2019 could go down in history as the year mining companies stopped anchoring their strategic planning around producing the highest volumes of ore at the lowest possible cost, and understood that focusing on the composition of their portfolios to offer a unique investment opportunity was the key to success, a study published Tuesday shows.
Deloitte’s “Tracking the Trends” annual mining report, now in its 11th edition, outlines how the challenges and opportunities the industry faces and proposes way to adapt to fast changes.
Mining companies, it says, now need to determine how to operate in a market that is also characterized by rising stakeholder demands, a widening talent gap, dwindling access to key inputs such as energy and water, and a Chinese economy growing at under 7%, rather than 12%, just to mention some challenges.
“In today’s climate, miners must focus on differentiating their business models to generate long-term value, not only to attract investors, but also to remain successful in the communities in which they operate,” Deloitte’s Canada and Global Consulting Leader Mining & Metals, Andrew Swart, said.
“We believe there is a significant opportunity for mining companies to harness the power of data and analytics,” he told MINING.com. “As mining companies invest in technology, be it in the core operational or supporting processes, companies should be doing it with a view of how they will collect and utilize data going forward.”
Miners, he explained, need to ensure that they can gather data from pieces of equipment in real time or deploy sensors in key process areas, so that they can leverage the power of data to optimize those processes in real time.
The Fourth Revolution
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