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Market Entry Strategies

5 Digital Trends to Keep Track of in the Mining Industry

The past decade has been nothing less than a roller coaster ride for companies operating in the mining industry. Commodity prices have witnessed both historic highs and lows, and operational realities have shifted irrevocably in the face of the digital revolution. This year too, the mining industry is expected to witness an array of changes. Within the mining and metals industry, digitalization will be a force that changes the nature of companies and their interaction with employees, communities, government and the environment at every step of the value chain. Mining industry companies that embrace digital trends, can expect a more nimble and profitable business, with improved decision-making and increased employee empowerment. Furthermore, when designed and implemented in the right manner, digitalization can improve safety, health, and environmental impact. Thereby, reducing injuries, saving lives, lowering emissions and wastage, and increasing transparency and sustainability of the company. Here are some of the top digital trends that are shaping the future of the mining industry:Request Proposal

  • Artificial intelligence

Artificial intelligence is one of the most popular digital trends in the mining industry. It is expected to be the next big step in the mining industry’s digital transformation. Artificial intelligence is mainly concerned with smart computers that can undertake processes and react like human beings. It can help mining companies gain greater metallurgical precision by identifying promising drilling targets. Predictive modeling of ore-bodies and blast hole drill data can lead to more precise drilling targets, optimal blast, drill patterns, and improved ore fragmentation.

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Impact of Digital Innovation in the Mining Industry

Mining used to bring fortunes in the past. Not that the scenario has changed now, but the industry as a whole is under pressure due to falling commodity prices and existing mines reaching maturity. Additionally, many reports also state that mining industry is far less productive than it used to be a few years back. Although players in the mining industry are focusing to boost productivity by squeezing the maximum out of the available asset, it’s not a viable long-term solution. It’s not all dark and hazy for the mining industry though, digital and technological innovations Request Proposalare transforming key aspects of mining.

Productivity improvement

Over the past couple of decades, the mining industry has been experiencing a slight decline. The trend can be observed across commodities, geographies, and most mining companies. Although the decline is evident, the performance in this industry is also somewhat lackluster. As a result, most mining companies have trimmed expansion plans and refocused on increasing their operational efficiency. Digital innovation has assisted the mining industry to recover their productivity across the world. The improvement can be evident when compared to other industries such as upstream oil and gas, oil refining, and steel industry. Coordination of activities and smart planning are required to mitigate the uncertainty caused by external forces. Mining productivity can be improved by reducing errors and eliminating the variability wherever possible.

Nature of talent

As digital technologies continue to influence the industries worldwide, companies need to recruit a specialized workforce to operate autonomous machines and turn a mountain of data into valuable insights. As a result, the industry is no longer competing for traditionally skilled workers. They need young talent who is sharp in digital technologies with deep industry knowledge and the ability to improve productivity.

Employment dynamics

The future is now. Automation has been looming around for a long time but coupled with artificial intelligence, a significant number of manual jobs might be displaced. Such situation will impact a lot of local communities which is dependent on employment and also raises concerns about company’s CSR. On the hindsight, automation also paves way for new roles to be created and new job position to be filled. The demand for skilled labor well-versed with automation and digital innovation will be in high demand.

Optimization of equipment and material flow

Mining supply chain is a complicated affair which comprises of interdependent systems of fixed and mobile equipment. Executives in the mining industry have been using tools and metrics such as OEE to gauge operational improvements but fail to grasp the system complexity. Digital innovation has facilitated the scheduling and processing decision-making process by combining real-time data with advanced analytics. For instance, in the mine pit, using smart algorithms can optimize machine movements for maximum efficiency. Additionally, it can also look for hidden relationships between second and third order variables which boosts the plant yield of gold, phosphate, nickel, and other processed minerals.

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Shaft Mining Client Taps Potential Market Opportunities using Market Segmentation Solution

Shaft mining

LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest market segmentation solution for a shaft mining client. Top companies in the shaft mining industry are revamping their business models to improve their overall production capabilities. Also, companies have started adopting new technologies to identify potential value opportunities as the industry is shifting from a manufacturing-based business model to a more service-oriented business model.

“Market segmentation solutions help shaft mining firms to sub-divide the market based on commonalities to gain a competitive advantage. Furthermore, it also helps companies increase their focus on marketing resources through effective distribution channels, “says an expert at Infiniti Research.

