Risk assessment and management in the mining industry

Abstract

Mining operations represent an activity with plenty of decision problems involving risk and uncertainty. Mining project managers frequently face important decisions regarding the best allocation of scarce resources among mining ventures that are characterized by substantial financial risk and uncertainty. The challenge of sustainable development requires the mining industry to adopt proactive risk management approaches that recognize, integrate and implement the three pillars of social, environmental and economic sustainability. This paper deals with some aspects of risk management in the mining industry, with special emphasis on methods of risk assessment.