Mineral exploration and the green transition: Opportunities and challenges for the mining industry

Abstract

In order to fulfill the rising demand for minerals to support global economic growth and create a sustainable future, the mining sector must simultaneously overcome hitherto unheard-of obstacles. In the framework of the green transition, this study discusses the advantages and disadvantages of mineral prospecting. We look at the years between 2015 and 2022 and concentrate on a sustainable mining model that takes into consideration the economic, social, and environmental effects of mineral exploration by employing CS-ARDL model. Our study is based on an examination of the mining sector in the Asian region, which is expanding quickly and making the transition to a greener economy. We highlight five significant findings from our study. First, by delivering the minerals required for low-carbon and renewable energy technologies, mineral exploration may be a key component of the green transition. Second, in order to lessen its influence on the environment, the mining sector must embrace sustainable practices and technology. Third, for mining operations to be successful, community involvement and social permission to operate are essential. Fourth, mining corporations are being held to higher standards of sustainability by financial institutions. Finally, technical advancements like big data and artificial intelligence may help the mining business remain viable.Overall, this research underscores how crucial it is for the mining sector to strike a balance between environmental, social, and economic goals. Mineral exploration must embrace sustainable techniques to be relevant in a world that is changing quickly. The green transition offers both possibilities and problems.