Technology is not the only perspective the sector needs to adopt in order to get back to track.
The mining and metal sector is one of the major contributors to the global economy. But recently, the industry is undergoing severe crisis due to increasing climate and social challenges. The field needs an immediate reformation to keep up the speed in the race.
Mining is an ancient and global industry, with origins that date back to the foundations of civilization. The mining and metal sector contributes to 12% of the global GDP. But the industry is now facing unprecedented challenges due to the changing environment and economic situations. The depletion of the earth’s resources and the impact on the fragile environment is a growing social concern. Like many other industries, the mining and metal sectors are also undergoing changes in technology, innovation, better processes, social demands, and even new opportunities. The evolution of technology from advanced data analytics to artificial intelligence (AI) has always had the potential to transform the mining industry by ensuring operational efficiency improvements, enhancing productivity, improving safety performance, empowering employees to do more meaningful work, allowing communities to be more prosperous. The mining sector is also under pressure to reimagine its business models. Technology is not the only perspective that they hold to improve and get back on track. Here are some of the key areas through which the mining industry needs to grow and remain focused.
Taking a digital twist
Digitalisation is the smart work that the mining and metal industry can adopt in order to become smarter. By leveraging apt applications and tools, the sector will get to make the operations instrumented, interconnected, and intelligent. Merging technology with mining enables zero entry and fully automated and integrated work. Mines will be designed differently for automation from inception, with methods tailored and scaled to the variation in execution reduced by automation. Automating the sector with Artificial Intelligence (AI) will also help eliminate fatalities and injuries from high energy environment. In the future, digital mine will leverage many of today’s emerging and evolving digital technologies like the Industrial Internet of Things (IIoT) and data analytics.
Leveraging transparency by building ESG standards
Environmental moments are increasingly attracting people’s eyes. The situation looks like it is the need of the hour that people get sensitized about not ruining nature’s gift. Countries and governments across the globe are also working on movements like the Paris Climate Agreement to give their best. However, technology comes as an aid here. Most of the modern world innovations help reduce fuel consumption, emissions, waste, and water usage in mining operations. But the mining industry needs more than just technology. The sector should display transparency both to governments and people. Fostering environmental, social, and governance (ESG) has been necessary for mining and metals industry to operate in the global marketplace.
Constructing a supply chain
The mining and metal sector involves the constant transportation of products from one place to another. The outbreak of the Covid-19 pandemic has outlined the importance of a stable and well-engaged supply chain during the catastrophically difficult period. Critical mineral strategies and building up the local industry have always been important subjects for those involved with industry policy. But building an organized supply chain will represent the demand and assure that the product reaches the last hands safely.