Abstract:

Over 20,000 years ago, Mining was discovered as one of the oldest production industries generating over US$700 billions’ of revenue in the world by a few mining companies. For some time, mining work has resulted to very demanding affair as a result of greater depth, low-grade, limited resources, and complex geo-mining conditions. Therefore, optimization of mining system plays vital role in profit maximization with the satisfaction of many constraints. However, today’s mining industry uses complex and sophisticated systems whose reliability has become a critical issue. This work adopted the financial market theory of development to propose a maximized constrained optimization economic production model for lithium ore exploration in Nasarawa, Nigeria using three methods such as: the break-even principle method of cut-off grade between revenue earned and cost incurred; the mortimer’s method principle to determine ore based in two cut-off criteria (original and average good) and the lane method for net profit value thereby maximizing processing capacity. Data got from the field and the ministry of mines and solid minerals were analyzed using Energy dispersive x-ray fluorescence (EDXRF) showing the presence of lithium. The forth flotation technique used showed the beneficiation thereby achieving improved lithium concentrates and the inductively coupled atomic emission revealed a high presence of lithium of over 1859 parts per million (ppm) and other minerals.