Technical and Economic Evaluation of the Charavimaq Lead and Zinc Mine to Determine the Ultimate Pit Limit
Keywords:
Ultimate pit limit, pit optimization, Geovia Whittle, technical-economic evaluation, Lead and ZincAbstract
Technical and economic evaluation alongside the determination of the ultimate pit limit is fundamental in open-pit mine planning to maximize profitability while adhering to operational constraints. This research conducts a comprehensive technical and economic assessment of the Charavimaq lead and zinc mine in Iran to identify the optimal extraction boundary and production schedule. A three-dimensional geological block model of the deposit was constructed using Datamine software based on exploratory drill hole data, lithology, and element grades. Subsequently, GEOVIA Whittle software, utilizing the Lerchs-Grossmann optimization algorithm, was employed to generate nested pits and determine the economically optimal ultimate pit limit. The strategic evaluation revealed that the selected optimal pit, characterized by a specific stripping ratio and operational lifespan, yields a highly positive Net Present Value and a robust Internal Rate of Return, confirming the project's financial viability. Furthermore, a comprehensive sensitivity analysis demonstrated that the project's economic sustainability is most vulnerable to fluctuations in the global price of zinc and mining operational costs. The integration of advanced block modeling with dynamic economic optimization provides a reliable framework for risk mitigation and strategic decision-making in similar small-scale, polymetallic open-pit mining operations.
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