The global mining industry is in a state of flux as unprecedented demand for resources clash with ongoing global economic volatility and geopolitical tensions, creating both immense challenges and opportunities.
From record-high gold prices to the stunning growth in renewables driving demand for minerals and the global transition to net-zero, the mining industry is currently in an era of intense reinvention and disruption.
Autonomous technologies have ushered in a broad range of economic benefits for the mining industry over the past decade. By leveraging automation to perform some of the more hazardous tasks, mining companies have minimised worker exposure to dangerous conditions and bolstered overall safety standards within their operations.
Recently, the emergence of digital technologies such as machine-learning and artificial intelligence (AI) has introduced new gains in efficiency and productivity. One market estimate predicts that investment into AI by the mining sector will reach $7.26 billion (R134bn) by 2033, driven by a compound annual growth rate of 22.7%.
AI-driven prospecting mapping models are emerging that analyse geological, geochemical and geophysical data sets to pinpoint promising areas for mineral exploration. By amalgamating diverse data sources, these AI models can enhance the successful discovery of promising resource deposits.
AI is a transformative force in the mining industry, introducing a broad range of innovative applications to solving complex challenges across various facets of modern mining operations. By embracing AI-driven innovation and collaboration, mining companies can pave the way for a more efficient, sustainable and responsible mining future.
Source: Business Report
