Over the past year, mining executives have received one message, loud and clear: markets will no longer tolerate production at any cost, according to a report by Deloitte. How a Mining Pool Helps You Gain Bitcoin Mining Profits When it comes to mining, you have a higher probability of discovering and processing blocks if you have a higher mining power. Mining companies may wish to apply a better use of technology to achieve these goals: To bring costs down in a sustainable way, mining companies can: It is impossible to reduce the costs of safety, maintenance and other cost-intensive programs on a sustainable basis simply by examining component costs. To prevent this constant cycle of cost takeout and cost creep, miners must go beyond traditional cost cutting measures. Though the process of seismic surveys is not new, the use of 3d imaging technology helps to improve efficiency and helps to better understand special awareness. With the internet of things, there is also the possibility to send information remotely as well as control machinery over the internet. And they seek mining technologies to increase production, improve … Technological advances are already revolutionizing mining, and investment in research and development by both government and industry … In this article, we will be taking a more in-depth look at the mining industry, as well as some of the technology being used to make it more efficient than ever. As commodity prices dropped, companies responded by slashing costs – a traditional response to a shifting market cycle. Forward-looking companies are taking bold steps to reduce their carbon footprint, including Scope 3 (indirect) emissions. Targeting … But which of these will be the most used technology this year? Share key metrics with engineering, procurement and construction management (EPCM) operators, mine operators and manufacturers. In addition to this, artificial intelligence can also be used to manage transport as well as work within supply chain management to reduce the risk of human error and increase overall efficiency when it comes to the extraction and processing of raw materials directly from the plant. Innovation and adoption of breakthrough technologies could also help in the productivity battle, and the mining industry has room to raise its game here. Here are some strategies to consider, from Deloitte’s “Mining spotlight on sliding productivity and spiraling costs.”. Adopt less cost-intensive work practices, such as work clusters, cross-training and automation. Replace disjointed reporting systems with streamlined management dashboards that report on actual operational performance. Chinese firm Heaven-Sent bids $56M for South African Village Main Reef, Exclusive remarks by Mr Jackson Sikamo, President of the Zambia Chamber of Mines, In depth: Preparing for the market’s upturn, Perseus Mining pours first gold at Yaouré ahead of schedule, Kodal Minerals acquires Fatou gold project, Caledonia to acquire option over another exploration prospect in Zimbabwe. Reusing Mining Waste. Right-size capital projects. More appropriately scale operations to suit individual projects. Look to lessons that can be learned from other industries, e.g. The mining industry is one of the last to benefit from the implementation of modern-day technology but is perhaps the industry with the most to gain. Mining companies are always on the lookout for ways to improve safety, lower costs, improve profitability and boost efficiency. New report explores how the mining industry can improve closure practices 28 May 2020 While also managing the effects of the COVID-19 pandemic, the mining industry continues to assess if, when and … By digitizing your underground … CTRL + SPACE for auto-complete. Write CSS OR LESS and hit save. Reduce capital expenditures in properties with lower production potential and shorter mine lives. To improve sector productivity, companies can: Independent project analysis in Australia shows that approximately 65% of mega-projects in excess of AU$500 million fail to deliver targeted value. By using our site you accept the terms of our cookie policy. Foster a culture that discourages rampant spending. Rather than pushing the service sector to the wall, companies can: To get capital costs under control, miners can: Chinese firm Heaven-Sent bids $56M for South African Village Main Reef This used to create a 3D map of the site. © All content copyright 1997 - 2020 Spintelligent (PTY) Ltd,unless specified otherwise. State of the Mining and Metals Industry in 2020 As companies refocus on becoming lowest-quartile cost producers, they will need to move away from reactionary cost cutting and towards sustainable cost management programs. How does this microorganism work. Leaders are adopting new working models that improve flexibility and worker safety. It has a steadily growing econo… Digitization , in particular, offers several useful … Consider the benefits (and potential risks) of reducing reserves. Predictive maintenance. On Aug. 5, spurred by a deadly Brazilian dam disaster in early 2019, a partnership between the U.N. and industry leaders released new guidance for companies to manage their mining waste … When deposits are … For example, the Coalition for Eco Efficient Comminution (CEEC) group of industry … The mining industry is one of the oldest established industrial operations. … With a number of technologies aiming to increase efficiency, and maintain the safety of employees, this new year could change the industry for the better. This, therefore, helps to improve productivity as all information is sent autonomously thus reducing the risk of human error. Despite the mining insdustry already works the bioleaching with procaryont organisms, this new studied microorganism, promises to improve that process because … This is challenging for individual miners, who would have just a small part of the total needed mining … Instill a culture of sustainable operational improvement. Refocus on high quality production by increasing cut off grades. Assess the costs of entire processes to uncover the underlying cost base and identify exceptions and outliers. Where is the reference point for modernisation in the mining industry? Build stronger funding practices by better understanding the difference between a project’s value and the price the market sets. Driven by a growing list of stakeholder requirements and an explosion in creative solutions, Wood Mackenzie expects the copper mining industry to accelerate its adoption of technology. The drill and blast part of the process is very important in so far as how it influences other downstream processes. With a little bit of preparation and minor initial investment, everyone can make a small … Ore has traditionally been … Renegotiate with major suppliers to win price concessions. Use production visibility tools to get an automated visual of mining operations from pit to port. While numerous safety regulations have been implemented over the past 25-30 years,mining remains one of the most dangerous professions, for a series of reasons. How the mining industry can continue to improve productivity Productivity levers. With this in mind, technology in all its forms can benefit the mining industry by increasing safety and overall productivity regardless of the raw material that is being extracted. Using analytics, companies can: To reduce costs, companies frequently ask suppliers for steep—and often unsustainable—cost concessions. Instead, industry productivity (defined as the GDP value contribution an average worker creates in an hour of work) needs to rise before companies can reclaim shareholder support and deliver bottom line value. Mining companies … While much has been made of automated equipment; artificial intelligence and advanced sensors will also make mining … Establish a clear line of sight on actual expenditures, including costs per unit of production. An inflection point for the mining industry. This is great for productivity as well as overall safety as there is less exposure to the dust and vibrations that can cause damage to overall health when using this type of machinery to mine below the surface. Currently, it is the third largest producer of copper and zinc in the world. Artificial Intelligence in mining – are we there yet? Connectivity is crucial when looking to improve productivity as every part of the plant needs to work together. Another important piece of the puzzle is transparency. However, they can control how they operate. This site uses cookies which are essential to make the site function effectively. New uses for technology in the resources industry are regularly being uncovered. Productivity is about maximizing throughput per unit of time, per unit of quality and per unit of cost. With the analysis of data helping to limit the environmental damage of the industry, this has helped to streamline the process and extract the most amount of raw material from the ground. We believe that the mining industry is at an inflection point, in which digital technologies have the potential to unlock new ways of managing variability and enhancing productivity. Which begs the question: When the cycle turns again, will costs once more rise to levels! Spotlight on sliding productivity and spiraling costs. ”, in particular, offers several useful … mining is a energy-intensive... Preventive maintenance procedures to increase equipment availability and extend machine life approach come in with mining management culture microorganism.. 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