Mine Closure Risk Assessment A living process during the operation

Similar documents
Internal Control Framework

Execution Risk Management at Wachovia Yousef Valine

Statement of compliance with the UK Corporate Governance Code

Risk Assessment for Project Plan Collapse

An Initiative to Minimise the Non- Technical Barriers to DG within Europe

Structuring the Selling Employee/ Shareholder Transition Period Payments after a Closely Held Company Acquisition

Helping you reduce your family s tax burden

Review Procedures and Reporting by Peer Reviewer

CAPITAL PROJECT SCREENING AND SELECTION

Enhancing Service to Large Businesses. The Audit Protocol Real-Time Audit Concurrent Audit Single-Window Focus

Companies COMPANIES BUILDING ON A SOLID FOUNDATION. 1 Intrust Manx

TERMS OF REFERENCE. Project: Reviewing the Capital Adequacy Regulation

1031 Tax-Deferred Exchanges

REINSURANCE ALLOCATING RISK

Information Services Group Public Sector

The Time Value of Money in Financial Management

Intellectual Assets and Value Creation: Synthesis Report

Reach higher with all of US

Published financial statements of limited companies

Appendix 1 to Chapter 5

The roll-out of the Jobcentre Plus Office network

Guide for. Plan Sponsors. Roth 401(k) get retirement right

A Framework for evaluating the implementation of Private Finance Initiative projects: Volume 1

of Asset Pricing R e = expected return

of Asset Pricing APPENDIX 1 TO CHAPTER EXPECTED RETURN APPLICATION Expected Return

BUSINESS PLAN IMMUNE TO RISKY SITUATIONS

Your Appeal Rights Under the Income Tax Act

ARC Logics for Financial Services. Risk & Controls Module

MODERN APPROACHES IN FLOOD DISASTER RISK MANAGEMENT

Build on Our Expertise. Grow your mortgage business with PNC Partnership Solutions, LLC

Accelerated Access Solution. Chronic Illness Living Benefit (California Only) Access your death benefits while living.

PPI Investment Advice

Recourse vs. Nonrecourse: Commercial Real Estate Financing Which One is Right for You?

Models of Asset Pricing

Models of Asset Pricing

The ROI of Ellie Mae s Encompass All-In-One Mortgage Management Solution

GIVING BACK with. planned PHILANTHROPY

III. RESEARCH METHODS. Riau Province becomes the main area in this research on the role of pulp

SEC Adopts. Amendments. To The Advisers Act Custody Rule SECURITIES LAW ALERT MARCH 2010

Increasing performance and reducing costs, new challenges in asset management for the Power & Utility industry

GIVING BACK with. planned PHILANTHROPY

Subject CT1 Financial Mathematics Core Technical Syllabus

Planning the audit assignment

STRAND: FINANCE. Unit 3 Loans and Mortgages TEXT. Contents. Section. 3.1 Annual Percentage Rate (APR) 3.2 APR for Repayment of Loans

Three Lines of Defense to Enhance Technology Risk Management Maturity

An Introduction to Employee Share Trust Services

Summary of Benefits RRD

Guidelines For Handling Privacy Breaches

Implementing the Rule on Work Zone Safety and Mobility

Models of Asset Pricing

Revolving Credit Facility. Flexible Funds for Flexible Needs

Accelerated Access Solution. Chronic Illness Protection Rider. Access your death benefits while living.

BaanERP 5.0c Common Data. System Tables UP103A US. Module Procedure

Anomaly Correction by Optimal Trading Frequency

GIVING BACK with. planned PHILANTHROPY

The corporate alternative to trusts and foundations

FEHB. Health Benefits Coverage for Noncareer Employees

A Technical Description of the STARS Efficiency Rating System Calculation

Approaches to modeling operational risks of frequency and severity in insurance

EU ETS Hearing, European Parliament Xavier Labandeira, FSR Climate (EUI)

Claims. At a glance. Claims Contact Information. Coordination of Benefits Health Reserve Account Claims Making Oxford MyPlan sm Work for You

Cost Benefit Analysis for Public E-services Investment Projects

(Zip Code) OR. (State)

