A long-term production schedule for the LabMag iron ore deposit in northern Québec, Canada is derived using stochastic integer programming. The optimization formulation maximizes the schedule's net present value, while simultaneously managing the risk of deviations in production tonnages and qualities by considering stochastic simulations of the orebody instead of a single deterministic model. The formulation also smooths and minimizes haul truck requirements and ensures that as mining progresses, space is created within the mined out pit for the return of waste material.