It is no secret that the mining industry has been battling a host of issues such as volatility in 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 what 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 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 in 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 has 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.