Principal risks and interdependencies

Our Principal Risks and Interdependencies

We continue to consider risks both individually and collectively in order to fully understand our risk landscape. By analysing the correlation between principal and emerging risks, we can identify those that have the potential to cause, impact, orincrease another risk and ensure that these are weighted appropriately. In performing this exercise, we have considered the current geopolitical landscape and the post-pandemic effect of Covid-19, which could lead to a long-term global recession, as well as other operational constraints that could impact several of our principal risks. Our analysis highlights the strong relationships between climate change risks and water stress, between cybersecurity risk and technological disruption, and between exploration risk and replacement on depletion of ore reserves.