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Tailings and Mine Waste Conference
Statistical and probabilistic closure cost estimating Hutchison, Ian; Dettore, Richard
Abstract
This paper describes a statistically based framework for determining mine closure costs. A range of future potential mine closure scenarios are established and described using a decision tree approach. This allows for consideration of a large number of combinations of closure elements for the various mine facilities. The decision tree is used to establish a cost probability curve that in turn provides for determining closure costs at different levels of confidence. It is also used to identify the high risk and high cost elements. Monte Carlo techniques are also employed to determine the cost variability of individual mine closure scenarios such as the expected cost or the most likely closure scenario. This approach avoids the difficulty of trying to establish a single closure cost estimate and provides closure cost and probability information that can be used in feasibility evaluations, budgeting, reserve setting and also for the prioritization and management of high cost risks. [All papers were considered for technical and language appropriateness by the organizing committee.]
Item Metadata
Title |
Statistical and probabilistic closure cost estimating
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Creator | |
Contributor | |
Date Issued |
2011-11
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Description |
This paper describes a statistically based framework for determining mine closure costs. A range of future
potential mine closure scenarios are established and described using a decision tree approach. This allows for
consideration of a large number of combinations of closure elements for the various mine facilities. The
decision tree is used to establish a cost probability curve that in turn provides for determining closure costs at
different levels of confidence. It is also used to identify the high risk and high cost elements. Monte Carlo
techniques are also employed to determine the cost variability of individual mine closure scenarios such as the
expected cost or the most likely closure scenario. This approach avoids the difficulty of trying to establish a
single closure cost estimate and provides closure cost and probability information that can be used in feasibility
evaluations, budgeting, reserve setting and also for the prioritization and management of high cost risks.
[All papers were considered for technical and language appropriateness by the organizing committee.]
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Genre | |
Type | |
Language |
eng
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Date Available |
2011-10-18
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Provider |
Vancouver : University of British Columbia Library
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Rights |
Attribution-NonCommercial-NoDerivatives 4.0 International
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DOI |
10.14288/1.0107717
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URI | |
Affiliation | |
Peer Review Status |
Unreviewed
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Scholarly Level |
Other
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Rights URI | |
Aggregated Source Repository |
DSpace
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Item Citations and Data
Rights
Attribution-NonCommercial-NoDerivatives 4.0 International