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- W2622334673 abstract "This paper presents a distributed and dynamic programming framework to the mining production rate target tracking of multiple metal mines under financial uncertainty. A single mine's target tracking is stated as a stochastic optimization problem and the solution is obtained by solving the dynamic program which gives the optimal production rate schedule of each mine as a Markovian feedback control on the price process. The global solution is distributed on multiple mines by a policy iteration method, and this iterative method is shown to provide the unique equilibrium among Markovian strategies. Numerical results confirm the efficacy of the proposed global method when compared to individual optimization of mining rate target tracking. & 2014 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/3.0/)." @default.
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- W2622334673 date "2014-08-01" @default.
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- W2622334673 title "Optimizing mining rates under financial uncertainty in global mining complexes" @default.
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