Tracking the Trends– the 15th annual edition of Deloitte’s global report – explores key trends and issues facing mining and metals companies in the coming year.
Deloitte Australia Mining & Metals Leader Nicki Ivory said, “We all know that the green energy transition, here in Australia and around the world, will be a mineral-intensive one. So, it’s time for the industry to really stand up and tell its story.”
Here is what the report sees as critical:
- Generating strategic advantage through natural capital: Mining and metals companies are beginning to detail their projects’ environmental impacts across their operations and value chains to enable an accurate valuation of natural capital in financial disclosures.
- The role of mining in a circular economy: Operators are reconsidering their roles as metal producers and exploring how a circular economy (CE) model can help them capitalise on previously untapped value sources.
- Supporting the decarbonisation of economies: Many operators are forming partnerships to support, or actively participate in, research and development initiatives with downstream companies to develop and accelerate cleantech.
- Speeding successful innovation for greater value: Environmental, social and governance (ESG) considerations in mining have been a catalyst for collaborative innovation, driving companies to join forces to tackle problems beyond the capability of any one organisation.
- Securing future metals and minerals supplies: Companies are looking to AI-based predictive models that enable them to perform risk analysis, including cyber, geopolitical, and pandemic risks.
- Using systems thinking to drive next-level operational excellence: Mining and metals companies are looking to employ systems thinking, design, and modelling to build a more integrated and holistic approach to operations that also considers the impact of new energy sources, extraction methods, and processes.
- Solving workforce challenges through collaborative solutions: By bringing together multiple stakeholders across the mining and metals ecosystem – governance, regulators, educational entities, and private bodies – the industry can shape a multifaceted, enduring solution to talent sourcing.
- Making workforce health and safety fit for the future: Although safety is an ongoing part of mining and metals workplace culture, companies are now including cultural and psychological safety as part of their safety cultures.
- Using tax and reporting to change perceptions of mining: Companies are working to demonstrate their true value to society – a critical factor in changing the perception and trustworthiness of the industry. With this, they can also expect scrutiny of their tax and wider economic contributions.
- Building an industry that thrives through change: Operators are drawing on technologies like cloud computing to help make structures, processes, and operations more dynamic and responsive to ongoing economic, social and environmental changes.
Mark S. Kuhar, editor