Technology and innovation Mining companies need to adjust to new

Shaping the mine of the future
www.pwc.com/ca/shaping-the-mine-of-the-future
Technology and innovation
Mining companies need to adjust to new
challenges today to be successful tomorrow
As the industry continues to suffer through depressed
commodity prices and unstable global capital markets, mining
companies are being forced to look for innovative ways to
transform the way they do business and survive the extended
economic downturn.
This global transformation has redefined the way mining
companies operate. To respond to such unprecedented
change, mining companies should not only centre their
attention on the new normal of low commodity prices,
but also begin to develop innovative strategies across the
spectrum of technology, community engagement, talent and
diversity, partnerships and collaboration.
By executing a plan that encompasses these functions to shape
their business model and solve the new challenges in the
industry, mining companies will be able to emerge from the
downturn, ready to build a mine of the future.
The attitude shift
Historically the mining industry has been perceived as being suspicious of
change and innovation, particularly of ideas that aren’t ‘made in mining’
solutions. But those attitudes are gradually shifting. More and more miners
are encouraging innovation and adopting new technologies to increase mine
productivity and returns to all stakeholders.
“It’s not the autocratic,
hierarchical world anymore.
We need to think of [mines] as
a network.”
Rick Howes
President and CEO, Dundee Precious Metals
“Mining needs to recognize the
opportunities created by the
information and digital age and take
advantage of them. What excites me
is [that] the industry hasn’t tapped into
all that potential.”
Rick Howes
President and CEO, Dundee
Precious Metals
Watch online >
Mining companies need to adjust to new challenges today to be successful tomorrow
“There’s absolutely an apprehension [in the
mining industry] for accepting anything
new…I think we’re very close to a tipping point,
and that attitude has to change.”
David Willick
Commercial Director, North America, GE Mining
Automation and data analytics pave the way
Miners are using data analytics to monitor drills, trucks, underground
shafts and mills, enabling mine managers to make real-time decisions
that keep operations at optimal capacity. Automation is making mines
more efficient and safer by getting human miners out of hazardous
conditions. Advances in communication mean miners can quickly connect
with colleagues on the other side of the mine pit or on the other side of
the world. And with 3D printing, miners no longer have to face lengthy
downtimes while they wait for a part.
In 25 years companies may find they can run their connected, automated
mines with a group of engineers, technicians and data scientists
working alongside traditional miners to enhance efficiency and improve
production. Inevitably this will drive companies to radically rethink their
traditional business models—and the kind of diverse talent they’ll need to
compete and prosper.
“I think we’re at that critical mass
where we need to do something
different. To go forward, we’re
looking at adjacent technologies
[and] adjacent industries. We’re so
connected now with machines and
smart machines and data analytics
that we can actually take this forward
in a much bigger way.”
David Willick
Commercial Director, North America,
GE Mining
Watch online >
Room to grow
The good news for the mining industry? Most companies have yet to take
full advantage of the potential of digital technologies, data analytics and
other innovations. These are significant opportunities just waiting to be
capitalized on.
Once the global economy gains momentum and some normalcy returns to
supply and demand, commodity prices will hopefully gradually begin to
improve, bringing the Canadian economy along for the ride.
Mega mining minds speakers’
insights come to life through graphic
facilitation.
Additional insights online
Check it out online >
www.pwc.com/ca/shaping-the-mine-of-the-future
Contacts
Liam Fitzgerald
Nochane Rousseau
Mark Platt
National Mining Leader, Partner, Tax
Quebec Mining Leader
Partner, Assurance
B.C. Mining Leader
Partner, Assurance
514 205 5199
[email protected]
604 806 7093
[email protected]
416 869 2601
[email protected]
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