Mining is not only one of the most lucrative business, but it is also growing exponentially in terms of technological innovations. These technical advances are helping mining entrepreneurs in improving operational productivity, onsite safety and cost reduction. Thus enabling them to overcome the massive competition in the industry.
The onset of artificial intelligence (AI), internet of things (IoT) and biotechnology are driving the mining revolution at a rapid scale. These include techs like situ scanning using bots. Using nanobots for mining at a molecular level, applying big data for reporting and communications.
These innovations are only the tip of the iceberg on what to expect but one thing is for sure. These technological changes will radically change the traditional mining business models & roles. Now the question is how would the mining leaders capitalise on these innovations while ensuring a stable production line?
Firstly you have to ask yourself these fundamental questions:
- What improvements does the new technology bring within the value chain?
- Would radical technology disrupt the value chain?
- What actions can mining executives take in future?
Let’s have a peek at some of the major technological innovations moulding the mining business for the future.
1) BIG DATA
Big data drastically reduces the cost of exploration which is highly useful. Considering the spike in exploration spending on elusive resource discoveries.
Using the troves of data collected from existing equipment and monitoring devices. Engineers can run simulations to precisely plan and schedule your operations. Even without mobilizing onsite resources, they can accurately pinpoint operational requirements, address bottlenecks, and determine likely outcome.
The sensor technology provides potency to this approach: Using contactless molecular sensors to analyze the characteristics of the ores. The digital twin technology helps mining companies perform probability modelling. Where time is a decisive factor, such as meeting permitting deadlines.
2) Autonomous cargo to streamline supply chain
Use of Autonomous rails to traverse within the mines will not only expand the supply chain capacity. But also increase the employee’s safety and efficiency.
This technology in combination with universal quantum computers will augment data-crunching capabilities by orders of magnitude.
Together, these advances will enable mining companies to achieve an advanced level of supply chain optimization. With major optimisation in routing and interactions among supply chain business units.
3) Real-time data for mining & processing
Real-time data is expanding the marketing intelligence to help the mining companies capitalize. On the commodity markets through supply chain transparency and downstream integration.
Connecting sensors to the equipment in the mining sites and feeding the real-time data to the mining companies main control room. This gives the advantage of predictive maintenance and automates spare-parts replacement, reducing the equipment’s downtime during its life cycle management.
One of the examples of real-time data application is the smart helmet equipped with sensors and augmented reality (AR) to detect hazardous regions with the mining site.
4) Marketing and trading with blockchain technology
Digital innovations are expanding marketing and trading capabilities, along with algorithms to revolutionise mining companies, distribution models.
Marketing intelligence captured through digital channels and blockchain technology can document the provenance and features of the original product, making the information readily accessible to consumers at every stage—wholesale, retail, and intermediary
As the blockchain is tamper-proof, the integrity of the information remains intact which s the value of the end product.
5) Three-Dimensional Mapping Tech
This technological advancement has quickly become crucial when it comes to on-site technologies. Entering the key mining location with a well-defined plan in hand to minimise issues and amplify targeting for rich ore and lucrative veins.
With the help of 3-D mapping, the entire mining team, from administrators to miners can get on the same page quickly. This technology highlights the most promising areas for excavation and efficiently utilises the machinery and the resources.
Conclusion:
Across industries, digital technologies are overcoming the challenges to entry and tipping the scales of advantage. Mining companies’ role and responsibilities in extracting and processing ore could change just as dramatically.
As data and digital technologies are automated and connected, thereby altering the traditional value chain. The mining leaders will need to make sure that their organization rests on a sustainable business model.
Which is why it is now crucial than ever for mining entrepreneurs to stay up to date with the latest tech. We hope you found our list of technical innovations useful and if you have any questions about mining development? don’t hesitate to contact us, we’ll be happy to help you out.