Magemi Mining Inc. is pleased to announce that NSERC has approved funding for the Company's project "Data Analytics for Ore Blending Schedules".
The project aims to develop novel data analytics models for optimizing ore blending schedules for Magemi Mining Inc. Ore blending is a key process in mining operations , where ores of distinct qualities are mixed from different stockpiles so as to balance the available mineral reserves with revenues obtained upon sale of the final products. In particular, higher-grade ore feed lead to products with higher prices, but they reduce the overall life-of-mine tonnage and production. Thus, medium to low grade ore must be often combined with high-quality ones. A key challenge is that such blends must be defined daily while considering a large variety of factors, such as quality restrictions and a complex revenue structure that relies on current and future market prices. This results in a difficult problem in which it is necessary to consider numerous different blending scenarios, currently addressed only by manual methods.
Magemi Mining recently developed a preliminary optimization tool to address this problem. Several case studies indicated that good solutions could conservatively lead to an increase in revenue of greater than 30% as compared to existing methods used by mining companies. Motivated by these results, the project focuses on blending methodologies using state-of-the-art optimization models that are the focus of the applicant’s research agenda and exploit machine learning and other predictive data analytics techniques to propose good solutions for large-scale problems.. The models will be incorporated into Magemi Mining’s proprietary software Magemi Mine Optimizer© to provide cutting-edge blending solutions to its clients. Moreover, the results of the proposed study will be published in academic papers as they represent an important and applicable optimization problem in industry.