The 2019 World Risk Report: a comprehensive annual review of mining risk, including a jurisdiction-by-jurisdiction ratings system and an assessment of general business and operating risks and trends. 


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Each year Mining Journal publishes 5 annual reports centred on the most relevant discussion points for the mining sector. These reports bring together intelligence from a cross-section of sources including industry data, reader surveys, and interviews. The Mining Journal Intelligence team bring this information to life, adding layers of context and insight to the numbers. 

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Chris Cann 
Head of Aspermont Research & Intelligence

Educated in Western Australia, where he completed a bachelor of science and post-graduate diploma in journalism, Chris began his resources reporting career in 2004 with publishing houses Paydirt Media (Paydirt, Gold Mining Journal) and Aspermont (RESOURCEStocks, Since arriving in the UK he has completed a geology degree (first class) from the University of London in 2013; the Level Three Capital Markets Programme (Securities) through the Chartered Institute for Securities and Investment; and a financial modelling course at City of London University. He became Mining Journal editor in 2015 before building out Aspermont’s dedicated research unit in 2017, at which point he became head of Aspermont research and intelligence.

Copyright 2019 Aspermont Media

The Investment Risk Index ratings are built using a combination of 10 ‘hard risk’ metrics from established, risk-related indices – including MineHutte’s Regulatory Risk Ratings and Corruption Risk Index – and the accompanying ‘perceived risk’ score, established by the World Risk Survey, which asks mining professionals from across the globe to provide ratings for a jurisdiction in which they have sufficient experience to take a considered view. The hard risk metrics and perceived risk score are weighted 80% and 20%, respectively, and are assessed over five risk categories, which are also weighted: Legal (40%), Governance (25%), Social (15%), Fiscal (12.5%), and Infrastructure (7.5%). Jurisdictions accumulate a score out of 100, which corresponds with a rating from AAA, for those with negligible investment risk, through to D, for those with exceptionally high investment risk.


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Separated into Business Risk and Operating Risk, this section is centred on in-depth discussion and visual representation of Risk Level and Ease of Management, without considering geography. Business Risks include Regulation and Commodity substitution, while Geo-technical risks and Social license are examples of Operating Risks. Results include YoY comparisons to track the industry mood around headlining risks

We break down the IRI into the core areas of risk – Legal, Governance, Social, Fiscal and Infrastructure – chapter by chapter, to pick out regional trends and the individual jurisdictions that have recorded the greatest gains and the biggest YoY disappointments for each risk category.

Investment Risk Index

General Risk


The findings of the Mining Journal World Risk Report’s (feat. MineHutte ratings) Investment Risk Index (IRI) showed a slight increase in global risk compared to 2018. Meanwhile, the Permitting Index, new to this year’s report, proved those jurisdictions with better IRI ratings are not necessarily best at managing the crucial permitting process.

Biggest % movers over three years: regions

Biggest % movers YoY: jurisdictions

Permitting Index best and worst performing

Biggest % movers YoY: jurisdictions

A review of the global results and trends from the IRI, including the headlining jurisdiction ratings hierarchy and reference table, which covers the past three years of data. It also incorporates the Opportunity and Permitting indices

Executive Summary