From small exploration companies to multi-national mining houses all at some point in the project lifetime embark on evaluation studies where the most value-generating method of extracting the ore is investigated. Early phases in exploration projects will have the need for an order-of-magnitude estimation as to the scale of the potential operation, and advanced projects will have detailed mine and financial plans to guide them to execution. In both instances this thesis provides a method of optimising the mining rate to deliver the highest possible value to the mining company whilst considering the possible risks from changes in the market. This can be compared to the value the country gains from the exploitation of its natural resources to find a mutually beneficial solution. Copyright / Dissertation (MSc)--University of Pretoria, 2012. / Geology / unrestricted