Uncertainty is always present in a mining venture. This is because the value of a mine project is typically influenced by many underlying economic and physical uncertainties. However, uncertainty is a double edged sword; it brings both risk for losses and potential for larger than expected returns. If uncertainty is managed appropriately, these higher returns can be realised. This is done by establishing optimal operational and managerial strategies over time to maximise value. These provide a roadmap for how the project should react to positive or negative future events. The result is an increase in the average project value.
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