The determination of cutoff grade is influenced by the economic parameters (Price of metal, mining, milling, and refining costs) and capacities of various stages (mine, mill, refinery) of a mining venture. The utilization of full capacity of these stages requires interaction among them through optimum production scheduling. However, optimum production scheduling is dependent upon the determination of cutoff grade policy. The algorithms have been developed for the determination of optimum cutoff grade policy that maximizes the Net Present Value (NPV) of cash flows for the deposits of one economic mineral. However, the problem becomes complex for determining the optimum cutoff grade policy for the deposits of two economic minerals. The purpose of this paper is to present an algorithm that will maximize NPV of a project subject to mining, milling, and refining constraints in two minerals case. The implementation of the algorithm through a computer program is discussed in a case study.