This article deals with the role and the place of risk-based thinking in today’s occupational safety and health (OSH) systems used by mining companies. A brief survey on modern challenges and pressures affecting companies, as well as on the structure of supply chains, is given. It is demonstrated that, despite all measures and actions that are being taken, occupational injuries in the mining sector: (a) remain a matter of serious concern and (b) should be examined and investigated through the lens of the company’s complexity. The objective of the article is two-fold: to trace the evolution of risk-based thinking from quality management systems towards OSH management systems and to demonstrate how this approach can be implemented by a company performing open-pit mining operations. The matrix method along with the Fine and Kinney’s method was used in assessing OSH risks, and the checklist method along with a Strengths-Weaknesses-OpportunitiesThreats (SWOT)analysis was used while assessing OSH opportunities. The results of the study make it possible to conclude that risk-based thinking incorporated into an OSH management system can be a robust and efficient instrument for OSH planning and implementation. This article contains an example of assessing OSH risks and opportunities for a dragline operator and also discusses the possible ways of using the data on the OSH risks and opportunities that were identified in OSH activities. The final part also contains comments and reflections on various risks mining companies are facing nowadays. © 2021 by the authors. Licensee MDPI, Basel, Switzerland.