Mineral Economics, Mine Planning, Systems Engineering · Mineral Economics · 2 marks · Numerical answer
A mine has 150 Mt reserve and a maximum annual output of 5 Mt. Year 1 production is 2 Mt and grows 20% each year until capacity is reached. Find remaining reserve after 15 years in Mt, to two decimals.
Uncapped outputs for years 1–6 are 2, 2.4, 2.88, 3.456, 4.1472, 4.97664 Mt. Year 7 would exceed 5 Mt, so years 7–15 each produce 5 Mt. First-six-year total is 19.85984 Mt; nine capped years add 45 Mt. Total depletion is 64.85984 Mt and remaining reserve 150−64.85984=85.14016 Mt, or 85.14 Mt.
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