Question
Mine Planning Question on Ultimate pit configuration and its determination
In an open pit mine, the mineral inventory, prices, costs and capacities are given.
Concentrating cost: INR 3,200/tonne of ore milled
Smelting & refinery cost: INR 10,000/tonne of copper metal
Selling price: INR 6,50,000/tonne of copper metal
Overall recovery: 100%
Maximum production capacity: 5 million tonne/annum
The mine is operating at 5 million tonne in a year. Considering mining capacity being the only constraint, Lanes' algorithm (based on profit maximization) is used for determining mill cut-off grade. The total amount of copper produced in million tonne, in the life of the pit, is____.(round off up to 2 decimals)
Answer
The correct answer is: 9.50 or 10.00 (approx)