More than half of the respondents indicated the need for transparency will be a major value driver in the next 15 years.
Report Chairman, Graeme Stanway, says mining business models have remained relatively stable over the past twenty years, but that’s all about to change.
“Through technological advances, we’re seeing social and environmental expectations at unprecedented highs. In order to continually attract talent and optimize results through innovation, mining must meet the growing need for transparency of its products,” he says.
Historically this concept of “provenance” wasn’t a factor when it came to mining as the supply chain, beyond the raw material, took the spotlight.
Something, Stanway says, that is in the throes of change.
“Telling the story of where minerals are from and how they are sourced to gain competitive advantage is one of the most untapped areas of value in mining. Through our discussions with industry leaders, it’s clear this will become an area of focus in the coming years.”
He adds that when it comes to technology we are on the brink of extraordinary transformation with nearly three quarters (73%) of mining executives indicating that robotics and automation will have the biggest impact on the industry in the next 15 years.
“In the next ten and even five-year time-frames, some mine sites will be largely unrecognizable, and in some cases, almost invisible. Industry leaders are setting their sights heavily toward AI, automation and sensing tech.”
He says this is only the tip of the iceberg.
“Once these technologies are fully integrated and fuelled by renewable resources, the level of precision, speed, and accuracy that can be achieved will alter more than just profits, it will ultimately refocus the world’s view of mining as an industry with a far smaller environmental footprint than ever before.”
So, what are the key drivers likely to propel major change into mining as we know it?
Global cobalt mine supply at risk of disappearing
Here’s a snapshot of where things are headed and how it could look:Source