount rate between 0 and 100.
Average ore output rate: enter the ore (raw material) tonnage the mine will produce per selected time period, usually a year (365 days). The Ultimate Pit Optimal Extraction Sequence (UP OES) is used to calculate the first n tonnes of ore (where n is specified using the tonnes field) and the net profit generated from this activity is discounted by the figure shown in the Annual Discounting field, above. The next n tonnes are further discounted as if they are mined in year 2, and so on. This can be expressed by the following formula for a 10% Annual discounting value:
Kth year NPV = Net value / (1+0.10)k
The rate is defined in terms of recovered and/or diluted ore option becomes available only when Mining dilution or Mining recovery are changed from their default values in the Economic Settings dialog.
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