Ep 124: Stochastic Mine Planning - Evolving approaches to manage uncertainty

Stochastic Mine Planning – Evolving the Way We Manage Uncertainty In this episode, Tarrant Elkington (General Manager, Snowden Optiro) is joined by Matheus Faria (Director of Technical Services, KPI Mining) to explore the evolving role of stochastic mine planning. Stochastic approaches move beyond conventional "single-input" mine plans by explicitly considering uncertainty in key parameters such as block models, recoveries, and prices. Tarrant and Matheus discuss how this approach can transform decision-making and create more resilient mine plans. Key moments in the episode: [00:02] – What stochastic mine planning is and why it's gaining traction. [07:45] – Limitations of conventional deterministic planning. [16:20] – Applying stochastic methods to sequencing, cut-off grades, stockpiling, and blending. [27:50] – Practical insights from Matheus on integrating stochastic planning into operations. [39:10] – Looking ahead: the future of stochastic planning in the mining industry. [43:30] – Discussion on the real-world challenges of adoption, including computational demands and the need for organisational buy-in. [50:05] – Reflections on how stochastic planning supports better communication between technical teams and decision-makers. [55:40] – Final thoughts from both Tarrant and Matheus on where the industry is heading and advice for companies considering stochastic approaches. This episode offers valuable insights for mining professionals interested in risk management, decision-making, and the future of strategic mine planning. Have a question or want to get in touch? Contact us: [email protected] Explore more: https://snowdenoptiro.com/ 👍 Like, comment, and subscribe for more technical mining insights from our global consulting team. You can find our Fresh Thinking by Snowden Optiro podcasts on YouTube, Spotify, Apple Podcasts and most other podcast platforms. Snowden Optiro: Snowden Optiro is a resources consulting and advisory group that provides independent advice, consulting and training to mining and exploration companies, their advisors and investors. We help mine developers to advance their projects, mining companies to improve their operations and their professionals, and investors to de-risk their investments by the provision of quality advice, training and software in the field of Mineral Resources and Mineral/Ore Reserves. For training or consulting enquiries: training(at)snowdenoptiro.com contact(at)snowdenoptiro.com KPI Mining Solutions: KPI Mining Solutions provide significant value by developing and commercializing cutting-edge software and services to the mining industry. They bring innovative stochastic mine planning and orebody modeling solutions to the mining industry, transforming their entire operation.. Their strength comes from 20 plus years of experience in data and analytics, artificial intelligence, digital experience, and enterprise performance management. They build custom and commercial software solutions and offer consulting services across a wide range of use cases in mining, supply chain, manufacturing and transportation. Inquiries: https://kpimining.com/about-us/