It is well known that the ability to influence project value reduces significantly as planning progresses and decisions regarding project parameters are made. However, at the prefeasibility stage in particular, where one of the main aims should be to evaluate a wide range of options in order to select the best for more detailed further study, there is often a reluctance to spend the time and money needed to do this rigorously._x000D_
This paper demonstrates, by a number of case study examples, how significant increases in value may be obtained by fully evaluating the combinations of alternatives for various project design parameters, including (though not limited to) mining methods, haulage methods, mining rates, processing methods and rates, sequencing of mining, and cut-off grades, with changes and upgrades over time where applicable. The additional value unlocked is typically orders of magnitude greater than the additional cost of the more comprehensive study._x000D_
The dangers of misuse of simplistic sensitivity analyses and failure to identify how strategies might change in response to changes in external factors are also illustrated, and the importance of selecting the best grade descriptor' is discussed._x000D_
FORMAL CITATION:Hall, B, 2007. Evaluating all the alternatives to select the best project strategy, in Proceedings Project Evaluation 2007, pp 53-64 (The Australasian Institute of Mining and Metallurgy: Melbourne).