Top 10 Risks and Opportunities for the Mining Sector in 2021

|Jan 28|magazine3 min read

10. Innovation

Opportunities now abound for miners to broaden the scope and increase the effectiveness of their innovation agendas, particularly after the sector’s rapid pivot in response to the COVID-19 pandemic. The crisis has provided valuable lessons on how to take a resource-to-market approach to innovation, it adds.

As a result, the industry has seen increased innovation and more solutions implemented across the value chain, in order to deal with the impacts of the pandemic, with several innovation projects being fast-tracked into reality.

COVID-19 has also acted as a catalyst for greater collaboration across mining and metals companies, as they work together to develop creative, agile solutions to the problems they all face.

The sector now faces a huge opportunity to expand this collaboration, including in the coevolution of new products or technologies, development of shared incentives and rewards from the application of innovations beyond more sales of devices, and consequent fundamental changes in the industry’s business systems or practices, which can yield significant short- and long-term value for individual companies, the entire sector and communities, the report concludes.