Gone are the days when miners could simply explore for minerals. Looking ahead, successful miners will be those that also mine for innovation.
Mining for innovation means organizations must develop new products and processes internally to maximize financial and talent resources. They must also consider acquiring new resources from outside their organization if that gives them a more sustainable path forward. Both types of ‘innovation mining’ will at the same time require new processes and protocols to manage the cyber risk that comes along with new, digitally enabled discoveries.
As a follow on from our 2020 Near Future series, we thought it would be good to see how we are tracking. With industries transforming at an accelerating rate, we've ranked and commented on our original 2020 predictions, in addition to providing some NEWpredictions looking out to 2023.
For Mining, our report covers country spotlights into the US, Canada, UK, South Africa and Australia.
By 2023, here’s our GLOBAL predictions on how we predict organisations around the world will mine for innovation:
1.The arms race around rare earths will quicken, as growing geopolitical tensions impact global trade and countries battle to lead manufacturing and technology innovation.
2. Secondary raising will be a concept of the past. The rise of alternative financing solutions, which reduce the burden onmining companies’ balance sheets, will grow in popularity, hitting stock exchanges hard.
3.Miners will become an open book because of the pressure from investors to demonstrate their social license to operate. Miners will use blockchain technology to validate their operations.
4.Artificial intelligence will be commonplace in mining operations, as miners use it to interpret data from smart sensors and machine interconnection, and to improve operational safety and efficiency through unmanned, AI-enabled technologies. This will transform mining into one of the safest occupations of its kind.
Gone are the days when miners could simply explore for minerals. Looking ahead, successful miners will be those that also mine for innovation. Mining for innovation means organizations must develop new products and processes internally to maximize financial and talent resources.
The coming year. The outlook for the Top 40 in 2023 is mixed. We expect softening prices for many key mining commodities and, as a result, we forecast a 9% fall in revenue.
A report by McKinsey estimates that by 2035, the age of smart mining achieved through autonomous mining using data analysis and digital technologies like AI will save between US$290 billion and US$390 billion annually for mineral raw materials producers.
The future of the mining industry will be shaped by a combination of technological innovation, environmental stewardship, and social responsibility. Embracing trends such as greenfield exploration, AI adoption, and ESG practices will be essential for mining companies to thrive in an evolving landscape.
Some of the mining trends we anticipate will have a significant impact in the new year include Environmental, Social, and Corporate Governance (ESG), Diversity, Equity, Inclusion and Belonging (DEIB), geopolitics, and technology.
Description: Bitcoin continues to be the most popular and profitable cryptocurrency to mine. Its high market value and widespread adoption make it a lucrative choice for miners. Description: Monero is a privacy-focused cryptocurrency that offers enhanced anonymity.
Newtrax believes the future of mining is underground, not only because metals and minerals close to the surface are increasingly rare, but because underground mines have a significantly lower environmental footprint.
Introduction: My name is Merrill Bechtelar CPA, I am a clean, agreeable, glorious, magnificent, witty, enchanting, comfortable person who loves writing and wants to share my knowledge and understanding with you.
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