Baan Project Project Invoicing

Baan Common System Tables

Innovations and Emerging Practices in Local Government 2016 Survey Summary Report of Results

Summary of Benefits WESTERN MISSOURI MEDICAL CENTER

Securely managed insurance solutions. Protected Cell, Incorporated Cell and Segregated Account facilities

DESCRIPTION OF MATHEMATICAL MODELS USED IN RATING ACTIVITIES

summary of cover CONTRACT WORKS INSURANCE

Optimizing of the Investment Structure of the Telecommunication Sector Company

Decision-making and Scrutiny

One Community - One Vision - One Direction. Mapping. the. for the City of Greater Sudbury

A Leading Diversified Mid-Tier Miner

First determine the payments under the payment system

Statistics for Economics & Business

TENS Unit Prior Authorization Process

Accelerated Access Solution. Chronic Illness Protection Rider. Access your death benefits while living.

GLOBAL ALPHA STRATEGY INSIGHT JULY

Using Home Equity as a Retirement Asset: Reverse Mortgage Basics

CCH Personal Tax. Books & Print Online Software Fee Protection Consultancy Advice Lines 1

Forecasting bad debt losses using clustering algorithms and Markov chains

Motor legal expenses. Keep me safe

Introduction to Financial Derivatives

US Dollar Bank Account

Building more affordable homes: Improving the delivery of affordable housing in areas of high demand

LONG-TERM FINANCIAL SUSTAINABILITY FRAMEWORK

Linear Programming for Portfolio Selection Based on Fuzzy Decision-Making Theory

ApEx10. Overseeing on a day-to-day basis safeguarding and administering investments or holding of client money

Results Cascade REFRESHER

The financial analysis for the London Underground Public Private Partnerships

Risk transfer mechanisms - converging insurance, credit and financial markets

Highest Daily Lifetime Seven SM Spousal Highest Daily Lifetime Seven SM

Inland Flood Defence. REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 299 Session : 15 March LONDON: The Stationery Office 0.

Looking Ahead. Get Ready for NAF Open Enrollment November 4 29, News and Updates to Help You Prepare for Open Enrollment FSC

Baan Common General Data

FBD Holdings plc 2017 Solvency and Financial Condition Report. Protection. It s in our nature.

2009 Physician Hospital Valuation Survey

We learned: $100 cash today is preferred over $100 a year from now

KEY INFORMATION DOCUMENT CFD s Generic

Transcription:

Tailigs ad Mie Waste 2017 Baff, Alberta, Caada Mie Closure Risk Assessmet A livig process durig the operatio Cristiá Marambio Golder Associates

Closure chroology Chilea reality Gov. 1997 Evirometal basis law Health & Safety 2011-2012 Closure law starts to operate 2014 "Trasitio closure pla 2015 to date Geeral applicatio of the law (Risk Aalysis) Coceptual closure Closure measures put ito a documet Let put all closure measures committed to differet authorities ito a sigle documet Closure measures had to be costed. Based o those costs, put a warraty Opportuities to review ad comprehesively defied closure measures Miig Compay Cost Closure is costless Closure measures had to be quatified ad costed. 1st Surprise: there are commitmets that are impracticable or extremely expesive 2d Surprise: I have to cost them ad put a warraty for them. Now the closure measures had to be techically approved by the authorities. Closure measures defiitio is part of a risk aalysis. Costs are related to the amout of risk that the compaies are willig to have.

Presetatio outlie Itroductio Closure risk assessmet Operatioal data related to closure Ucertaity at closure Coclusios Jauary 31, 2018 3

Itroductio Do we really uderstad how facilities will behave after closure? Do we completely kow what are the risks associated to closure ad their cosequeces? Have we cosidered closure aspects/coditios durig desig phases of our projects? Jauary 31, 2018 4

Closure risk assessmet The process where potetial failure modes ad their sigificaces are idetified, based o the combiatio of their probability of occurrece ad their cosequeces. Risks are the geerally formed by three mai compoets: a triggerig evet (i.e. heavy raifall, earthquake, flood), its probability of occurrece (which is related to its magitude), ad its cosequece. Ope pit failure? Tailigs dam failure!!! Jauary 31, 2018 5

