Viability Analysis Method Based on the Mineral Prices for the Exploitation of Peruvian Mineral Resources

Abstract

The modeling of an entire mining deposit is the interpretation of a whole series of data captured in a simulation. This process is executed as part of project planning and is critical before the mining phase begins. Nowadays, modeling is restricted for different mining companies because obtaining data sometimes requires considerable investment and waiting time. To solve this problem, in this research study, we propose a model that will help speed up this process based on the history of metal prices. By applying the Monte Carlo method, various scenarios are proposed, which will be submitted to a mine modeling software in order to provide insights into proper decision making. Results will be interpreted under the modeling, which will yield an approximate design of the final deposit to be exploited. It was also found that this model may not only be limited to underground mining, as in this case study, but it could also be applied in open pit mines.