A Dynamic-Programming-Based Algorithm For Optimal Production Planning In Open Pit Mines

In a recently developed, long-term open pit production planning model, the optimal plan is found by exhaustively searching through nested pits of maximum metal contents. A more efficient, dynamic programming (DP) based search algorithm now replaces the exhaustive search algorithm that requires prohibitively long execution time in real life cases. The logic and formulation of the newly developed search algorithm are illustrated through a small hypothetical case. An actual gold deposit is treated to demonstrate that the algorithm does indeed find the optimal production plan among all possible plans. A comparison, in terms of computational savings between the two algorithms, is also given.