Risk in minerals project: analysis, perception and management

Paper presented at the UK minerals industry conference and published in: Minerals extraction towards the millennium. UK minerals industry conference, 3-5 April 1995, University of Leeds. London: Institution of Mining and Metallurgy, 1995. The various types of risks that arise in minerals industry projects are usually financial, technical, or environmental, and the key to valid risk analysis is complete integration of all risks, both within and between categories. Geographical information systems (GIS) and geostatistical simulation methods can provide a means of integrating data and conducting realistic risk analyses. Risk can be quantified but there are limitations to numerical approaches to risk assessment. Realistic quantification requires adequate models of the processes that give rise to risk. Risk perception must also be taken into account when conducting risk assessment and reporting the results, especially in public forums. The modelling and visualisation capabilities of a combined GIS/simulation system can provide the means of dealing with perception in risk analysis