Quantitative Risk Assessments for Mining Projects
Franco Oboni, Iain Bruce,
The need to improve supply reliability while improving our environmental record during the past half decade of low metal prices has required the mining industry to prioritize expenditures. Quantitative Risk Assessments using third party reviewers and specialist risk management teams have assisted in identifying hazards that can both disrupt supply and impact the receiving environment. Graphical displays using risk ellipses can simplify the presentation of the results in a Probability-Consequence (PC) graph.
Development of risk acceptability envelopes using readily available financial data superimposed onto the same PC space assists management to prioritize their risks and focus on risk reduction measures. Development of this system and examples of the successful implementation of the system from two recent projects in South America are described
