Develop new mines urgently: International Copper Association
Artificial intelligence, geo-spatial data and emerging technologies will transform copper discovery in Australia, according to a new study published by the International Copper Association of Australia (ICAA).
Roadmap to Zero: Discovery, the sixth report in the Roadmap to Zero Project, says developing new mines is now urgent, with copper mines taking an average of 24.1 years from discovery to production.
In Australia, it takes 20 years and ICAA chief executive John Fennell says that whilst this country has the second biggest reserves in the world, there are larger challenges that need to be tackled.
“[We are] still not in the top five of the largest producers globally and slow discovery is a big reason”, he said.
“Australian copper exploration spending is rising, but we need to double down on innovation if we hope to keep pace with demand.”
The world is predicted to face soaring copper demand, but falling supply, with the increasing reliance on copper to help electrify and decarbonise the globe.
Critical issues facing the copper industry include:
- declining exploration;
- rate of discovery for all economic deposits globally has halved in the last decade;
- average cost of discovery is four times higher than 20 years ago; and
- discoveries at existing ‘brownfield’ sites face challenges like depth and ore quality.
Roadmap to Zero: Discovery says Australia is well placed to be a world leader in copper discovery given the return on investment in copper exploration is almost double the global average.
The report identifies technologies that reduce investment risk and environmental impacts while accelerating discovery times, such as:
- the application of artificial intelligence (AI), machine learning (ML);
- advanced geo-spatial data capture and utilisation;
- drilling technologies, sensors, platforms, geophysical, geochemical tools and techniques;
- off earth and alternate business models to enable accelerated technology development;
The Roadmap to Zero: Discovery was led by International Copper Association with members Aeris Resources, Anax Metals, Glencore, MMG, Newmont, Ok Tedi Mining Limited (OTML), PanAust, and Sandfire Resources.
The ICAA Roadmap to Zero Project was supported by the NSW Government.