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Tailings dams risk mitigation through risk informed decision making

Tailings dams risk mitigation through risk informed decision making (Tailings Dam Risk Mitigation Through Risk Informed Decision Making,) is the title of our PLANNING FOR CLOSURE 2022 paper.   Risk Informed Decision Making (RIDM) supports rational and sensible risk mitigation This blogpost shows how Risk Informed Decision Making (RIDM) using ORE2_Tailings™ supports rational and sensible risk mitigation selection. This is a requirement of the Global Industry Standard on Tailings Management (GISTM). We use an anonymized case report to preserve confidentiality.…

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TCFD and TNFD for mining

TCFD and TNFD for mining: concepts, examples and caveats, is the paper we presented at #CIMBC22 Mineral Economics and Finance. Photograph provided by: Adolfo Tribst Corrêa We asked the audience if they were familiar with the: Task Force on Climate Related Financial Disclosure (Task Force on Climate-Related Financial Disclosures | TCFD) (fsb-tcfd.org) and Task Force in Nature-related Financial Disclosure (TNFD – Taskforce on Nature-related Financial Disclosures). Only a couple hands rose. Significant points of our discussion on TCFD and TNFD for…

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FUV vs RIDM friends or foes at CIMBC22

FUV vs RIDM friends or foes at CIMBC22 sounds like a riddle, right? But it is not! Please, note FUV was actually never written as an acronym. Actually FUV stands for firmitas, utilitas, et venustas in Latin language.  Today we freely translate the terms into English as reliability, serviceability and beauty, straying a tad away from the original meaning. However, Henry Wotton, a seventeenth century translator, coined “firmness, commodity, and delight” as essential components of all successful architectural design. Wotton remained faithful…

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World-wide ORE2_Tailings quantitative risk assessment experience

Riskope’s world-wide ORE2_Tailings quantitative risk assessment experience can be summarized in one single graph we will show below. ORE2_Tailings™ (©Riskope, 2014-*) is a subset of ORE (Optimum Risk Estimates) which is a “universal” platform for quantitative risk assessments, ERM we deploy for: mining, i.e. tailings, open pits, transportation, forestry and finally suppliers. We have deployed ORE for hundreds of operations worldwide. Today we will focus on tailings storage facilities. Sample portfolio for ORE2_Tailings™ performance summary  We selected a sample portfolio…

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The five laws of stupidity and risk management

The five laws of stupidity and risk management are deeply interconnected. As a matter of fact, stupidity is often the root cause of many accidents, in any industry or human endeavor. Haven’t we all heard phrases like: “… it was a stupid accident”, “it was a stupid mistake…”? Like usual, we will ensure that the glossary is crystal clear before we discuss the subject. And like usual, you will see that a clear glossary is absolutely vital. The classic definition…

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Riskope Interviewed by Endeavor Magazine

 I was delighted to have Riskope Interviewed by Endeavor Magazine. Indeed Alice Instone-Brewer of Littlegate Publishing and I chatted for over an hour. The resulting  interview appears in their Endeavor Magazine, December issue, page 33, https://www.littlegatepublishing.com/2021/11/endeavour-magazine-december-2021/. Riskope Interviewed by Endeavor Magazine: Calculated Risk Alice selected “Calculated Risk” as a title for the interview. Although at first sight the title may seem as a “déjà vu”, I gladly accepted it. Because it clearly states what we do for our clients. Indeed,…

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Pit failure at Codelco Ministro Hayes in Chile

We read about the recent pit failure at Codelco Ministro Hayes in Chile. We have also read that there will be no impact on the mining operations in this particular case but that is not significant in today’s proposed discussion. This failure is particularly interesting for Riskope as we recently performed a ORE2_Slopes quantitative risk assessment on a large open pit mine in Austral Africa. For a change the client mining company and the mine location are confidential. By the way,…

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Data required to run ORE2_Tailings

Now that the last eight blogposts (General ORE2 tailings workflow, ORE2 tailings technical explanations, first steps ORE2 tailings workflow , ORE2 tailings deployment steps , ORE2 tailings results, ORE2 tailings RIDM , ORE2 tailings tactical and strategic, ORE2 tailings conclusions) have shown the capabilities and results, let’s see the data required to run ORE2_Tailings quantitative risk assessments compliant with GISTM and ISO 31000. A few words on ORE2_Tailings™ methodology ORE2_Tailings™ is a subset of the “universal” ORE platform specific to Tailings…

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