2023 The Near Future of Mining
09 October 2019
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 NEW predictions 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 on mining 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 licence 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.
Download the full report