Integrated risk model and risk assessment of a mine project operation
Oxand was commissioned to develop a project-specific risk management framework and a first risk assessment of a 110.000 bbl/day oil sands mining and extraction project. Due to increasing economic, environmental and regulatory constraints, the operator had selected novel technologies to reduce environmental footprint and maximize process efficiency. These choices resulted in higher process performance uncertainties, concerning bitumen recovery, tailings and water management efficiency in particular.
At the study’s conclusion, the value added were:
- A robust and structured risk management process, compliant with ISO 31000 and client standards
- A risk assessment addressing the key performance metrics of the project (financial and non-financial)
- An accurate risk estimation based on quantitative modeling, whenever sufficient data was available