There are risks in every business and the mining industry has its own inherent risks. Understanding and managing them proactively are a key part of our strategy for growth.
We manage risk by grouping them into seven main business functions:
- corporate development
- commercial
- operational (includes safety & health, environmental and community affairs risks)
- information technology
- human resources
- legal
- financial
Like others in the mining industry, we face the unique challenges of managing risk at our operations. For example, operational risks can cause injuries, delay production and increase costs. Spills and other environmental risks can damage the environment and affect our relationships with surrounding communities, and the costs of closing a mine can increase.
We use risk management systems to assess and prioritize risks and focus our improvements on high risk areas and activities. This helps us mitigate risk and minimize its impact on shareholder value.
About risk assessment
Using our risk assessment systems, we evaluate risk against our four core values:
- operating safely
- making a profit
- protecting the environment
- treating people and communities well.
In 2008, the main risk management concerns related to responsible mining included:
- Safety, especially with respect to high consequence hazards
- Mine waste and water management
- Socio-economic considerations related to growth, operations and closure
Please see our 2009 annual report and 2009 sustainability report for information on how we managed our main risks.
Download a copy of our SECA standards.
Download a copy of our Mine Waste Management policy.