SPECIAL FOCUS: FUTURE OF MINING
adds Tworek. “A major benefit of new tech is that in some cases you can get equal, if not far better, results with fewer humans. So, if people are becoming scarce in this industry across North America, then that is a good thing.” Technological advances can also
improve the recovery of resources on the back-end as well. “What was previously uneconomical for miners in the past can become profitable to more innovative miners today, with smaller teams, harnessing newer technology and equipment,” explains Tworek. He is even aware of a few private
groups that started investing and producing cash flow from previously producing mines, tailings and waste rock instead of the traditional model of exploring greenfield properties for a discovery. “Tey follow the ethos that the best place to find gold is where the last team was already digging, but ran out of gas,” adds Tworek. “Or it could be that they were on the wrong side of financing when the cycle shifted on them.”
GREATER RETURNS Although advances in new technologies and improved operations may signify a
People need to be encouraged into the sector from the academic level up
brighter outcome for the industry, that alone may not fully offset what is expected to be an unquenchable demand. “Global populations will continue to grow and developing economies will evolve. Tis will bring more currency chasing scarce resources,” explains Tworek. “So, there will always be more demand for the resources that the global mining industry produces.”
However, Tworek believes that as demand grows, the cost and value of the resource will also increase, the cost of implementation will decrease through better technology, thereby increasing mining yields and improving the ability to meet global demand. “We are going to see increased revenues
and investment yields that will make the mining industry a very attractive sector.
A limited workforce needn’t be a problem if new technologies are embraced
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