There are many critical nodes along the mine value chain, from orebody to mineral product, and inter-disciplinary input is required to analyse the variability and uncertainty at each node in order to identify and mitigate areas of risk. Mining differs from many other industries in that the variability in the product is dictated largely by the inherent nature of the input material (the orebody). The true characteristics, including the variability of the orebody, are never known exactly and are instead based on estimates derived from sample data. A further difference is that bottom-line gains are largely controlled by world commodity prices, which can vary with time, rather than by local supply and demand issues. Methods for identifying, reporting and responding to this inherently variable raw material are discussed. These include analytical and reporting methods, equipment and software, risk analysis and reality checks (eg reconciliation). Sampling results, mineral resource and ore reserve estimates and economic assumptions are a function of the variability of the orebody. Risk quantification should be expressed as a level of confidence, which takes into account the scale or period over which the risk is being assessed (life-of-mine, annual or shorter production periods) and should convey the likelihood, severity and consequence of occurrence of a given event. The future generation of mining specialists needs to understand the entire mine value chain to better manage risks and maximise mine dollar-value.