In the mining business, mine planning is the activity that determines the exploitation of a mineral resource with the aim of maximising its intrinsic value. The number of variables that are required to carry out this activity and the complexity of dealing with a finite, non-renewable resource make it difficult to find an optimum solution. This problem is managed by breaking it down into stages and by making assumptions, which are then refined as the problem becomes clearer. One of these assumptions, which is deeply ingrained in the mine planner’s mind, is that the mine equipment should be utilised in such a way that the mine’s operational costs are kept down. The main contribution of this thesis is the finding that a low, mine operational cost does not always lead to value creation. This thesis highlights the concept called ‘schemes of exploitation’ into the mine planning activity. This concept refers to the deployment of the loading equipment within each pushback of an open pit mine and which ultimately determines the amount of material that will be extracted in each period. If the adopted schemes of exploitation are designed to fulfil this requirement of higher productivity and utilisation of the loading equipment, then the result can be lower mining costs. This thesis argues that this does not always lead to the creation of value for the business. This thesis explores different schemes of exploitation where the mine planners will, in their design, be motivated by a consideration of the impact of other variables such as productivity, efficiency, utilisation, deepening rates, mining rates and, ultimately, by Net Present Value (NPV). A case study has also been developed to demonstrate that alternative schemes of exploitation, which have not previously been considered in the mine design due to higher mining costs and lower shovel productivities, can actually generate a higher NPV.