ABSTRACT
Risk is present in every human endeavor. Business consists of the undertaking of risk for reward. But how can the level of risk be chosen to result in the best return? To answer this question we need to first identify the risks, then assess them, and finally decide how to manage them.
Tailings and mine waste disposal and storage is in many cases the critical component of a mine operation. It is often associated with environmental, human health, loss of life and loss of property risks. Not knowing what the risk is and by not managing it to an acceptable level exposes mine owners and operators to higher liabilities, higher insurance premiums, and a higher potential of a loss.
This paper gives a general overview of a risk management approach applied to tailings and mine waste disposal and storage. The basic components of the risk management process - risk analysis, risk assessment, and risk management, are defined, and a step-by-step procedure suggested. The benefits of adopting the risk management approach are illustrated through a number of case studies.
