The industry of metal and mining is slowly coming to its terms from the most difficult period in the decade. The volatility in market and commodity downturn prices has initiated a new normal where the automation, cost cuts, efficiency in operation is very important.
There are many other challenges that the industry faces, but it is mostly believed that the mineral demand will witness growth rate. Apart from these challenges, there are few trends that will shape the metal and mining industry. They are as follows.
Transition to a low-carbon economy
The demands for the minerals are high to achieve the transition in energy. The fossil fuels earlier helped and improved the living standard around the world, it sure came with its back flaws like the emission of the greenhouse gas. It leads to global warming. So, in order to avoid any hazardous consequences, the energy system must decarbonize. It will be a great opportunity for the mining sector because the transportation system and low-emission energy system are intensive in minerals.
It accesses to resources
Since the companies will be venturing into the frontline mining areas, the mining industry must adopt new technologies for processing and extraction. Digitalization and automation are believed to be more efficient in mining which would be enhanced further in other related areas.
The social contract for mining
One can create benefits for the communities that are located near the mine sites. This is one of the steps for a successful project. It is very difficult to get the license for operation from the locals as because of this, many companies have forced itself to shut down. But when employment opportunities are given to the community people, it will thereby help its people and also make an easy way for the mining industry for operation.