An innovative mining planning approach has received funding for an innovation project titled “Simultaneous Stochastic Optimization of Planning, Long-term Performance, and Forecasts for Mineral Supply Chains.” This marks another step forward for the prominence of Quebec mining engineering, thanks to KPI Mining Solutions, in collaboration with the McGill-COSMO Stochastic Mine Planning Laboratory and IVADO.
KPI Mining Solutions is positioned as a key player in the mining technology industry, offering cutting-edge software and high-value expert services. Their innovative approach to stochastic optimization focuses on operational efficiency, risk management, and decision-making processes. KPI DIGITAL, the parent company, has been active since 2002 and is a leader in data management consulting and AI-based analytics. With KPI Mining Solutions, this expertise is now applied to the mining sector.
KPI Mining Solutions’ software solutions are designed to address the planning and predictability challenges for each mineral supply chain. They enable the generation of reliable, less risky, and profitable production schedules and forecasts. These tools are particularly valuable for critical and strategic minerals integrated into industrial value chains.
The global economy is witnessing increasing demand for materials essential to the development of alternative energy sources and electric vehicles, such as lithium, copper, and nickel. Challenges such as rising energy costs, scarcity of fresh water essential for mineral processing, substantial investments in mining infrastructure, and monitoring long-closed mining environments compel mining companies to quickly adapt and re-optimize their operations.
To meet these evolving needs, KPI Mining Solutions presents the “KPI-COSMO Stochastic Mining Optimizer.” This software solution allows clients to optimize mining production schedules with integrated risk management. It creates unique digital models of the mineral value chain, improving the entire mining complex, including open-pit mines, stockpiles, and processing facilities. KPI-COSMO manages complex material flows and cost/revenue streams, accounting for geological, financial, and environmental uncertainties.
The main advantage of KPI-COSMO is its stochastic nature. Unlike traditional technologies, KPI-COSMO uses multiple probable simulations of mineral deposits, helping to quantify uncertainty and variability. Combined with simultaneous optimization, this leads to much more profitable, reliable, and sustainable production schedules, extending mine life and increasing the output of minerals and metals.
Changes in consumption patterns and climate issues require a reevaluation of mineral processing techniques. Each value chain is unique and inherently subject to various sources of uncertainty and variability. KPI Mining Solutions innovates to elevate the mining industry—today’s ideas shaping tomorrow’s future.
KPI Mining Solutions is at the forefront of revolutionizing the mining industry, addressing current challenges and paving the way for a more efficient, sustainable, and globally optimized approach to mineral supply chains. The Mining Excellence Hub, Groupe MISA, is proud to have supported this project, leading to the funding grant for this advancement and the in-situ demonstration of an AI-specific application for the mining industry.
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