 

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The solution offered helped the shaft mining client to tap potential market opportunities and streamlined their offerings across niche market segments. The solution also helped the client robustly segment the most profitable target group and accordingly allocated their resources to meet the requirements.

Additional Benefits of the Market Segmentation Solution

  • Identify ways to segment the market based on geography and preferences of the customers over specific products.
  • Comprehend the market attractiveness and devise actionable marketing strategies to meet customer requirements.
  • To know more, request a free proposal

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A Beginner’s Guide to Popular Equipment in the Mining Industry

The mining industry could prove to be a dangerous workplace if you do not have the appropriate training or knowledge in handling the equipment and machinery involved. Each type of mining equipment comes with a set of mining activities that it specializes in. The type of mining equipment used varies depending on whether the work being carried out is above or below the ground level, or if the mining is done for gold, metals, coal, or crude oil. Curious to know more about the types of mining equipment and how they can be successfully employed in mining? Here are a few common types of equipment used in the mining industry and their applications:
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Mining Drills

Mining drills are one of the most commonly used mining equipment for underground mining operations. Underground mining is carried out when the minerals or rocks are located at a fair distance below the ground level. Drilling helps to separate the minerals from the overburden material; these are then brought to the surface using underground specialized mining equipment like trucks, loaders, diggers, etc.

Blasting Tools

Blasting tools are an essential part of the mining industry. They are used to break down and fracture materials by deploying a calculated amount of explosive to separate the required product and minerals from the waste material. Once the blasting is done, an excavator is used to extract the blasted rocks and other debris.

Earth Movers

Earth movers are one of the common equipment used in the mining industry for above the ground mining. They are specifically designed to work on large earth moving and mining projects to make the process faster and more practical. Earth movers are commonly used for digging, pushing, and transporting the earth using the specialized skills of an operator.

Crushing Equipment

Crushing equipment is used in the mining industry to crush the rocks and the stone. They are designed to achieve maximum productivity and high reduction rate. Crushing equipment are designed to perform a variety of jobs and hence come in different types. Crushing equipment is configured to break down the hard rock matter or gravel to a manageable size to facilitate transportation or conveying.

To know more about the equipment used in the mining industryAsk an analyst

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Beware of These Challenges Coming in the Way of the Mining Industry

The existence of the mining industry dates back to pre-historic times, and this industry has had its fair share of ups and downs. What are some of the key mining industry challenges and dilemmas that have left this industry grappling to survive? Can these challenges be overcome? Let’s find out:IR_Brochure

  • Aging Workforce

The current retirement ratio and potential workforce demand in the mining industry do not go hand in hand. The number of fresh candidates looking for a career in mining are much lesser compared to the retirement rates, adding to the mounting mining industry challenges. To attract new professionals to the industry, it is essential to have simultaneous efforts from different areas and partnerships ranging from human resources, technical teams, R&D, public relations, etc. In short, the mining industry must showcase itself as an attractive and exciting industry for career development.

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  • Water, Water Everywhere But…

Water has been one of the leading mining industry challenges that has become a major issue of concern for the players in the mining industry. Factors such as “Water stress” and inability to formulate a proper water management and water footprint reduction strategy are some of the key mining industry challenges that needs to be overcome.

  • Productivity Going Downhill

Productivity is one of the key deciding factors for the success of an organization. Most of the easily accessible high-grade ores are almost tapped out, and mining companies are now left with options of either mining low-grade ores or mining in remote or difficult regions. Mining industry challenges involved in extracting low-grade ores include crucial monitoring to ensure that no valuable minerals are lost to make the process economically feasible.

  • Tough Task of Process Control

One of the prominent mining challenges at the site is the variation in ore body that can cause extraction issues. Therefore, mining companies must employ a constant raw material analysis to ensure accurate process control. This is due to the fact that if the composition of the ore body changes, the extraction process will have to be changed quickly as well.

  • Environmental Footprint

There is a great deal of pollution that results from mining activities, some of which are highly toxic. Such pollutants can cause acid mine drainage as well as groundwater contamination; therefore, it requires close monitoring to ensure that these pollutants have been neutralized before being returned to the earth. The government is also taking strict regulatory actions against the disposal of mining waste and pollutants.

