The onset of the coronavirus pandemic disrupted a lot of major industries, among them the mining industry. The production of metals declined, with many mining operations halting due to restrictions that were implemented as a result of the pandemic.
Despite this, though, the sector is slowly regaining its footing as mines in various countries were declared essential industries. It’s clear, however, that as we move into next year, the coronavirus will continue affecting all industries, with many having to incur additional expenses to continue operating under the new normal.
To ensure the sector remains operational during this period while also adapting to the future economy, below are a few opportunities firms operating in the mining industry should consider.
- Digital and data optimization
The impact of the coronavirus pandemic on various industries has emphasized the need for as well as the advantages of firms having various technologies such as AI and automation. Businesses that had already invested in their digital journey now have a competitive advantage over other firms and will continue to reap the benefits, even after the pandemic ends.
- De-carbonization
This is the reduction or elimination of carbon dioxide from sources of energy. The need to reduce greenhouse gas emissions remains the largest environmental challenge for metal and mining companies. Focusing on sustainable mining, with set emission reduction targets that align with the Paris Agreement, will not only strengthen a company’s license to operate but will also offer that company a competitive edge with regard to the future of mining.
- Sustainable workforce transformation
The pandemic brought with it work from home edicts that were initially difficult to manage, especially in hands-on industries. However, the adoption of virtual teams and remote working has influenced change in the corporate culture in the metals and mining sector while also creating new opportunities for change in organizations.
- Innovation
The COVID-19 crisis has provided important lessons on innovation, especially with regard to the scope and effectiveness of innovation.
The metals and mining sector has seen increased innovation and the implementation of more solutions across the board as a way to deal with the pandemic’s effects. The industry now has the opportunity to expand on this by developing new technologies and products as well as implementing fundamental changes in how the practices and systems in the industry operate. This may yield significant long- and short-term value for companies, communities and the entire sector at large.
Different players in the mining sector are coping with the current pandemic in different ways. One of the companies that is worthy watching in this sector is GoldHaven Resources Corp. (OTCQB: ATUMF) (CSE: GOH). GoldHaven has recently announced that it is in the process of acquiring seven Chilean properties that are rich in gold deposits.
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