The conventional pit limit algorithms, such as L&G, Pseudoflow, etc., cannot take into account the time value of revenues and costs. The final pit shell is subjectively selected by the mine planner based on different criteria, which may include a rough discounting based on two non-practical schedules named as best (pit-by-pit) and worst (bench-by-bench) cases. In addition, these conventional algorithms are based on economic value of mining blocks, which (a) assume predefined destination for the blocks, (b) do not consider the material blending and transformation across the mineral value chain, and (c) neglect the uncertainty and variability in grades and material types within the deposit. The long-term production schedule should yield the optimal pit limits, and not the other way around, and this can be achieved with KPI-COSMO.