What Does the Future of Mining Hold?

Metals and Mining Review | Tuesday, August 06, 2019

Innovation will play a critical part in the mining industry through 2020, beyond discovering new minerals, development and research initiatives will play an essential role in a new commodity's emergence.

Fremont, CA

In an industry such as mining where bettering efficiency and productivity is significant to profitability, even meager improvements in yields, efficiency can make an extraordinary impact. The mining companies generally produce interchangeable commodities. The mining industry engages a modest amount of individuals. Still, it indirectly affects mostly every other sector as it provides the raw materials for virtually every other aspect of the economy. Driven by innovation, the industry will become an integral part of the US's energy mix by 2020.

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The US mining industry ranges through a diverse set of similar minerals, with coal, copper, iron ore, zinc, and limestone topping the list. A new mineral is expected to be added to the list by 2020, which will be a core contributor to the national energy mix.

Innovation being the focal point of mining in 2020, other than discovering new minerals, research, and development drive will play an essential role in a new commodity's emergence. Mining companies that prioritize exploration in new minerals will have to engineer demand. Although minerals in isolation commonly don't have any concrete use when combined with other entities, their value could be enormous.

Numerous mining companies will grow to invest 10 percent of revenue on IT by 2020 in comparison to just 1 percent in 2015. Therefore many US mining entities will continue to expand efforts to integrate autonomous technology by 2020. Modern technologies like deep-sea excavations, driverless technology, and mining expeditions on the moon were just shown in sci-fi movies are now today's near reality, and companies that fail to enhance their investment in technology might eclipse by the ones that do.

The mining industry is on the periphery of an infrastructure boom and is on the verge of initiating the increased exploration. The removal of regulatory roadblock could clear the way for US exploration in minerals and entities beyond the nation's core energy mix like lithium. As more states are following California's lead leveraging lithium batteries to store renewable energy and compliment their electrical grid.

See also: Top Metals and Mining Technology Solution Companies

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