Abstract
Geostatistical simulations have been recognized for modeling mineral resources, capturing uncertainty and variability in grades and material types. Research shows that integrating these simulations into stochastic optimization models for long-term mine production scheduling results in more profitable and risk-resilient plans compared to conventional deterministic methods. However, these comparisons frequently concentrate solely on production forecasts and overlook the actual outcomes within the operational context. The present study shows a comparison of production schedules generated using a new stochastic mine planning software tool and a conventional deterministic method both using exploration data from a decommissioned open-pit site. Subsequently, these schedules are compared with actual grade control data. Results reveal that the risk profiles of stochastic production schedules align more closely with grade control data than those from conventional methods, highlighting that the risk management capabilities of stochastic mine planning results in more reliable long-term production schedules and forecasts for real-world mining operations.