Global mining sector’s trends in 2023

Study “Tracking the Trends 2023” points out factors that will influence mining in the coming months

Ensure greater security in supply chains, mitigate interruption risks, and redefine attraction methods, talent qualification and retention. These measures are among the main trends to affect businesses in the global mining sector in the next 12 to 18 months, according to the “Tracking the Trends 2023” study, prepared by Deloitte.

See the eight trends for the mining sector:

1 – Valuing nature
Companies in the sector assess their interactions with nature in all operations and value chains, to identify what can be called “natural capital”. An integrated approach, as part of ESG strategies, will provide benefits to access resources, insurance, talents, authorizations, and social license to operate.

2 – Conscious circularity
The mining industry is not yet involved in circular economy activities but must focus on generating value from this approach and expanding its scope within the value chain. To achieve all these benefits, the systems must be reconfigured to keep metals in their most valuable form while the natural systems are removed or wasted and regenerated.

3 – Reduce the metals carbon footprint
Decarbonize the value chain is one of the biggest challenges in the sector. Partnerships and investments offer pathways to carbon neutrality, which can help the organizations meet climate change mitigation goals. Many companies have supported research and development initiatives in clean technologies and built a transformation mindset in the ecosystem.

4 – Collaborate, incubate, accelerate
Collaborative innovation is not something easy in a characterized sector, mainly, by capital and long-term benefits and formed by business models where sharing data openly does not come naturally. In addition, developing new technologies, strategies or concepts is one thing, trying them on a commercial scale and achieving wide adoption, is another. Repeatedly, innovative projects were interrupted, not because they were unavailable, but because the structures and mechanisms necessary for their progress were not in force.

5 – Make the change something holistic
To support the energy transition, companies in the sector must intensify operational optimization for a new paradigm. It will be necessary to holistically consider the impact of new energy sources, extraction methods and processes, through new approaches, design and modeling of systems. Some companies in the sector are looking for advanced simulation and modeling technologies, such as the so-called “digital twins”, to quickly assess the implications of long-term plans and projects.

6 – Safety in the work environment
The sector has been considering new aspects of safety for diverse, respectful and inclusive work environments. In addition to physical safety, the companies have addressed issues such as cultural, cybernetic and psychological safety. The scope also embraces and respects owners of traditional lands and their environments, as well as cultures and communities where the organizations operate. A culturally and psychologically safe workplace helps professionals feeling capable to raise safety concerns and, at the same time, attract and retain many talents.

7 – Transparency equals trust
Companies in the sector are potentiating key components in the socioeconomic development of regions that, otherwise, could have difficulties to attract foreign investment. So, they must be carefully charged to demonstrate their tax and economic contributions. Those who are proactive in their global and local impacts can complement mandatory disclosures with tax and economic contribution reports. The companies have been working to demonstrate value — a critical factor to improve stakeholder trust and change mining and metals companies perceptions and their activities.

8 – The power of the cloud
Companies in the sector must continue gaining resilience in the face of disruptions, not just to increase longevity, but to contribute to global supply chains protection, including food production, energy and infrastructure. Cloud computing can make structures, processes, and operations more dynamic, allowing faster responses to the challenges and opportunities that disruptions bring. There are new promising solutions for the sector, which include data integration for non-local mine analysis, equipment predictive maintenance and supply chain integration.

By: Santelmo Camilo