n Journal of Emerging Trends in Engineering and Applied Sciences - Estimation of production and revenue development in granite artisanal and small scale mining using Markovian model

Volume 4, Issue 3
  • ISSN : 2141-7016
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In this study, an algorithm is proposed for estimating revenue development for artisanal and small scale granite mining based on information of respective gender coefficients of involvement, respective gender granite cracking rates per day, Markovian dynamic programming concept, and standardization cost and criteria. This is particularly important because of a need to evaluate artisanal and small scale mining for standardization and control of practice in terms of gender involvement, environmental health, safety, and job creation. The results show that estimated cost of standardization for granite artisanal and small scale mining in Southwest Nigeria is approximately 10 million naira and that revenue development, exhibiting the Markovian property and criteria, can be expressed as a probabilistic dynamic programming model for forecasting revenue development and expected period it will take an artisanal and small scale mine to reach a cumulative revenue that can cover required costs for standardization of operations.

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