Seligdar Holding, Moscow, Russia:

S. V. Ryzhov, Chairman of the Board of Directors

Sergo Ordzhonikidze Russian State Geological Prospecting Institute, Moscow, Russia:

S. V. Ilyakhin, Professor, Doctor of Engineering Sciences, isv11@mail.ru
A. A. Nikitin, Professor, Doctor of Physico-Mathematical Sciences

Fedorovsky All-Russian Scientific Research Institute of Mineral Resources, Moscow, Russia:

V. N. Sytenkov, Head of Department, Professor, Doctor of Engineering Sciences

The article explores methods of increasing the economic efficiency of resource potential of ore deposits through establishing optimal levels of mine output at various stages of mine exploitation. The principal criterion of maximum economic efficiency is maximized NPV of mines. The review of a popular existing method of geological and economic evaluation spotlights the Taylor rule and its modifications available recently for various-type mines. The method permits to justify the optimal productivity of the mine depending on the ore reserves. Furthermore, the international practice widely applies the mining schedule optimization procedure based on the simultaneous consideration of 10 interconnected mine parameters proposed by Australian Whittle Consulting Company. Economic efficiency of mineral mining can be enhanced through setting the level of ore production higher than the level of processing capacity. Ore of the best processing properties and with the highest content of useful component is sent to processing immediately after extraction, with some ore to be put into storage with a view to creating a technological and economic buffer to the subsequent phases. This mining scenario brings an increased NPV and reduces the payback period as compared with the reference variant of equal mine output and processing levels during the mine life time owing to the expansion of the cash flows at the shorter discount period. The problem connected with enhanced efficiency of resource potential reduces to the determination of optimized number of mining phases and to the calculation of the mining and processing capacities for each phase. The cash flow preserves a positive value at all phases, and the cutoff grade can be greatly decreased, which ensures enlargement of reserves and more complete and efficient subsoil use. Implementation of this approach to enhancing efficiency of resource potential has increased NPV of mines in the Aldan region in Yakutia by 6–9% as against the reference mining scenario.

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