Direct costs, such as medical, legal, administrative and worker’s compensation costs, property damage, lost earnings and lost benefits, are typically used to compute the economic impacts of occupational injuries. However, there are also a number of less obvious, indirect costs that substantially contribute to the overall costs. In fact, for every $1 of direct costs an estimated $3 to $5 of indirect costs are also incurred. This paper presents a systems approach that incorporates engineering, economics, psychology and sociology to evaluate the total value of investments in safety. By studying the interrelated system comprised of injured workers, their families and coworkers, as well as the organizational structure that was the setting for the incident, a methodology can be developed that will more accurately capture the true costs of mine injuries.