The global mining industry is in a state of paradox. On the one hand, worldwide productivity has fallen 3.5 per cent each year for the last decade. Commodity prices have tumbled and ore grades have seen slow decline. But while those trends go down, the overall outlook is surprisingly positive, as digital technologies make operations more efficient and profitable.
Digital technologies are no longer viewed as a luxury for mining companies, but as essential tools. Here are five digital trends that are changing the mining industry right now.
Advanced Simulation
Mining companies are making "digital twins," or computerized replicas, of specific areas within the mine, or even the mine itself. With these simulations, they can test different settings and parameters for their processes, before anything is done at the actual site. By first trying out fresh approaches on a digital twin, operators avoid wasting time and effort.