Collapse induced business interruption analysis in deep underground mining operations

Authors: Torkanfar, N; Narro, A; Best, C; Jarrett, J; Otto, S; Bewick, R. P Download Paper

Cite As:
Torkanfar, N, Narro, A, Best, C, Jarrett, J, Otto, S & Bewick, R. P 2024, 'Collapse induced business interruption analysis in deep underground mining operations', in Daniel Johansson & Håkan Schunnesson (eds), MassMin 2024: Proceedings of the International Conference & Exhibition on Mass Mining, Luleå University of Technology, Luleå, pp. 1102-1115.



Abstract:
The depletion of mineral resources has necessitated deeper mining activities, posing increased geotechnical risks with potential financial losses. Despite advancements in risk assessment tools, understanding the financial vulnerabilities associated with geotechnical hazards remains limited in literature and practice. This paper presents a comprehensive framework for forecasting financial losses due to geotechnical hazards, with a specific focus on collapses in underground block cave mines. The framework integrates expert opinions, technical reports, historical data, and simulation techniques to map critical interdependencies, simulate production interruptions, and analyze financial impacts for operating mines. Results from simulations demonstrate a clear correlation between hazard ratings and financial losses, suggesting that proactive risk mitigation strategies can significantly decrease both the frequency and severity of collapses. The study underscores the importance of integrating simulation-based risk assessments into strategic planning and operational decision-making processes in mining companies to enhance resilience, profitability, and promote a culture of safety and risk-awareness.