The mining industry has a lot to contribute to our global economy. With the help of mining processes, we can pull out natural resources that can be further utilised to manufacture usable products for regular life. If we consider the future of mining, it will become more and more imperative in the times to come. Its value can never be underestimated by any of the generations. By the end of the year 2024, it is estimated that mining will contribute $ 1 trillion in economic activity.
However, mining is also a very demanding process as it requires crucial investment in logistics infrastructure. This article will put forth some of the vital trends related to mining logistics over the next five years. Stick to the article to get interesting information.
Augmented Market for Mining Products
The demand for mining products is on the rise as our global population grows, resulting in an increased need for metals and minerals that are used in everyday items. In 2018, the mining industry was worth $1 trillion annually, but it is projected to reach $5 trillion by 2027! This implies that mining logistics will become even more complicated in the next five years, as mining projects will require equipment to be transported to remote locations where mining is taking place, and day-to-day mining operations will require stricter monitoring. To meet this demand, mining companies will need to invest in additional logistics infrastructure, including transportation, storage, and processing facilities.
Future Trends in Autonomous Mining Operations
Another interesting trend in mining logistics is the transition to self-sustaining mining operations. Companies have a high interest in investing in high-end technologies that improve automated mining processes which can curtail costs and upgrade safety standards throughout the mining sites. For instance, mining equipment manufacturers such as Caterpillar are making endeavours to build mining trucks that would be able to manage mine operations with no need for human drivers.
Another example of the emerging trend is mining drones which can make inspections on mining sites and mine planning areas. This has improved safety and productivity in the mining sites as these mining drones do not require to cease mining production to initiate inspection. All mining operations are distinct in nature and many may demand to ameliorate present processes before they can automate their mining equipment. However, Mining companies worldwide are likely to discover investment opportunities in mining robotics. These technologies can help mining firms expand their market share within the industry, while simultaneously reducing mining costs.
New Mining Technology and On-Shoring/Near-Shoring
On the final note, mining operations are continually opting for high-end mining technology for better operations. With the proliferated regulatory scrutiny, a lot of mining operations are on shoring and they are moving ahead toward a more centralised mining model. On-shoring and near-shoring of the mining process will give many benefits as it will not only lead to improved oversight but will also diminish logistics tribulations.
Over the last ten years or so, mining operations have made a shift toward developing markets such as India and Africa. These mining markets come with a major labour pool that can be well-trained for mining operations. Earlier these labour markets would also lead to more cost-effective operations even with the cost interlined with shipping mining equipment to and from Australia. Shipping costs are increasing and may reverse the current trend due to regulatory changes.
Gear Up for the Upcoming Mining Industry Logistics Evolution
The mining industry is going through a significant transformation, and companies have to be well-prepared for the forthcoming challenges. The mining technology and services are expected to undergo more advancements by 2024. The companies that can innovate in mining logistics will have a better chance to succeed in this competitive field and extract profitable minerals. However, the industry that show no inclination toward newer trends does not get many benefits.
To position your mining operations for future success, get in touch with our mining industry logistics specialists today. Our team at Victory Freight has skilled and dedicated human experts based in Australia, and they are always ready to assist you with shipping, supply chain, and uptime planning. Check out our website to have more ideas about our services.