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Earthquake Risks Transfer in the Mining Industry

earthquake risk management in mining industry
Fig.1 - Assets that affected in the M6.4 California on Dec 20, 2022. Detecting unusual seismic activities that inform by Earling on Dec 14, followed by M6.4 earthquake on Dec 20. Risk management and insurance solutions can play an important role in helping you to meet these challenges. Mine owners and operators can transfer their risk through short-term contracts during high-risk time-windows.

In addition, the risk associated with mining induced seismicity is one of the major threats to the safety and sustainability of deep underground mines. Companies in the mining, metals, and minerals sectors need to effectively manage their insurable/hazard, financial, and operational risks in light of emerging challenges such as globalization and consolidation, insurance capacity, and geopolitical risks.

In opencast mines and at tunnel portals even local earthquakes can do some damage. Therefore, areas near the mining operations should be monitored close by to ascertain the continuation of services in terms of traffic and to meet safety expectations. This can be achieved most effectively by monitoring of tunnel access points of important transport routes and by seismic stations. Such monitoring would ascertain a continuous control of underground and surface stability.

Risks Need to be Covered in Mining Operations

Worker Insurance, interruption, all Risk, and extending the current policies more than ever during high-risk time-windows which can last for a week.

How the California M6.4 Dec 20, 2022, affected the mining industry

There were 100 mines in different sizes around epicenter of the M6.4 earthquake, which size of 26 of them was less than 10,000 Mech, and 5 of them less than 40,000.

earthquake risk management in mining industry
Fig.2 - California M6.4 Dec 20, 2022, earthquake affected the mining industry