Problems Facing the Mining Industry Today

We’ve seen the world change in many ways during these past few months, affecting different sectors globally and wreaking havoc on the economies of different countries. The mining industry has not been spared from change, with various issues plaguing the industry.

Today we look at some of the biggest issues that this industry needs to overcome, in addition to what can be incorporated into the industry to gain a competitive advantage.

The changing expectations of people and society, which influences a shift in opinions, is among the challenges facing the mining industry presently. The gap between the mining industry’s performance and society’s expectations is widening. Despite the industry innovating and adopting new technology, society’s expectations are yet to be met. The rate of transformation in the mining industry is deemed to be slow and its processes outdated.

To remedy this, the industry needs to adopt fresh, better ways of going about its day-to-day activities. This adjustment will help the industry stay relevant to both the emerging workforce and the community as a whole. Apart from that, the industry needs to accelerate the speed with which it adopts technologies that allow collaboration and mobility in order to work out challenges in new, original ways. This will allow seamless working during collaborations.

In addition to this, mining firms must make sure that their workforce constantly acquires new skills such as robotics, analytics and data science. This will help the industry’s employers remain competitive.

Aside from that, these issues need to be addressed;

Lack of social value: The mining industry needs to use technology to develop and dispense value to communities.

Electrification and automation: By understanding the industry’s performance, we can use automation as well as electrification to optimize not only planning but also performance in the present time.

Venture into precision mining: Mining can be destructive, leaving a lot of waste behind if not properly managed. Sustainable mining seems to be the way of the future, but did you know that precise mining of metals not only ensures that the minerals are extracted more efficiently but also that no excessive waste is created during the extraction process? Precision mining is achieved through the use of digital twins that generate simulations using sensors. This method not only decreases waste and errors but also minimizes the risk.

Furthermore, the sector needs to evolves at a faster rate and integrate new technologies into its processes in order to attract the younger generation. Younger workers are more interested in robotics jobs, automation jobs and anything to do with tech.

Nevertheless, many mining firms are pressing ahead with their production programs despite the industry challenges discussed above. GoldHaven Resources Corp. (OTCQB: ATUMF) (CSE: GOH) is one such company. GoldHaven is currently in the process of acquiring seven gold-rich properties in Chile within the Maricunga Gold Belt.

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