Abstract

Mining sector has a major role in the economy of many countries whereas mine closure has negative effect. Exhausting the reserve of a mine is not commonly the reason for mine closure. Unplanned mine closure is happened by imperative reasons such as economic, environmental and social aspects. Applying the risk management techniques, can reduce the negative impact of unplanned mine closure. The aim of this study, is designing of a new and general model for calculating the risk of mine closure and estimating a safety factor for investment in mining projects. Using the statistical analysis and MADM methods, risk matrix method is developed and its compounds (probability and intensity), are calculated. In this model, the kind of mineral is added to risk matrix and the risk of mine closure is calculated for each kind of minerals. Finally, after measuring the risk factor (R), model is suggested a safety factor (S=1+R) that is used for investment in mining projects. According to this factor, an additional investment is calculated and it is added to total investment. This additional investment is paid to reduce the risk of mine closure. For validation of the model, 1359 premature mine closure events of Iran are investigated and risk of mine closure is calculated for each kind of minerals. It has found that, the risk factor of unplanned mine closure in Iran quarry mines is 7.62% and safety factor of investment is 1.0762.

Full Text
Paper version not known

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call

Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.