Mark Burnett – 2024 – Geological Risk to Mining Projects


Mining, by its very nature, incurs a level of uncertainty that differs from other industries, in fact mining, and specifically exploration, has often been likened to the ultimate form of gambling.  

Most people are familiar with the risks that are prevalent within the modifying factors that are applied when converting a Mineral Resource to a Mineral Reserve. The areas of uncertainty, inherent in a mining project include both technical as well as non-technical risk.  Some of which can be reasonably quantified in terms of their potential variability, while others are more uncertain, for example metal price and currency exchange forecasts.  

To quantify, and manage, project risk it is first necessary to understand the sources of risk, what impact they may have, and then decide how the uncertainty they pose to the projects’ success can be mitigated.  

This presentation will focus on a specific area of mining project risk, namely geological and Mineral Resource risk. 


Mark has more than 30 years of experience in the mining industry, across all aspects of the mining value chain, including early-stage exploration, shaft sinking, operational mines, mergers, acquisitions, and asset disposal. 

Mark is currently one of the Pan European Reserves and Resources Reporting Committees’ (PERC) representatives on Committee for Mineral Reserves International Reporting Standards (CRIRSCO). He is also a member of three United Nations Resource Management System (UNRMS) Expert working groups and the Regional Vice President for Europe for the Society of Economic Geologists (SEG). 

Additional Information

WEF_Mining_and_Metals_2023.pdf (

UNECE Resource Management Week 2024 | UNECE

CRIRSCO | Mineral Reserves & Mineral Reporting Standards


About MRMR – MRMR (

jorc-competent-person—a-baseline-review-in-a-global-context-june-2022-final.pdf (