Closure risk assessmet But these three compoets are ot idepedet Facility desig criteria Triggerig evet Cosequece Probability of occurrece Jauary 31, 2018 6

Mie operatio ad risk assessmet The idetificatio of the triggerig evets, their quatificatio ad how facilities should respose to those evets, is geerally kow. But, is the uderstadig of how they were costructed ad operated, what really idicates their real state ad ca help i predictig their behavior after extreme evets. If desig criteria were ot met durig costructio or operatio, they may sigificatly uderestimate closure risks ad, therefore uderestimate the eeds for closure measures ad their costs. Part of uderstadig closure behavior ad the real sigificace of closure risks is to have the iformatio ad the date required to project differet evets to a post closure sceario. Jauary 31, 2018 7

Operatioal data related to closure A great deal of iformatio measured ad stored durig the operatio of mies ca be useful for closure risk assessmet, providig the evaluatio team with solid data to support projectios over the log term. But data maagemet is a key challege. Operatioal iformatio may exist i servers, but distributed over may folders ad years of operatios, ad operators may chage or leave mies (especially as it approaches closure), resultig i a loss of cotiuity ad access to the iformatio. Or it may simply have bee ever collected or properly stored i the first place Jauary 31, 2018 8

Ucertaity at closure Misuderstadig of the potetial risks ca lead to makig wrog decisios based o over or uder-valuig the cosequeces ad probabilities. Misuderstadig variables ivolved i closure could lead to ot idetifyig ad evaluatig relevat risks scearios, with potetial serious cosequeces. Miimizig ucertaity to the degree possible is closure goal for proper data collectio ad maagemet durig operatio. Jauary 31, 2018 9

Ucertaity at closure Miimizig ucertaities ot oly helps cotrollig risks, but it also helps cotrollig costs as closure provisios ca be better dimesioed. Ucertaity ca produce sigificat costs overrus durig closure, as ew closure measures eed to be desig ad implemeted or the cosequeces of uwated evets rehabilitated. I some jurisdictios, sites are ot trasferred to the regulatory authority util a complete rehabilitatio is achieved. Adequate dimesioig of the post closure period is eeded to develop a accurate estimate of costs for post closure. Jauary 31, 2018 10

Good quality operatioal iformatio ca provide the eeded data for better estimates of post closure requiremets. Jauary 31, 2018 11

Ucertaity at closure Reduced closure ucertaity also provides beefits for the relatioship with commuities ad stakeholders. Reducig closure ucertaity ad demostratig that the risks iheret to mie closure are cotrolled, well dimesioed ad well maaged, is very importat for gaiig commuity support ad acceptace of both miig projects ad their evetual closure. Maagig closure as a livig process durig the operatio provides beefits for reduced ucertaity i closure ad log term plaig, as well as for the relatioship betwee miig compaies ad stakeholders. Jauary 31, 2018 12

Coclusios Uderstadig mie behavior after closure is a key factor i determiig the actios ad closure measures required to achieve effective closure solutios. Desig criteria are ofte available, but they oly represet how facilities where plaed. Their costructio ad operatio is what really cotrols their behavior i the log term. As costructio ad operatio of mie facilities typically bridges may years, a disaggregated source of relevat data if ofte geerated. Kowig which types of iformatio are relevat for closure eeds, ad keepig orgaized records ca be critical for the closure risk evaluatio. Jauary 31, 2018 13

Coclusios Closure plaig ad evaluatio has to be uderstood as a activity that has to be developed i close aligmet with how facilities were plaed, costructed ad operated with relatively few surprises (if possible). The, it ca be uderstood as: A process that starts with the facilities desig ad cotiues through its costructio ad operatio; A process that is plaed ad uderstood as a cotiuatio of the operatioal life; A process that is typically goig to be defied ad carried out by professioals who were ot ivolved i its desig, costructio ad operatio; A process that eeds to achieve a certai level of accuracy, as it is ivolved i the compay s fiaces (closure provisios) ad legacy (stakeholder s opiio), as well as cotiued social licese for operatio. Jauary 31, 2018 14

Thak you. Jauary 31, 2018 15