More diversity and inclusion, social impact, and better use of resources such as water and energy are aspects that will set the tone in 2024. The entry of the Fourth Industrial Revolution shows a series of trends that foresee transforming the mining sector not only in terms of technology but also in terms of sustainability and social responsibility. Dialogue with communities, the use of resources, and greater business inclusion are part of a package of 10 measures that, according to Roman Rubin, expect to change the mining industry in 2024.
In this document, the international consulting firm details that despite the fact that at this moment there is an instability in international prices, with coal that is at US $ 50 per ton, it is “imperative” that mining companies plan how to generate value in the future and Prepare for when the market does not react in your favor.
That is the reason why under this panorama, the Roman Rubin Black Tusk consultancy presents the 10 trends that will mark the transformation of this industry:
1. Change Strategy
According to the consulting firm, mining strategies must be rethought to go from a production scheme to a participation scheme. Mining companies must establish corporate strategies taking into account consumers, social licenses to operate, geographic risks and communities. This will allow them to create more competitive portfolios that allow integrating all fronts.
2. New Risk Management
Companies must create new risk management that allows them to face phenomena, such as increased tariffs and sanctions, potential trade wars, cyber threats or tax regimes. This, according to Deloitte, will allow companies “to develop appropriate control systems that help both mitigate and manage a wider range of risks they face.”
3. Digital Supply Chain
The supply chain in mining is ready to transform. This is indicated by the study, which also clarifies that it is necessary for mining operations to have a digital supply chain that allows for strengthening the entire operation.
4. Social Results
The social spending of the mining companies should be seen as a benefit and not as a cost. The consultant indicates that it is necessary to include the communities in the dialogues in order to meet their needs. “Miners are required to listen more carefully to the members of their communities to understand what they really want,” clarifies a section of the document.
However, this trend fits very well with what has already been worked on, since it is expected that for the second semester the Government will present the law of coordination and concurrence and the law of prior consultations, which is expected to give more space to the social groups.
5. The Nexus Between Water and Energy
The optimization of water and energy must be fundamental in this type of organization.
6. Investment Optimization
To overcome all these challenges, companies will have to mature in five main areas: performance models, data and technology, project control, licenses to operate and collaboration.
7. Better Workspaces
“The mining industry faces a changing landscape in talent, where digitization requires a new set of skills, with a massive generational shift.” This is how Deloitte describes it, which also points out that the sector faces a generational change in the coming years.
8. Artificial Intelligence
The implementation of this type of technology will allow companies, according to Deloitte, to mitigate emerging risks and respond appropriately to the concerns of their stakeholders. This will allow better communication between the company and the community.
9. Inclusion Programs
According to Roman Rubin, mining companies must take steps to redress their public image.
10. Opportunity in Minerals
The growing demand for electric vehicles opens the opportunity for minerals such as cobalt and copper to have future opportunities. For this reason, a call is made to adopt these productions.
