Future of Mining
Seven ways the mining sector can prepare for the coming economic era The mining and metals sector is facing a raft of transformational pressures that present the industry with a unique set of challenges and opportunities. Jordy Lee Senior Research Associate, Colorado School of Mines, University of Denver reveals seven ways the sector can respond - and strengthen its role in the new global economy in the process. The mining and metals industry is facing an unprecedented paradigm shift as it begins to implement new technologies while also managing climate and social challenges. Through raising awareness of these issues, and by focusing on new digital solutions, growing material demand, and investor pressures, the industry can strengthen its foundational role in a rapidly evolving global economy. Considering the COVID-19 pandemic, and to successfully implement this approach, there are seven key areas through which the mining industry needs to grow and remain focused.
1. BUILDING ON ESG STANDARDS Greater transparency and fostering of environmental, social and governance (ESG) principles have become necessary for mining and metals firms to successfully operate in the global marketplace. Awareness of these principles has come a long way since the world’s largest mining companies created the International Council on Mining and Metals (ICMM) to help the industry maintain its social license to operate (SLO). ESG reporting has developed through a galaxy of different methods and frameworks, all looking to help the industry relay key metrics. The concept of an SLO has evolved beyond local approval and cooperation; the multinational nature of extraction, transportation, and production means that firms must now abide by global standards. 15 Mining and Tunnelling Technology
2. RAMPING UP DATA ANALYTICS, AI, AND INNOVATION The mining industry is often seen as relatively dated, but the implementation of new technologies can create exciting advances. The use of automated trucks, LHDs (load, haul, dump), and drilling machines are not necessarily new, but companies have shown increased interest as the technology becomes more familiar, and the competitive advantages become clear. The advent of COVID-19 has also accelerated the adoption of automated mining equipment, as companies have begun to investigate maintaining production levels in the face of the pandemic and declining ore grades. With an increasing number of trucks, LHD equipment and machinery now outfitted with sensors and tracking equipment, the general digitalization and evaluation of mining data has become the technical foundation for more complex applications. Using gathered data, general mine efficiency will increase and benefit operational models, risk
