Determining the life of mine (LOM) involves assessing the optimal duration during which a mining project achieves the most favorable outcome. The LOM can be empirically estimated using Taylor’s Rule through a relationship between the LOM and the expected ore reserves. The modern approach to determine the LOM is through feasibility studies, where multiple LOM scenarios are studied, and their cash flows are forecast over the LOM. By calculating the net present value (NPV) and internal rate of return (IRR), the most profitable scenario can be identified. This chapter presents a detailed case study of a coal deposit using strip mining method, demonstrating the application of the discounted cash flow-rate of return (DCF-ROR) to optimize the mining project. The case study covers mining method selection, strip size and layout design, DCF-ROR study of multiple LOM scenarios, equipment selection, cost estimation, and selection of the optimal LOM scenario. Additionally, mathematical approaches for achieving an optimal annual production rate are introduced. Finally, the model of LOM optimization is expanded to integrate both open pit optimization and waste dump optimization, incorporating the geotechnical aspects of waste dump site selection and design.