The economic risk of the construction stage of a mining project results from the uncertainty in its duration and capital expenditure. Block-caving mining projects are characterised by long lead time to production, often longer than 15years, and very high pre-production capital expenditure, resulting from large pre-production development requirements. As a result, the size and performance of mine development system are the parameters bearing most of the economic risk in the construction stage of block-caving projects. This study summarises the results of a research aiming to develop a management tool for real-time face allocation of equipment and operation performance modelling. The tool combines stochastic discrete-event simulation (DES) and Programme Evaluation Review Technique to optimise the size and performance of mine development system, thus minimising the duration of pre-production development, the highest risk parameter in block-cave projects. Furthermore, the model has an ample application potential in mining operations as a tool to assist management decisions in short-term planning and equipment dispatching system. The model was validated through its application in the Chuquicamata Underground Mining Project, in Chile.