Risk Quantification in the Mineral Sector

"Risk quantification may be used as a sustainable development index in the mining industry, since it encompasses both economic and social factors. In addition, it may assist in the development of a framework, which is also indirectly related to sustainable development, to prevent accidents and improve health and safety standards. However, risk quantification in the mineral sector involves diverse activities and is considered a very difficult task. Although statistical data report accident severity rates, incident rates and accident frequency rates, none of these allow for accurate risk calculations. In this paper, two risk calculation formulas, which may be used to quantify risk, as well as to identify hazardous activities in a workplace, are proposed. Numerical examples are given based on statistical data available through the MSHA database. Also a combination of a decision/fault/event tree that allows risk quantification is presented."