The inability of existing analytical models to accurately predict future events has, at times, led to the economic failure of mining operations whose financial viabilities were determined based on static assumptions, leaving operational managers with little room to make future decisions. Therefore, the application of a robust decision-making tool, such as Real Options (RO) can minimise losses and more accurately express uncertainty. This paper has considered a stochastic simulation to analyse ROs for a real case iron ore mine, which closed in April 2016. In comparing the net present value from the traditional discounted cash flow (DCF) method to delay, to abandon the operations and to stage the investment options, the ROs method increased the project value by between 56% and 195% depending on the volatility. As a new contribution, a managerial flexibility domain map is proposed in this paper. Thus, flexibility in mining operations creates agility, increases value and mitigates financial losses.

现有的分析模型无法准确地预测未来事件，有时会导致采矿业务的经济失败，而采矿业务的财务能力是根据静态假设确定的，因此运营经理几乎没有做出未来决策的空间。因此，使用强大的决策工具（如实物期权（RO））可以最大程度地减少损失并更准确地表达不确定性。本文考虑了一个随机模拟，以分析一家实际案例的铁矿石矿的RO，该矿于2016年4月关闭。在比较传统折现现金流（DCF）方法的净现值后，可以进行延迟，放弃运营并分阶段进行在投资选择方面，ROs方法根据波动性将项目价值提高了56％至195％。作为新的贡献，本文提出了一种管理灵活性域图。因此，采矿作业的灵活性可创造敏捷性，增加价值并减轻财务损失。