The natural resource sector is currently going through a fundamental change as it implements new technologies while managing social and climate challenges. To strengthen the metals and mining industry’s primary role in the evolving world economy, the industry is growing its material demand, focusing on new digital solutions and raising awareness of the challenges it faces.
To successfully implement this approach while also taking into account the coronavirus pandemic and its effects, here are a few important areas to consider.
- Metals, mining and the energy transition
The growing demand for low-carbon technologies and energy will increase metal and mineral demand. The mining sector needs to be well equipped to meet this demand. Different models that assess future energy composition and demand as for forward as the year 2040 show that renewables will be the fastest-growing source of energy.
The most popular renewable energy technologies, i.e., wind turbines, solar and electric vehicles, etc., all have different material needs. If the mining industry is unprepared, the sector may find it hard to meet the rapid increase in demand. This may affect the integration of renewable technology, slowing its implementation. It should therefore be noted that other factors that could potentially limit the extraction of minerals include economic, environmental and social challenges. Working on these challenges will move integration along in the right direction.
- Adapting the workforce
As more firms incorporate new technologies, firms will need a workforce with skills that include ability to operate complex machinery and assess data. However, identifying and hiring skilled people to fill these roles may not be as easy for the metals and mining industry. Negative concerns and perceptions about the mining industry coupled with the pandemic slowing down the world economy may make attracting skilled workers relatively hard. In addition, the mining industry should consider building a technical and interdisciplinary workforce, given that the technologies likely to be used in the future will be more material intensive than the present systems in place.
- Develop ESG standards
Encouraging the development of environmental, social and governance principles as well as greater transparency are required to successfully operate a mining firm in the world market.
- Build up on innovation, AI and data analytics
As the interest in technology increases, the competitive advantages become more clear. Integrating automated mining equipment and other new technologies in mines should increase the overall efficiency of mining operations.
- Climate risk and mining assets
As the effects of global warming become more evident and countries transition to low-carbon economies, mining assets should be viewed in relation to climate risk. With many companies having announced their high-carbon prevention projects, the trend will likely grow. Investing in sustainable mining methods is a good way to reduce carbon emissions in mining.
GoldHaven Resources Corp. (CSE: GOH) (OTCQB: ATUMF) is a player you need to watch in the mining sector. The company’s main focus is on acquiring and then exploring mineral-rich properties. GOH recently announced the addition of seven Chilean properties in the Maricunga Gold Belt.
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