Heavy Construction Equipment

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The top 4 risks facing the mining industry
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Were all aware mining is a high risk industry,
but which risks have the most impact?
COVID-19 is clearly a dominant issue facing the
sector in 2020, however the latest report by EY
Global Mining shows that while the pandemic not
only heightened many risks it also created new
opportunities. According to the report, here
are the top 4 risks to be aware of.
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License to operate
License to operate (LTO) remains the number one
issue for miners, with 63 of survey respondents
flagging it as a top three risk for them. As
effective engagement becomes even more critical,
the report suggests miners should consider
engaging with the community more. This is due
to more pressure from local communities on how
miners respect indigenous human rights and native
title, national communities may push for a return
to resource nationalism and pressure to provide
ownership of assets to communities.
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High-impact risks
In 2020, the COVID-19 pandemic demonstrated the
importance of understanding and reviewing these
high-impact risks, particularly as there is a
significant link between a companys ability to
manage them well and its LTO. The report states
that the experience of the pandemic heightened
stakeholder expectations around how enterprises
prepare for, manage and monitor all high-impact
risk exposures.
Productivity and rising costs
Rising costs and productivity remain on the
radar as the complexity of mining increases. The
impact of COVID-19 has been mixed, with some
restrictions imposing new, unforeseen costs and
other measures removing silos that hindered
productivity.
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The green agenda
Decarbonization and the green agenda has become
a more prominent issue as social responsibility
and broader stakeholder demands intensify. The
pressure to reduce greenhouse gas (GHG) emissions
remains the biggest environmental issue for
mining and metals companies. Authors of the
report believe that COVID-19 has offered miners
an opportunity to reset operations and increase
their environmental focus.
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