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September 06, 2024
Mineral extraction is an ancient practice that involves digging out valuable minerals to support the economy and provide investors with safe haven assets such as gold.
Mining industry has always left a mark on the environment. Sometimes small, sometimes significant. In other words, it’s not the most attractive sector for investors looking for companies with zero impact on nature.
However, as the famous saying goes: “If it can’t be grown, it has to be mined.”
We cannot replace the minerals that drive the clean energy megatrend with artificial compounds—yet. Solar panels, wind turbines, batteries, and the related infrastructure require significant amounts of materials to produce, store, and distribute clean energy. Most of these materials must be dug from the ground and then processed into their high-purity forms.
(Sorry, Elon, but electric vehicles still require critical minerals to be mined.)
Still, we can utilize the latest technologies to keep mining safe, clean, and cost-efficient. After all, the green energy transition is slow because of the high prices of the metals it needs.
That’s where the most advanced mining companies using the latest technologies will come in.
Mining companies gather massive amounts of data while exploring for, developing, and eventually mining an ore body.
Mining professionals are trained to read and translate this data to advance the projects they are working on. Often, the amount of data exceeds the human capacity to process it and requires help from computer algorithms. This is where the new generation of supercomputers can rapidly process data far more efficiently than any human, effectively streamlining the process.
Today, companies like VRFY and Bill Gates-backed KoBold Metals use their unique AI algorithms to help mining companies reach their goals.
Flying a helicopter over a massive land package can be expensive, especially in complex terrain or severe weather conditions. But this is how geologists collect the data using special radars attached to the choppers.
Such surveys are not cheap and often dangerous for their operators. That’s where modern drones come in to help collect the relevant data at a fraction of the original cost.
The same applies to heavy mining equipment operating at the active mines. Haul trucks, bulldozers, and others are switching to remote-control operations, which provide superior safety to mine crews.
These high-tech fleets often run on batteries, reducing carbon emissions to nearly nothing.
Caterpillar, the leading heavy mining equipment manufacturer, is already signing contracts to supply EV haul trucks. Using their green fleet, Brazilian miner Vale plans to reach a net-zero emission goal by 2050.
Starlink did an incredible job putting thousands of satellites in the Earth's orbit. These satellites created a network to provide internet access to the most remote corners of our planet. That’s how the most isolated mining camps stay online nowadays.
Also, some satellites provide a unique ability to “scan” the mining projects. They collect valuable data, similar to what helicopters or drones can do, but at a larger scale.
One of the largest gold mining companies, Barrick, uses Fleet Space’s advanced tech to explore and monitor its projects.
Processing thousands of tonnes of ore per day is a capital-intensive task. Reducing the amount of waste ore in this process is crucial to increasing output and lowering operating costs.
Ore sorting technology comes in handy in this task. The feed ore goes through special scanners that eliminate barren rocks within seconds. This process requires rapid machine response, often utilizing AI tools as the leading tech.
MineSense is one of the leaders in ore sorting technologies.
A typical mining operation requires a stable, high-capacity energy source. Even the most remote mines try connecting to regional grids to secure cheaper power. It’s not always possible, and some mines run on diesel generators.
There is no need to explain how inefficient and polluting these generators are. Hence, they are the least preferred power source in the industry.
However, the recent adoption of green energy helped miners begin a massive shift toward clean energy sources. Some mines in Canada are tapping hydropower, and other remote mining camps are setting up their own solar and wind power plants.
Miners are committing millions of dollars to decarbonization at their operations. The most notable is Rio Tinto’s C$375 million investment in an aluminum smelter in Quebec, Canada. The plant aims to pour up to 2,500 tonnes of “green” aluminum a year.
There are more examples of cutting-edge technologies that mining companies use nowadays. The most successful projects attract the attention of large institutional investors and receive significant funding support.
We believe that is the mining industry's future, where corporate goals of making money align with sustainable targets, leading to superior results. However, this future will only be possible with the advanced tech miners implemented today.
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