Evaluating All the Alternatives to Select the Best Project Strategy

It is well known that the ability to influence project value reduces significantly as planning progresses and decisions regarding project parameters are made. However, at the prefeasibility stage, a thorough evaluation of a wide range of options is crucial for selecting the best strategy for further detailed study. This paper demonstrates, through several case study examples, how significant increases in project value can be achieved by thoroughly evaluating combinations of alternatives for various project design parameters, such as mining methods, haulage techniques, processing rates, and cut-off grades. The results indicate that the value unlocked is often orders of magnitude greater than the costs associated with conducting a comprehensive study. Additionally, the paper addresses the dangers associated with simplistic sensitivity analyses and underscores the importance of correctly identifying how strategies may evolve in response to external factors. The significance of selecting the optimal ‘grade descriptor’ is also discussed. Overall, the study emphasizes the need for rigorous evaluation at the planning stage to maximize project outcomes.