269 / 2023-10-05 09:43:33

Evolving Needs and Trends in Global Minerals Industries: An Overview

Mining,Reclamation,Review

True that minerals extractive and processing industries’ contribution to GDP for most countries are small (about 1-2%) but these are foundations for other major industrial and infrastructure developments and support national economic security and global competitiveness. Minerals industries are high risk investments and therefore are typically very slow to bring about change. However, the competitiveness in the minerals commodities arena with increasing exploration, development and operating costs; decreasing productivity; limited human resources and higher salaries; increased environment and social  pressures; and highly variable product prices; innovation and technological changes are now being embraced increasingly by industry and are showing success. These transformations are allowing for improved productivity and profitability, sustainability and environmental footprints, community acceptance, and  ergonomic environments for health and safety of workers. For a mineral resource-rich country like China, nurturing innovation and technological developments in mineral industries can put it in a unique position to fulfill its economic goals, improve environmental sustainability, enhance international collaborative efforts, and simultaneously increase political influence in the region for a secure future. This paper will identify several areas for innovation and technological growth, and recommendations for their implementation.