Proper and effective exploitation and utilization of underground resources requires a good development design of deposits. What is of great importance and priority for it is to optimize the production capacity and production life of mines. The production capacity and lifetime are the basic conditions for mine design.
Economic evaluation of deposits is conducted in accordance with technical, economic and socio-political requirements. The accuracy of this evaluation depends on the validity of collected information. The economic evaluation of deposits is performed through geological, feasibility and economic study stages, and the information required for this process should be collected and processed. The production capacity and lifetime of mines are just preliminarily evaluated in the feasibility study stage.
In the literature, the preliminary evaluation of the production lifetime of a deposit (or mine) is presented. Here, the empirically obtained Taylor Formula is used.
Ri Kwang Su, a section head at the Faculty of Earth Science and Technology, further improved the empirically obtained Taylor Formula through mathematical modeling.
He applied a method of comparing the results by analyzing the regression with SPSS 20 with the data used in making an empirical formula for the preliminary assessment of the life of deposits.
The results showed that the new power equation is the most suitable and it also has smaller absolute and relative errors than the Taylor Formula.
You can find his paper “Improvement of the Taylor-Formula for Preliminary Assessment of the Optimal Lifetime of the Ore Deposits” in “Proceedings of KUTIC-2025”.