Benefits of MinRAM
Our Assessment Model is different to others because:
- The MinRAM focuses solely on the hazards that are particular to mining. This is in contrast to many other risk models that seek to provide a much broader coverage, such as oil and gas, power generation etc which appear to be similar, but in reality are not. They should have their own risk models.
- It was developed by engineers drawn solely from the mining industry, whose experience collectively exceeded 92 years, and covered mines and plants of all types and sizes.
- It tried to quantify risk at a time when loss data for the mining industry was scarce. This forced us to adopt a semi-quantitative – semi-qualitative approach that looked at mining only. We combined techniques from several different risk models, and then added a unique touch of our own to develop the IMIU Risk Exposure Number.
- We tried to remove the subjectivity from the assessment process so that any engineer with a solid background in mining could use the MinRAM and generate a very similar answer to another engineer.
- Through the Risk Exposure Number the MinRAM process contains the ability to numerically rank the relative commercial attractiveness of every single mining operation brought to us.
- It has enabled us to develop a formidable database of 336 different mining operations. The actual Risk Exposure Number for an operation is of little intrinsic merit. However, when combined with 304 others it is immensely powerful.