A risk-based approach to optimising pit wall slope angles was trialled in the design of a 60m deep open pit in extremely weathered and distinctly weathered materials in the Kalgoorlie area. The pit used for this approach was Stage 1 of a three-stage open pit project. The Stage 3 pit will require long term stability, as it will contain the portal for a long life underground project. Information from failures induced by steeper wall angles used in the Stage 1 pit would be valuable in predicting and preventing long-term stability issues in Stage 3. In this approach, the pit wall slopes are based not on the normal factors of safety, but on the assessment of the probability of failure and the direct and indirect costs of dealing with the failure when it occurs. In this example, the benefits and risks of adopting steeper wall angles were compared in a series of graphs. These charted the increasing probability of failure and simultaneous decreasing factors of safety with increasing pit wall slope, and the range in the possible volumes of circular failures for increasing wall angles. These were brought together in a graph showing the potential excavation savings (in BCM) and the probable cost of a failure (probability of failure times the probable volume of the failure). The resulting pit design was based on the project Mining Engineer's semi-quantitative assessment of where and when a higher risk of failure was acceptable and where it was not acceptable as it may have unduly affected the integrity of haul roads or production. The design incorporated wider than normal berm widths to accommodate anticipated failures and to enable modification of the wall configuration if required. Several re-designs were required during the life of the project in response to aggressively induced failures. It is considered that this risk-based approach provides a practical route to optimal pit design and operation but it requires an experienced, dedicated and efficient mining team for it to be implemented with benefit.