The increased exploitation of ores leads to the generation of mining waste, which has a negative impact on the environment and human health. For this reason, it is necessary to take care of it in an adequate way by applying some of the possible treatments. In addition to protecting the environment by applying appropriate treatment, there is also the possibility of making a profit by valorizing useful elements from mining waste. In order to choose the most adequate treatment, it is necessary to perform the characterization of mining waste. This paper contains a detailed characterization of the flotation tailings deposited at the Old Flotation Tailings in eastern Serbia, originating from copper ore processing. Characterization includes physico-chemical analysis, polarizing microscope analysis, X-ray Diffraction analysis (XRD) and Scanning Electron Microscopy with Energy Dispersive Spectroscopy (SEM-EDS) analysis analysis. The obtained results indicate that the investigated flotation tailings can be used as a secondary raw material for metal recovery, in this case primarily copper (whose content is about 0.24%), gold (with a content of about 0.43 ppm) and silver (with a content of about 1.7 ppm). Considering that the content of valuable elements is quite low, it is suggested to apply hydrometallurgical treatment for their recovery.

This research, aimed to determine whether the COSO (Committee of Sponsoring Organizations) ERM (Enterprise Risk Management) model, implemented in a scientific Institute of special importance to the Republic of Serbia, can identify the multiple business opportunities and prevent instabilities caused by various external factors through its strategic decisions. The goal is to identify the risk factors that can be turned into opportunities and possibilities. The SWOT analysis survey was conducted from June 26, 2024, to July 1, 2024, on a sample of 214 respondents, with a response rate of 55.6% (119 respondents). The results indicate a sustainable business strategy for the Institute.

The research is based upon the insights derived from the conclusions of Jonović et al. (2024) and aims to evaluate the effectiveness of Strategic Risk Management (SRM) linked to the COSO ERM (Committee of Sponsoring Organizations Enterprise Risk Management) framework. Implemented within a scientific institute of significant importance to the Republic of Serbia, the SRM is examined for its ability to identify the weaknesses, address threats, and leverage opportunities. The goal is to identify the risk factors and mitigate them through the SRM as a concept closely related to the COSO ERM framework. The primary research includes a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis survey conducted from June 26 to July 1, 2024, with a sample of 214 respondents and a response rate of 55.6% (119 respondents). The results highlight a sustainable business strategy and effective application of the SRM in the institute.

The study builds on the findings of Jonović et al. (2024) and aims to: 1) determine whether the implementation of Integrated Management Systems (IMS) based on the Committee of Sponsoring Organizations (COSO) Enterprise Risk Management (ERM) model enhances sustainable operational risk management (ORM) and financial performance in a Scientific research organization; and 2) develop a method for improving (ORM) and financial outcomes. Primary research of Strengths, Weaknesses, Opportunities, and Threats (SWOT) analyses conducted from 2021 to 2024, with an average response rate of over 71%, confirms a sustainable business context. Following the Plan-Do-Check-Act (PDCA) cycle, it strives to enhance the response of scientific research organizations to strategic goals and operational risks. The analysis of financial indicators and Pearson's correlation supports the impact of IMS on the organization's financial and operational stability, as outlined in the COSO ERM model. It emphasizes the importance of effective ORM for achieving better financial performance. However, it suggests that implementing IMS is not sufficient for upgrading ORM within the organization. Future research will compare the Institutes of National Importance in the Republic of Serbia to refine risk management and enhance financial performance.

This study aims to develop a comprehensive Strategic Risk Management (SRM) framework aligned with the COSO ERM for improving strategic and financial performance in Scientific Institutes. Conducted in a nationally significant Serbian institute, the research evaluates SRM's effectiveness in addressing weaknesses, mitigating threats, and leveraging opportunities. A primary SWOT analysis survey, conducted from June 26 to July 1, 2024, involved 214 participants, with a 55.6% response rate (119 respondents). Findings highlight a sustainable business strategy and SRM's effectiveness in mitigating risks across financial, operational, asset-related, and strategic domains. Financial challenges include declining net profit and persistent negative financial results. Despite the decline in business revenues and net profit, effective asset and capital management, supported by previously accumulated reserves, enabled the Institute to maintain financial stability. To address these risks, the study emphasizes cost management, diversification, and investment in innovation to strengthen financial sustainability and competitiveness. This research underscores SRM's pivotal role in building resilience, advancing institutional goals, and enhancing adaptability for scientific institutes with national importance.

Investing comes with inherent risks, especially in complex economic environments. Using the COMFAR III software package enables detailed analysis of economic parameters, including investment risk assessment and sensitivity analysis, which are used in investments to better understand the impact of changes in key variables on the outcome of an investment project. This study presents the application of the COMFAR III software package on a specific example of a mining project for the exploitation of copper ore from the Bor river mine (B. R.) deposit above the XIX horizon. Identification of the variables with the greatest impact on the final results was performed using the COMFAR III software package. The internal rate of return (IRR) is 48.75%. The sensitivity analysis findings indicate that the project is most sensitive to changes in revenue, where each successive change in revenue by ±6% alters the IRR by ±10.94 - 14.8%. The project also shows significant sensitivity to changes in expenses, with each successive change in expenses by ± 6% altering the IRR by ±7.56 - 10.14%. The least sensitivity of the project is to changes in investments, where each continuous change in investments by ± 6% changes the IRR by only ± 2.88 - 6.93%. Sensitivity analysis using the COMFAR III software package clearly shows that the priority is effective management of revenues and expenses to ensure stable and positive project profitability, which is crucial for making investment decisions.