Open pit mining enjoys a renaissance nowadays due to the increased demand for base/precious metals and critical minerals. This gave a spur to large amounts of investments, which need to be managed efficiently. A major factor for achieving such management is the development of optimum production schedules, which are the skeleton of any financial model. This specific feature lays down the requirement for the correct understanding of the impact of different production schedule types on mine value and the importance of mitigating the mining project risk over the life-of-mine. The current paper presents an analysis of the existing types of production schedules in open pit mining and their impact on the mine value. The analysis incorporates a case study to illustrate the impact of the schedule types on the mine value. An author's linear programming optimisation model is used for the generation of schedules, which implements both mine planning principles of ore grade maximisation and waste deferment. The analysis of the schedule types is made with the utilisation of the Cumulative Spatial Graph (CSG) of the mine, which is the most universal tool for mine sequencing and scheduling optimisations. The efficiency of each schedule type is assessed with representative criteria, including the Factor of Waste Deferment, which evaluates the degree of implementation of the principle of waste deferment in the optimum mine sequence. A mining project risk is also used as a criterion to account for the variables exhibiting a stochastic behaviour and contributing to the overall project uncertainty. The risk model is based on a complete discounted cash flow analysis. The Monte Carlo simulation technique is used for modelling the risk of not achieving the planned discounted cash flows over each time step of the cash flows analysis.