Step 1: Recall the Lerchs--Grossmann algorithm.
The Lerchs--Grossmann (LG) algorithm is a graph-theory-based optimization technique used in open-pit mine planning.
Step 2: State its application.
It is used to determine the economically optimum pit boundary, known as the
\[
\boxed{\text{Ultimate pit limit (ultimate pit shell).}}
\]
Hence,
\[
\boxed{(B)}
\]
is the correct answer.