With the move towards low-carbon, reduced wastage and a purpose-driven future, there are some big questions about how the mining industry will change over the next 12-18 months. A Deloitte report highlights what these 10 trends might look like.
10) Aligning capital allocations to ESG: prioritising and operating different projects and allocating capital spend could give competitive advantage in the coming years.
9) Value chains reshaped: accountability and transparency are the key transitions that need to be made in-line with climate-change commitments.
8) Successfully operating the new supercylce: as many countries are beginning to recover past COVID-19, the mining industry is instead facing increasing government demands for a greater share of the wealth.
7) Making ESG at the core of organisations: high-level commitments need to be made, and to do that, proper internal structures need to be in place to make effective progress.
6) Evolving mining’s way of work: as many other workplaces have embraced digitisation in the face of the COVID-19 pandemic, there has been a fundamental change in the way employees think about work. An increasingly competitive labour market, providing training and development and developing an inclusive leadership culture is the way to leverage human capital.
5) Setting a higher standard for Indigenous relations: the mining industry must set the stage with a higher level of participation for Indigenous communities. Transactional facilitation will no longer be the status quo, instead engagement and participation will involve Indigenous leaders in responsibility for landscape.
4) Innovation as a fundamental norm: embracing change and benefiting from remote practices and improving core processes while the industry benefits from the supercycle.
3) Integrated operations to drive efficiency: the change has already started with digital transformation, however, there needs to be a focus on technology integration and effective decision-making to optimise systems internally.
2) Minimising IT-OT risk: acceleration of information technology (IT) and operational technology (OT) integration has enabled greater growth, yet the gap between risks and controls have widened.
1) Getting ahead of climate change: decarbonisation has been top of mind in the mining sector, yet organisations need to think ahead and build climate resilient strategies across all aspects of business and operations.
Read the full article on Mining Global here: https://miningglobal.com/top10/top-10-issues-transforming-the-future-of-mining