The top 5 opportunities for the mining industry in 2024

by Uwe König, Friday, 26th January 2024

A recent report by EY identified several key risk areas for the mining industry in 2024. But, as the report highlights, these potential risks can also become important opportunities for differentiation with the right approach and resources!

Here’s our overview of the top five mining-industry risks that we think can be turned into opportunities in 2024 – and how we can help you make this transformation.

  1. Accelerating digital innovation
    Digital innovation – from data analytics and the Internet of Things to automation and AI – is more critical than ever for the mining industry. Not only do these technologies streamline operations, but they also enhance safety and efficiency. Mining companies that don’t embrace these technologies risk falling behind; those that do will be able to position themselves as industry leaders.
  2. Increasing attention on sustainable practices
    Environmental responsibility in mining becomes more important – and more scrutinized – every year. Whether it’s water conservation, CO2 emission reductions, waste management or ethical sourcing of minerals, sustainable practices are critical to the continued success of individual mining companies, the industry as a whole, and, of course, our society and planet.
  3. Fast-changing regulations
    Closely related to sustainable practices are mining industry regulations – both around environmental protection, and around other issues such as safety and labor rights. These regulations are tightening and evolving quickly, and compliance is non-negotiable.
  4. Slowing demand for traditional metals
    Driven by factors including China’s economic situation, high interest rates, and renewable energy offsets, demand for metals like iron is set to slow down in 2024. While this shift may be a potential risk, it opens opportunities for mining companies to diversify into other minerals, particularly those critical for renewable energy technologies.
  5. Growing demand for battery minerals
    Indeed, the rise of electric vehicles (EVs) continues to drive strong demand for battery minerals like lithium, cobalt, nickel, and manganese – which will need to be extracted through mining. To meet this demand, the mining and metals industry will need sufficient investment. There is a risk of shortfalls, but also a significant opportunity to be at the forefront of the energy transition.

Turning mining industry risk into opportunity together

For these trends to become opportunities rather than risks, mining companies will need the right resources, tools, and partnerships. At Malvern Panalytical, we’re here to provide some of those tools with our analytical instruments – including automated process control solutions, instruments to support with environmental monitoring, and remote sensing tools for exploring new resources.

And we’ll continue developing and improving these solutions with you, to pave the way for a more efficient, sustainable mining industry in 2024 and beyond.

To stay updated on seizing these opportunities, don’t forget to follow our Mining & Metals LinkedIn page!

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