An appropriate maintenance strategy can maximize a machine's capacity and economic lifetime and also produce yearly savings of several million euros. That being said, a risk assessment approach can help companies identify the systemic bottlenecks that are interfering with their development and cut a large portion of their profit each year. This paper presents a hybrid reliability-Failure Mode and Effects Analysis (FMEA) methodology to assess the risk associated with belt conveyor systems, particularly in open-pit mining environments. By integrating severity, occurrence, and detection indicators, a 3D risk assessment matrix was developed. Using data from conveyor system maintenance, including downtime and failure occurrences, chi-square tests to analyze system reliability and mean downtime were applied. The methodology allows for a nuanced understanding of the frequency and severity of failures, enabling more informed decision-making about maintenance strategies. The paper highlights the economic implications of system failures and the potential for substantial financial savings through optimized maintenance planning.