Simulation Analysis for Mining Project Risk Mangement

As a result of the current economic crisis, which led to metal prices fall, mining company managers have been encouraged to cut costs. Thus, improvement projects to reduce cost has become major interest in the Mongolian mining industry.

Mining projects are subject to high risk because of their size, uncertainty, complexity and high cost. This paper focuses on the development of a simulation method which provides an engineering tool for managing risks associated with the development of open mining improvement projects. The study will demonstrate the advantages of using simulation analysis for mining project management and how it reduces associated risks. The research was based on a case study of an optimization project of a mining plant based in Mongolia.

Sc.

Degrees in industrial engineering from Nagoya Institute of Technology in 1977, respectively. His Ph. D. is in industrial engineering from The Pennsylvania State University. His research interests include optimization of manufacturing and logistics systems, management information systems and simulation analysis in these systems as well as in hospitals.

He has prepared the Japanese editions of both the introduction to simulation using SIMAN and Simulation with ARENA. He has been serving concurrently as a senior staff member of the Department of Hospital Management Strategy and Planning at Nagoya University Hospital. His email address is . 2623