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Over the past decade, the mining industry has been on a rollercoaster ride, with commodity prices rising to both all-time highs and falling to all-time lows, and the reality of business inevitably changing
in the face of the digital revolution.
In a recent study, Deloitte pointed out that these rapid changes are likely to continue or even accelerate in 2018, so companies need to better "fasten their seat belts"
.
Phil Hopwood, Deloitte's global head of mining, noted that the global mining industry will continue to transition
to the digital mine of the future.
However, difficulties remain, including declining ore grades, reduced availability of Tier 1 assets and continued focus on shareholder returns
.
"But turning disruptions into opportunities requires a long-term view
that assesses how emerging market trends affect demand for specific commodities.
" Looking back 20 years ago, it's hard to believe that nickel, lithium, cobalt and graphite would be an affordable way
to power batteries.
But today, this is a real and potential growth opportunity, especially with the advent
of electric vehicles.
”
Phil Hopwood suggests that to learn to thrive in the boom and bust cycles of mining and seize new opportunities, companies must rethink traditional mining models
.
"I think the mining industry has really changed in terms of adopting digital technologies and innovative thinking, although for some it is still in its infancy
.
" Phil Hopwood noted that some of the biggest players in the industry, such as BHP, do focus on diversity and inclusion
in the workplace.
As Deloitte's recent Inclusion Report shows, inclusive companies perform better
financially.
Over the past decade, the mining industry has been on a rollercoaster ride, with commodity prices rising to both all-time highs and falling to all-time lows, and the reality of business inevitably changing
in the face of the digital revolution.
In a recent study, Deloitte pointed out that these rapid changes are likely to continue or even accelerate in 2018, so companies need to better "fasten their seat belts"
.
Phil Hopwood, Deloitte's global head of mining, noted that the global mining industry will continue to transition
to the digital mine of the future.
However, difficulties remain, including declining ore grades, reduced availability of Tier 1 assets and continued focus on shareholder returns
.
"But turning disruptions into opportunities requires a long-term view
that assesses how emerging market trends affect demand for specific commodities.
" Looking back 20 years ago, it's hard to believe that nickel, lithium, cobalt and graphite would be an affordable way
to power batteries.
But today, this is a real and potential growth opportunity, especially with the advent
of electric vehicles.
”
Phil Hopwood suggests that to learn to thrive in the boom and bust cycles of mining and seize new opportunities, companies must rethink traditional mining models
.
"I think the mining industry has really changed in terms of adopting digital technologies and innovative thinking, although for some it is still in its infancy
.
" Phil Hopwood noted that some of the biggest players in the industry, such as BHP, do focus on diversity and inclusion
in the workplace.
As Deloitte's recent Inclusion Report shows, inclusive companies perform better
financially.
