Uncertainty is unpredictability, or something that is not surely known, and those uncertain factors influencing a project’s viability are known as project variables. Risk, on the other hand, is the chance of realising a sub-optimal or inefficient outcome or loss, such as the bankruptcy of a business or company. The level of uncertainty in a mining project is generally associated with the type and nature of the resource and the more the uncertainty surrounding this the higher the project risk.