Aldin Ardian
PhD Mining and Materials Engineering
BLUE Fellow
|
Summer
2020
Employing wave mechanics for quantifying uncertainties in mining businesses
BLUE Fellow
Summer
2020

Background

Quantum theory is the fundamental theory in physics that describes nature at the tiniest scales. The quantum theory is formulated to accommodate distinct concepts that are not presence in classical theory, namely: quantization, wave-particle duality, and uncertainty principle. In this formulism, the state of a system at a given time is described by a complex wave function that allows for the calculation of probabilities of outcomes of concrete experiments. Quantum mechanical model can potentially be applied for mineral economics, especially for mining project evaluation where quantification of project uncertainties such as ore grade and price are very important for the businesses. Moreover, the quantization assumption is potentially valid for a popular economical parameter, which is net present value (NPV). In this research, we aim to develop a model employing wave mechanics for quantifying uncertainties in mining businesses. Incorporating the results into a mine business evaluation technique results a new perspective to observe risks in the mining industries.

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