Overview of Mineral Project Risk Issues and Role of Mineral Industry Professionals (Especially Consultants) in Risk Reduction Strategies

The various risk components to be addressed by explorers and project developers (and their investors) to minimise and/or manage the risk of Pacrim mineral investment are summarised to provide an overview of the issues involved and to set the scene. It then highlights the role of individual Mineral Industry Professionals (especially independent consultants) who are at the heart of any risk reduction or risk management strategy. The involvement of accredited qualified/experienced (competent) and reputable professionals is essential to produce realistic and reliable results that gain and maintain investor confidence. Today, high ethical standards as well as technical competence are sought by government legislation/licensing regimes and initiatives of professional bodies like AusIMM, MICA, Professions Australia, Council of Professions, etc. All attempt to regulate and guarantee reputable individual professional behaviour (particularly in the context of currently perceived high corruption levels in many Pacrim countries). Brief comment will discuss the usefulness of accreditation and ethics codes plus other specific codes (eg JORC/VALMIN and their international analogues in Canada, South Africa, etc) in reducing risks.