To know more about the mining industry challengesAsk an analyst

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Market Intelligence Study Helps a Leading Mining Equipment Manufacturer Devise Effective Marketing Strategies

Over the past few years, the mining industry has started witnessing unprecedented challenges in terms of rising energy costs, harsh climates, and water scarcity, which has consequently affected the growth prospects of the mining equipment manufacturers. As a result of these challenges, firms operating in the mining equipment manufacturing space have IR_Brochurestarted advocating the need for robust market intelligence solutions to gauge actionable insights into the marketing, sales, and competitor activities across the industry. Additionally, leading mining equipment manufacturers across the globe have started leveraging the use of market intelligence solutions to effectively build marketing and sales strategies to retain their existing customers. Such solutions also help renowned firms operating in the mining equipment manufacturing space to better position their marketing campaigns and investments.

To identify and devise effective strategies across business units, leading mining equipment manufacturing firms are approaching companies like Infiniti Research. With years of proficiency in offering a plethora of similar solutions, Infiniti’s market intelligence solutions help clients gain a deeper understanding of the competitors and their product positioning.

The Business Challenge

A renowned mining equipment manufacturing client with a considerable number of business units spread across the globe was facing predicaments in understanding the market dynamics and accordingly devising robust marketing strategies to stay ahead of the competition. As a result, the client wanted to leverage the use of Infiniti’s market intelligence solutions to gain a comprehensive view of the company’s existing market presence, challenges, customers, and the competition prevailing across the mining equipment manufacturing space.

Our Approach

To help the mining equipment manufacturing client understand the target segment and accordingly devise robust marketing strategies, Infiniti’s market intelligence experts carried out a blended approach comprising of interviews and discussions with leading stakeholders in this industry space. Additionally, the research team gathered information from various exclusive sources such as paid industry databases, newsletters, and company presentations.

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Market Intelligence Engagement Benefits

  • Gathered information on various data sets and analyzed the information across multiple sub-segments
  • Gathered information into the competitor’s landscape and better understood the customer needs
  • Gained precise information relevant to company’s markets and made informed business decisions
  • Helped client enter new markets and minimize the risk of investments
  • Robustly tailored marketing campaigns around customer needs

Benefits of Our Integrated Approach

In a span of ten weeks, the mining equipment manufacturing client was able to understand the competitive landscape and provide a quick and concise overview of the mining equipment market. Additionally, the client was able to improve their marketing effectiveness and brand awareness across business units.

A must-read case study for strategy experts and decision makers looking to develop an understanding of the mining equipment manufacturing segment

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Big Trends That Will Turn the Mining Industry into A Gold Mine of Opportunities

It is no secret that the mining industry has been battling a host of issues such as volatility in the commodity prices, labor and employment struggles, safety challenges, lack of financing, etc. Despite these dilemmas, the mining industry is one of the most promising industries that is sitting on a goldmine of opportunities. Wonder IR_Brochurewhat are the budding trends that will help the mining industry to extract huge benefits in the future?

Digging the Pathway To ‘Open Pit Mining’

Underground mining saw a dominating trend during the 20th century in the mining industry. However the past decade has witnessed a significant shift towards open pit mining. This surface mining method is different from the older extracting methods as it does not require tunneling and the minerals are extracted through an open pit. Such advanced technology has made it possible to mine ores of declining grades and more complex mineralogy without any hike in costs.

Switch Over to Renewable and Innovative Energy

Several commercial industries, including the mining industry, are emphasizing on applying new technologies and methods to their processes to reduce energy consumption and cultivate renewable energy sources. Apart from environmental benefits, switching over to renewable energy also benefits companies through significant cost savings. The stakeholders in the mining industry are also focusing on techniques such as driving towards more automated mine processes and deploying innovative energy technologies to optimize energy consumption.

The Digital Revolution

More and more players in the mining industry are constantly exploring the new doors of opportunities that digitization can open for simplifying their routine operations. Mining operators are now outlining digital strategies and fostering the right skills and capabilities to embrace digitalization in mining operations. The mining industry is also employing several new and innovative technologies into their operations such as data collection and sharing via cloud-based networks, machine learning to reduce labor cost, wearable technologies, genomic mining solutions such as the use of bacteria capable of extracting minerals, hybrid airships to haul mining equipment to remote regions that lack accessible roads etc.

Building A Shared Vision for The Sector

The relationship between mining companies and governments have been difficult in most parts of the world. One of the main reasons for this misunderstanding is the fact that governments are trying to balance their desire to attract more investments in mining and at the same time trying to support local, social and economic development, which often turns out to be a costly affair. The key to enhancing cooperation with the government, mining companies, and other key stakeholders can be possible through effective engagement and productive dialogue.

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