The implementation of digitization and automation in various processes in almost every industry has allowed smart and digital technologies to be applied in nearly every aspect of mining, albeit in varying capacities.
Of the many countries that have embraced this change, Australia has been crucial in ushering the natural resources industry into the 21st century through various ways, including automated haul trucks, AI ventilation systems and smart monitoring for drill and blast operations.
The Western Australia Data Science Innovation Hub released a report last year with KPMG, an accountancy firm, which forecasted that over the next 10 years, the country would create roughly three thousand data science jobs, with a majority of those roles expected to be in the natural resources industry.
Despite the myriad issues that impacted various industries and economies around the world last year, the resources sector in Australia performed remarkably well. Keith Pitt, the country’s minister for Northern Australia water and resources, released a statement in January of this year, noting that in 2020, the number of individuals employed in the mining industry between August and October increased by 10%, which equates to roughly 22,000, thus offering employment opportunities for 264,000 individuals in the country in total.
Despite this, the natural resources industry in the country is still in need of data scientists, individuals who can analyze the information provided by smart technologies while also helping improve productivity and efficiency of mining activities. Regrettably, those potential talents among young university students abroad as well as in Australia generally tend not to consider mining firms as possible career destinations.
Data science is a burgeoning profession that has career prospects in almost every industry, with many of the career options considered to be more dynamic and exciting in comparison with the mining industry. In an attempt to attract potential data scientists to the mining industry, 2019 saw the Australia government plough a A$7.67 million ($5.84 million) investment into a pair of mining research centers that were to be developed in collaboration with commercial supporters and universities.
Data analytics have been growing in importance for industries and businesses across the globe, with insights from this new science revealing unexpected business directions, as well as identifying new markers and increasing efficiencies. As new and quality mineral deposits become increasingly harder to locate, data scientists may be crucial in enabling mining firms to find these difficult to find deposits.
Companies that can take full advantage of establishing data analytics systems include organizations such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), which have strong inventory, cash and working capital positions.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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