The mining industry is poised for a modern and successful future, one that is fueled by an increasing demand for metals and minerals. From the lithium in our smartphones to the copper in our electrical grids, these materials are the unsung heroes of our modern world, powering our economies, driving our technologies, and supporting our healthcare systems. Without them, society would simply grind to a halt.
But the growing demand for these key materials is something of a double-edged sword for mining.
To take the temperature of sustainability in the industry, we at ABB surveyed 412 mining executives from across 18 countries. Our research revealed that, on the one hand, the growing demand means there’s potential for increased profits and job creation. Indeed, 73% of our respondents said they’re excited about the opportunities presented by the increasing recognition of mining’s role in supplying resources for green technologies.
On the other hand, we need to consider the environmental impacts, social and economic consequences, and the long-term sustainability of these key resources, as well as the green credentials of the industry as a whole. Additionally, some are worried there are not enough mines to supply the green transition at all.
A commitment to net-zero mining
Recognizing the need for change, mining has set ambitious sustainability targets, including a pledge to achieve net-zero emissions and minimize environmental impacts by 2050.
While almost half (48%) of our respondents said they are very confident about achieving their 2050 targets, 30% report being behind schedule with their decarbonization goals. The reality is – meeting these targets demands a fundamental transformation of the mining industry, from extraction to processing and consumption. It’s a seismic shift that requires urgent action. Over half (53%) of our respondents said they anticipate significant or complete transformation of their mining operations over the next five years.
That said, this seismic shift doesn’t necessarily mean an immediate overhaul. Careful, deliberate steps forward are crucial for a successful transition. By taking smaller, more manageable steps, we can reduce risks, build resilience, and ensure a smoother transition. Rome was not built in a day. Taking small steps now is the key to long-term success.
Small step decarbonization
Our research showed that many others share this perspective. 45% of our respondents said they’re taking a gradual approach to reducing their carbon footprint: i.e., breaking down big ambitions into small and tangible projects.
This for me is the correct strategy. Incremental decarbonization allows you to:
- Immediately lower carbon footprints with a limited up-front capital investment.
- Advance progressively as technology becomes more mature, scalable and cost effective.
- Identify and address potential challenges before they become major problems.
- Optimize processes and avoid disruptions to operations.
- Invest in employee training to equip them with the skills and knowledge needed to support the transition.
The fact is, even the smallest step forward is still a step in the right direction and seemingly insignificant advancements can contribute to significant progress.
Sustainability in the mining industry is a complex puzzle. Tackling it piece by piece makes a lot of sense.
Tackling it with an expert by your side is an even better move. It makes the journey less daunting, helps you avoid any pitfalls, and increases your chances of success.
An expert by your side
Collaboration is essential for mining to overcome its significant sustainability challenges. Effective collaboration requires a strategic approach, resource sharing, and a long-term mindset. Trying to address these problems on your own can be costly, risky, and unsustainable. Considering this, it’s little wonder why 69% of our respondents said it’s crucial to appoint an expert integrator to coordinate, plan, and implement new mining technologies and processes. And 71% said collaborations and partnerships are crucial for achieving decarbonization and transformation goals.
To make change happen, the mining industry needs to get a lot better at working together. This includes companies that make mining equipment, other mining companies, as well as governments, and regulatory bodies.
Working together ensures change is more effective and efficient, more sustainable and long-lasting, and more equitable and inclusive.
For example, to ensure there is widespread adoption of electrical technologies for mining trucks, we need to make sure the tech can work with different systems and isn't tied to just one company. This requires everyone working together to create standards that everyone can use.
Collaborating with technology companies can also be a game-changer for sustainability efforts. Companies like ABB provide a wealth of expertise that helps you streamline processes, reduce environmental impacts, and improve efficiency.
They can give you early access to the latest innovations in sustainability, reduce the burden on internal resources, minimize disruption, and develop customized solutions that address your unique challenges and goals.
Make change happen
Some of the future technologies driving the shift toward net-zero are still in the prototype phase. The mining industry's traditionally risk-averse culture must adopt a new commitment to fostering and shaping the development of emerging technologies. Overcoming the initial investment challenges will pave the way for piloting new technologies, transitioning these innovations from the lab to the mine and creating better solutions without compromising operational goals.
Remember, the time for action is now. Even small steps taken today can contribute to significant progress by 2050. By embracing a gradual approach, fostering collaboration, and investing in innovation, the mining industry can not only meet its sustainability goals but lead the way towards a more sustainable future.
To find out more about change in mining, download our report: Mining s Moment | ABB Mining Report Toward Real Progress
Mining’s Moment is now!
