Last year was a pretty good one for the mining industry. However, it seems like we are about to see some new trends shape the mining industry in 2018. Mining companies that decide to follow these trends might just be able to gain competitive advantage and thrive forward. And if you’re wondering what these trends are, here’s a list of top five mining trends for 2018.
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1. Reducing power costs
With the entire planet trying to reduce their impact on the environment, mining companies also need to reduce their dependence on traditional sources of energy. Luckily, there are more renewable sources of energy that have dropped in prices and might be suitable for mining companies. This new approach can also help these companies reduce their costs. Engaging in this approach early is recommended since it allows mining companies to explore all available options and identify the ones that suit them the best.
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2. New skill sets
Right now, the mining industry needs employees with a whole range of different skills sets. Still, this year, we might just see employees with some new skill sets introduced into the industry. This means that besides engineers and geo-metallurgists, mining companies are also starting to compete for technological talent who might help them improve their operations. Eventually, this will result in mining companies investing more in recruiting and employee training. Moreover, we might see some of the companies explore new systems and make major changes in their operations.
3. Better stakeholder engagement
One of the big problems in mining industry right now is stakeholder engagement. Usually, the relationships with stakeholders are just not collaborative enough. That said, miners need to start building relationships with stakeholders in their companies and find ways to build win-win platforms. Luckily, with so many different means of communication, building stronger relationships with stakeholders shouldn’t be too difficult. This can result in more stakeholders thinking long-term which can help the industry quite a lot.
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4. Products becoming more available
Experts who work in the mining industry are constantly trying to expand their operations into new countries. Companies such as AIMR that are aiming at becoming a premier supplier of minerals extracted from various countries have already expanded to the US, Canada, and Europe. International expansion is extremely important for mining companies and we can only expect to see more of them penetrating foreign markets in 2018. This means we’ll get to see more products being offered all over the world.
5. Problems for junior miners
The way things work in the mining industry at this moment has pushed junior miners into survival mode. They have to aim at achieving short-term profit and ignore any moves that might help them in long-run. This is why junior miners need to think about starting partnerships and joint ventures. Getting their assets in order should be their no. 1 objective since that’s the only way to get out of the survival mode and start thinking long-term.
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These are just some of the trends that are going to dominate 2018 when it comes to mining. Still, just like in most industries we can never be sure how certain trends are going to affect the industry. This is why we’ll need to keep a close eye on mining companies and see how things work out for them in this year.
Carolin Petterson is a businesswoman and content marketer with years of experience under her belt. She has had the opportunity to contribute to a number of popular business and marketing websites.