IGF Releases Innovation in Mining Report
There is a pressing need for innovation in the mining sector, according to a report published Monday by the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF).
Innovation in Mining: Report to the 2018 International Mines Ministers Summit (IMMS) was released at the third annual IMMS, which was held in Toronto on the sidelines of the Prospectors and Developers Association of Canada’s (PDAC) annual convention.
The report highlights the pressing need for innovation in the mining sector, as productivity has decreased by 30 per cent, commodity price fluctuations are squeezing profit margins, costs continue to rise and deposits are increasingly difficult and expensive to access.
The report also highlights the social and environmental benefits of innovation, from increased safety on mine sites translating into fewer injuries and less downtime, to reduced environmental footprints and greenhouse gas emissions resulting from the adoption of new technologies and techniques, all of which could further support a company’s social license to operate.
The report originates from the 2017 IMMS, which brought together 25 ministers responsible for mining around the world who requested the IGF prepare a report on innovation in the mining sector, to be presented at this year’s summit.
Innovation in Mining highlights best practices and policies fostering innovation in the sector. The report showcases case studies, examining mining innovation in its many forms: technological innovation, including automation, digitization and electrification; clean innovation, including energy and technology; business innovation, including financing and business models; and social innovation, including partnerships and engagement.
For many resource-rich nations, the role for the mining sector in catalyzing innovation and in supporting the achievement of the sustainable development agenda is paramount. National governments around the world continue to place emphasis on innovation as a critical path to not only securing their economic goals, but also to ensuring social progress and environmental sustainability.
For more information, please read Innovation in Mining: Report to the 2018 International Mines Ministers Summit.