Abstract
The mining innovation ecosystem can broadly be segmented into research and development providers, Equipment, Technology and Services sector providers, and mining companies. Compounding the issues of declining grade, mining productivity and return capital delivers a less-than-favorable comparison with other similar industries. Within mining companies, competition for capital is fierce, with innovation projects competing alongside keeping the lights on projects. The mining industry has long been castigated when it comes to innovation. The cost of failure in mining is high. Mines are usually mid- to long-term ventures, so commodity price risks are a big exposure. Faced with uncertain information ore bodies, volatility in commodity prices, and the high costs of investment, mining companies usually elect not to compound this with further technical risk. Mining organizations have been set up to deal with what are truly daunting business challenges: finding, mining, processing, and transporting of resources about which there is little information or certainty, often in very remote locations.
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