The mining and metals industry is facing an unprecedented paradigm shift as it begins to adopt new technologies while managing climate and social challenges. By raising awareness of these issues and focusing on new digital solutions, growing demand for materials, and investor pressure, the industry can strengthen its fundamental role in the rapidly evolving global economy.
Building on ESG standards
For mining and metals companies to operate successfully in the global marketplace, greater transparency and the promotion of environmental, social and governance (ESG) principles are needed. Awareness of these principles has come a long way since the world’s largest mining companies established the International Council on Mining and Metals (ICMM) to help the industry maintain its social license to operate (SLO).
Developing data analytics, AI and innovation
The mining industry is often considered relatively outdated, but the introduction of new technologies can create exciting advances. The use of automated trucks, LHDs (load, haul, dump) and drilling machines is not necessarily new, but companies are showing increased interest as the technology becomes more commonplace and competitive advantages become apparent.
Change from within: a new workforce
New technologies require an adaptable workforce to operate increasingly complex equipment and evaluate data. Finding the best people to fill these positions can be relatively difficult for the mining and metals industry, as they are often struggling to replace their aging workforce and now have to compete with disruptive technology companies.
Supply chain security and geopolitics
COVID-19 has made many countries realize their full dependence on metal and mineral imports, and this has changed the way some of them look at mining and metals projects. Important mineral strategies and building local industries have always been important topics for those involved in industrial policy, but shortages, economic crises, and fragile supply chains have brought many of these issues into the mainstream.
Mining, metals and the energy transition
Increased demand for energy and low-carbon technologies will drive demand for minerals and metals, and the sector must be prepared to meet these needs. Models that examine future energy demand and its composition up to 2040 show that renewable energy sources are the fastest growing source of energy.
Mining assets and climate risk
As the world transitions to a low-carbon economy and the effects of global warming become more visible, mining assets need to be considered in the context of climate risk.