Mining matters
With trade relationships under review, a global critical minerals rush and more eyes on ESG, finding certainty and stability in a changing world has been at the forefront of the news. Now, professionals across the mining industry are looking to derisk and future-proof all aspects of operations.
Keep reading for a round-up of the stories between the headlines.
No net zero gain nor loss on biodiversity
Protecting biodiversity is fast becoming a core responsibility for businesses operating in the mining and metals sector.
The International Council on Mining and Metals (ICMM) has released new guidance to support companies in delivering on this expectation — helping them achieve no net loss or even net gain of biodiversity across operations.
The guide offers a seven-step framework that companies can apply at every stage of the mining lifecycle, from project design to closure.
The seven steps include:
- Establish Area of Analysis
- Establish a biodiversity baseline
- Select site-level biodiversity metrics
- Apply mitigation measures and assess impacts on biodiversity
- Assess and offset residual impacts on biodiversity
- Monitor and apply adaptive management
- Transparently disclose
This allows site-level teams and corporate sustainability professionals alike to develop transparent strategies that reflect local ecological conditions and mining contexts.
ICMM also outlines clear commitments across four sectors of influence: direct operations, value chains, shared landscapes and system-wide transformation.
Australia identifies our potential as a vanadium powerhouse
Australia’s vast mineral wealth continues to solidify our role as a global leader in critical minerals.
The latest Australia’s Identified Mineral Resources (AIMR 2024) report from Geoscience Australia provides insight into Australia’s reserves, investment trends and role in future global supply chains.
The report reveals significant growth in economic demonstrated resources (EDR) for 13 critical minerals, including chromium, a mineral that strengthens alloys for corrosion resistance.
A standout milestone was Australia’s rise to the number one global ranking for vanadium resources — a transition metal known for its role in long-duration energy storage and steel production.
According to the report, Australia now holds almost half of the world’s known economic reserves of vanadium, further proving our essential role in the energy transition.
Vanadium is of growing interest among the critical minerals, as it is required for vanadium flow batteries, a type of rechargeable battery that can be deployed to store the growing bank of renewable energy that we may rely on in the future.
According to the report, investment in mineral exploration reached $767.5m in 2023 for ‘other metals,’ a category that includes critical minerals. This spending exceeded exploration investment in iron ore and copper, signalling an important shift towards securing materials for emerging technologies.
Digital twins de-risk mines
Even the (seemingly) smallest of choices aren’t taken lightly in mining. Decisions can cost hundreds of thousands to billions of dollars and directly impact the safety of workers and local communities.
With monumental considerations when it comes to size, scale and impact of operations, miners are looking to simplify decision-making while minimising risk.
One option for streamlining decision-making utilises digital twins. In mining, this takes the form of a virtual replica of the entire value chain, from pit to port.
In addition to virtually modelling complex processes, AI models can be created from the digital twin to simulate the behaviour of the system, allowing engineers to see the real-time impacts of decisions.
Mining and engineering companies, like BHP (ASX: BHP) and Worley (ASX: WOR), use digital twins to improve efficiency and safety.
“When we know what combinations of variables are required to deliver our production targets, we can focus our efforts on these things that matter most,” BHP said in a recent BHP-Insights release.
“Previously this was not always the case, as it can be difficult to quantify the production uplift from an improvement initiative, especially when there are many interdependent initiatives underway.
“Through a digital twin and GenAI we can analyse our extensive historical data and current mine plans and operating context to predict realistic production outcomes.
“If these predictions identify production risks, we can take swift action to mitigate them. For example, a digital twin can identify the location of a bottleneck and help us decide how to address the root causes.
“Testing ‘what-if’ scenarios within the digital twin saves time and cost and is safer as we require fewer on-site trials.
“We are using digital twins at BMA, Copper South Australia and Escondida to predict future production outcomes and identify key performance drivers, risks and opportunities.
“Through these digital twins we have found new opportunities including to optimise mine haulage, address ore fragmentation and material handling challenges, and debottleneck surface operations.”
Australia-India ‘superhighway’ to growth
Prime Minister Anthony Albanese unveiled the Roadmap for Australia’s Economic Engagement with India, a guide to seizing the enormous trade and investment opportunities of India’s economic rise.
The Roadmap identifies four key sectors of significant potential: clean energy, education and skills, agribusiness and tourism.
According to the Roadmap, India’s energy transition presents a significant opportunity for Australian business. The report argues that India’s appetite for energy — and especially clean energy — will expand in response to and will drive economic growth.
This growth will be monumental, considering India is already the third largest energy consumer globally and the country’s primary energy consumption is forecast to grow by 44% out to 2030, according to the Roadmap.
As part of the launch, a new Australia-India Trade and Investment Accelerator Fund has also been established, in an effort to enable Australian firms — small, medium and large — to seize new commercial opportunities.
The Roadmap also outlines a clear action plan, which includes implementation of the India-Australia Renewable Energy Partnership (REP), India-Australia Green Steel Partnership, India-Australia Critical Minerals Research Partnership, Australia-India Critical Minerals Investment Partnership, India-Australia Rapid Innovation and Startup Expansion (RISE) Accelerator and more.
