Mathematical Economic Methods in Projecting Planning and Managing of Mining Industry

Economic mathematical methods have been developed and applied in the design, planning, development and managing stages in the mining industry. Economic and technological efficiency is achieved with the aid of a large range of probability models, which are used to enable decisions to be made progressively during the different stages. The entire operation is considered as a total system made up of sub- systems and the models representing these are consecutively interrelated with each other. Algorithms and programmes representing the economic mathematical models for all the stages involved were tested and were found to be applicable to the various important mines in the Donetsk basin. Currently, these models are accepted and widely used.