Non-technical risks and their impact on the mining industry
- By: John P Sykes
Posted in: Blog, Commodities, Mining, Publications, Recommended
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Continuing the catch up on presentations made last year, below is one on “Non-technical risks and their impact on the mining industry” made at the AusIMM Monograph 30 (Mineral Resource and Ore Reserve Estimation) Roadshow. The presentation was based on a paper written with Allan Trench and Dan Packey for the AusIMM Monograph 30, which was released in early 2014.
The presentation reviews a high level categorisation of non-technical risks including geographical, commodity price, exchange rate, corporate, legal and ‘other’ commercial risks and then discusses some implications for the mitigation of these risks. Mitigation factors considered include early-stage and then constant risk monitoring, integration of different types of risk assessment, taking ownership of and learning about the details of risks, making active decisions about risks, considering risks in a systemic manner and understand the difference between perceived and actual risks. The presentation concludes by considering whether it is possible to predict non-technical risks. The presentation is below: