Abstract

LUCKMANN, J.A.. Positive risk management: Hidden wealth in surface mining. J. S. Afr. Inst. Min. Metall. [online]. 2015, vol.115, n.11, pp.1027-1034. ISSN 2411-9717.  http://dx.doi.org/10.17159/2411-9717/2015/v115n11a7.

The purpose of this paper is to introduce an innovative approach to risk management in surface mining operations, namely, positive risk. Traditionally, risk management focused on mitigating losses (negative). Positive risk, on the contrary, reverses the approach and focuses on exploiting a project's inherent benefits (positive). The inability to accurately determine project objectives during the project planning phase and the failure to achieve those objectives during the execution phase is a major problem for any project management in the mining environment. The advance of computer aided design models for mine planning enables mining engineers to examine various options within a very short time. Employing positive risk management combined with drivers-based risk management when evaluating these options provides an ideal opportunity to investigate areas for improving the mining project's profits. Furthermore, harnessing positive risk returns during the planning phase contributes immensely to the successful achievement of project objectives. Mining has inherent business risks, which can appear overwhelming when considering the risks associated with a mining project schedule, cost, and safety or resources, etc. The question is - how to manage risks in a surface mining environment, and what process methodologies, work methods, processes, and standards should be used when considering the surface mining risks. Applying the principles of positive risk management to manage surface mining risks is not only relevant, but definitely beneficial to mining projects and to the mining industry as a whole. It would certainly be beneficial for risk managers and risk professionals to understand the roles of positive risk 'drivers', also known as 'propitious attractors'. Identifying, analysing, estimating, and understanding the propitious attractors, their behaviour and their influence on project risk events helps considerably during the planning and execution phases. The theoretical and practical knowledge of both sides of the risk - the downside risk (negative risk) and upside risk (positive risk) - can add substantial value to any organization when downside risk is adequately mitigated and upside risk is beneficially exploited.

Keywords : amalgamated risks; conducive risk events; risk drivers; integrated risks; propitious attractors.

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