Mega Trends defining the Future of Mining, Minerals and Metals
Today, we continue to see an increase in global consumption as worldwide population growth, together with upward trends in urbanization and industrialization, has led to a robust increase in demand for commodities from the mining and metals industries.1
The industry plays a critical role in our lives. In fact, it is estimated that each person uses more than 25,000 pounds of new non-fuel minerals on a daily basis2 – minerals that are processed into everyday products that we depend on like medicines, buildings, homes, electronic gadgets, etc. And these demands will continue to drive the mining and mineral processing industries for many years.
Figure 1: World urbanization is expected to continue at a rapid pace.1
Which brings us back to this reality. Whether the economy is on an upswing or a downswing, mining companies must stay focused to maintain a sustainable balance sheet amidst their many business challenges.
Productivity still remains in the top three concerns of many miners3 who are struggling to achieve long-term sustainable improvements. Innovation is a key enabler of improved productivity3, and 46% of business leaders recognize the power of digitization to drive innovation4 and provide the long-term competitive advantage needed for business growth.
Now you see the correlation, let’s move on to how digitization positively impacts the mining operations.
Figure 2: Risk radar for mining and metals3
Digital Mining Transformation
Within the mining, mineral processing, and metals industries, digitalization will be a force that transforms key aspects at every step of the value chain.
Here are several findings on the real value miners expect to gain from digital technology4:
- 64% of executives are satisfied with their digital investments.
- 47% of executives cited better operational performance
- 42% executives reported on operational/administrative cost savings
- 40% of executives saw better decision making process
Therefore, by enabling digital transformation and innovation in these four key mining operation pillars, an integrated mine operations can positively impact the bottom line.
With 82% of mining executives looking to digital technology to help them propel their business4, forward, what does it means to you?
To gain further insights, watch the Digital Mining Transformation on-demand webinar, as I share how leading mining companies are leveraging digital tools and capabilities to drive operational excellence, and succeed in this challenging environment.
1Mining & Metals Scenarios to 2030, World Economic Forum
2Do We Take Minerals for Granted?, U.S. Department of the Interior- U.S. Geological Survey
3Top 10 Business Risks Facing Mining and Metals 2016–2017, EY (2016)
4Digital in Mining: Progress And Opportunity, Accenture (2017)