The purpose of this study is to identify mining operational risks and hazards in the Mongolian mining sector, including gold mining companies. A total of 5 gold mining companies were selected for this study, and their names were kept confidential under the study's ethical principles. Statistical data on the operational risks, technical risks, and industrial accidents of these five companies for the last five years were collected. Techniques such as probability theory, risk thermal matrix, and conditional probability theory were used in the empirical section of the study. In risk modeling, calculations were made for each of the risk factors. These include risk location, risk group, risk cause, risk demographic variables, risk consequences and risk coverage. Analysis of statistical data on the loss of working time and the causes of fatal/nonfatal accidents during the mining of gold deposits is carried out. The reasons for the occurrence of industrial accidents in mining sites of gold mines were systematized. Technological measures are proposed to normalize the existing situation.