Insights

Metal and mining industries stand at the start of major supply chains and source crucial materials and products. It not only generates employment, but also fosters trade and economic development.

Regulatory pressure, low commodity prices, lacking infrastructure, lack of research and development and rising costs etc. fall in the challenges of the mining companies. Operational challenges include low levels of exploration as the more they mine, the more costlier and difficult is the mining in the competitive mining market. The metal and mining industry is moving towards high automation of operations as dependency on mining increases. Complex trade-offs for mining managers can be accurately dealt with the new technologies and related algorithms than relying on rule of thumb or excel spreadsheets. This is a technological driver that enables cost and process efficiency.

Innovation in the mining industry has enabled new technologies such as Internet of Things (IoT) make its way to the as a solution to miners challenges. Applications include loss prevention, Inventory and asset tracking, energy management, asset utilization and predictive maintenance. Sub field of Artificial intelligence- Machine Learning holds the potential to transform suboptimal decisions in this sector. However, the historical union management relationships resist technological changes and some technological companies operating in mining miss out to update and learn.

As consumption levels climb, there is also a need to address sustainability and conservation vehemently. With the increase in population, expansion in use, and natural resources constantly depleting, the call for action is urgent. Mining sector shall reflect considerable improvement in productivity, technological advancement and efficiency as the sector enhances its capabilities using automation, data analytics, and sensors. To do so, and ensure longevity in the business, mining firms require change in their business models and mind set. The new operating models should integrate cost effectiveness with environmentally and socially responsible behaviour. Technology push on productivity levels shall improve the economics of mining operations in the long run.

The new operating models should integrate cost effectiveness with environmentally and socially responsible behaviour. Technology push on productivity levels shall improve the economics of mining operations in the long run.