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Answering risk questions that cannot be answered with common practice approaches

This interview ” Answering risk questions that cannot be answered with common practice approaches ” was recently published by Mind the Gap! We have added the red titlesto this version. The original questions are numbered Q1 to Q10. How large is the gap between companies following common practices vs. Best practices? Q1: After we first met, Franco, I realized how much proforma is the kind of Risk Management we do in our endeavors. How large is the gap between companies…

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2016 Season’s Greetings

2016 Season’s Greetings Our thoughts turn gratefully to those who have made our progress possible. May the coming year be peaceful, serene and plentiful. May the coming year be the tipping point toward more sincerity and transparency. The year when the realm of what we see and perceive and what others see and perceive (the public arena) widens at the expense of our blind-spots — what we cannot see, but others see. May the coming year see the real unknown…

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Operation suspension spill response

We recently read that Barrick Gold (NYSE:ABX) temporarily underwent a operation suspension spill response at Veladero mine (Argentina) in compliance with a government request. Veladero is the only Barrick’s operational mine in the country. In 2015 Veladero produced approximately 10% of total Barrick’s gold production, a percentage forecasted to grow following the company’s last annual report. Management reportedly identified “better operational management of the leach pad” as a contributing factor to the growth in production. Operation suspension spill response The…

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Geohazards Caused by Human Activity

The long shadow of Human Generated Geohazards: Risks and Crises, our chapter in the book entitled Geohazards Caused by Human Activity has been published! The wait is over! You can freely download the text here and we sincerely hope you will enjoy it. Please drop us a note and let us know your comments on the chapter. Geohazards Caused by Human Activity Our chapter in geohazards caused by human activity is geared toward focusing attention on the “damage and risk”…

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Resilience, sustainability and insurance

At R&R Conference we heard the representative of a major mutual insurance company talking about Resilience, sustainability and insurance. Resilience, sustainability and insurance Resilience was defined as the ability to recover after an accident, the ability to withstand disruption and rebound quickly. The talk also discussed sustainability as it was defined by the UN in 1987. The UN Brundtland Commission was officially dissolved in December 1987 after releasing Our Common Future. The text, also known as the Brundtland Report, coined…

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Resilience cannot be based on instinctual decision-making

Resilience cannot be based on instinctual decision-making, but be based on forward looking risk assessments to avoid squandering private and public money in useless Capex. Do we need resilience enhancements? The Canadian government pledged a budget of 40M$ over five years to integrate climate resilience into building design, guides and codes. It’s certainly a wise move as codes are customarily based on statistics, business like usual, and experience. None of those approaches is robust enough to cope with climate changes…

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More about resilience

Did we learn more about resilience at the Conference on Risk and Resilience? Over forty papers and keynote lectures covered many aspects of hazards, risks, but only a few taught about resilience. By the way, one of the key lecturer asked the audience if there were any CEOs or CxOs from any mining company in the room, and the question was answered by a long silence. Nobody…it’s remarkable, isn’t it? It seems that even in the aftermath of the two…

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More automation will reduce the number of workers needed in the mining industry

We recently read an article stating that more automation will reduce the number of workers needed in the mining industry, like in many other industries. The advent of self-driving vehicles (Elon Musk’s Tesla, Google self-driving cars and Mercedes Benz self-driving trucks) is calling for a societal paradigm shift comparable to last century’s industrial revolution. More automation will reduce the number of workers needed in the mining industry The advent, for example, of Komatsu’s Autonomous Haulage System (AHS) which allows unmanned…

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