Dr. Christos Roumpos

Abstract:

The minerals industry is vital to national economies, energy sufficiency, and transformation worldwide. Exploiting a mineral deposit is a complex project, as it is related to technical, environmental, social, and economic aspects with significant impacts on the financial markets, societies, human life, and the global ecosystem. In this framework, sustainable exploitation and development are crucial in all mining sector activities. Considering the uncertainties related to factors that affect a mining project's viability and sustainability, the overall assessment of a mineral resource constitutes a complex and multidimensional decision-making problem [1]. In the decision analysis model, an integrated approach is required based on the spatial modelling of the mineral deposit in combination with exploitation planning and quality control [2]. In addition, evaluating alternatives in mine planning can incorporate sustainability criteria in the decision-making model [3].

In this work, a decision-making model regarding for the evaluation of a mineral deposit is developed, based on dynamic programming, and considering the whole life cycle of the extraction and processing of the mineral resource project. In this context, a quantification of sustainability and circular economy parameters is attempted through a system analysis model that combines the economic objective function, the constraints, and the cash flow analysis and optimization. 

The proposed framework can be applied as an effective tool for evaluating mineral resources planning exploitation strategies, managing mining activities, and validating research and operational objectives, by always taking into consideration sustainability and circular economy standards and viable development perspectives.