GISCafe Industry Predictions for 2024 – Maptek

By Eduardo Coloma, CEO, Maptek

Eduardo Coloma

Macroeconomic trends

• Critical minerals: Miners have been quick to take advantage of the worldwide shift to clean energy, a trend that is certain to continue in the foreseeable future. Two main drivers are the importance of advancing technologies for battery storage, electric vehicles, and solar and wind power generation. Critical minerals are also key for telecommunications and security.
• Decarbonisation: Despite an ongoing commitment to lower carbon emissions, the industry has seen increased demand for coal due to political instability globally. Coal will still be required for global energy needs for some time, with usage expected to decrease gradually and influence business decisions over many years. It is wise for companies to set and share clear goals for lowering their direct emissions and work with others to reduce emissions across the value chain. Developments include adding renewable energy technology and starting projects to test new ore processing methods that produce less carbon.
• Incentivise research and development: New products, services and business processes that improve productivity and competitiveness rely on a strong foundation of research and development (R&D). Australia’s economy will continue to succeed by focusing on high-tech, transferable skills across global markets. When mining investment increases during boom times, so does industry spending on R&D, as evidenced by the 2011-12 peak in Australia, when mining contributed $4.1 billion to R&D, a quarter of the country’s total. Ten years later, mining’s contribution to R&D was $0.9 billion, with the share of added value falling from 4.1% to 0.3%. Incentivising R&D is crucial to restoring mining as a major contributor to Australia’s economy.

• Recruitment and workforce diversity: Investing in technical skills, hiring and promoting diversity, fairness and inclusion is a high priority. Bringing people with different backgrounds and skill sets into leadership and other key roles will shift the agenda around big industry challenges such as meeting energy transition needs, dealing with climate change and managing waste from mining. We’re a global industry that could benefit from different perspectives to our challenges – artificial intelligence, robotics, automation and data analysis are triggers that will attract the next generation of workers.
• Long term trends in the short term: A growing investment in clean energy technologies will mean a steep upsurge in demand for particular minerals (copper, nickel, manganese, cobalt, chromium, molybdenum, zinc, rare earths etc). Mining and extraction of these vital minerals will need to happen quickly and efficiently, and in the most environmentally responsible way. Metalliferous mining has a long development timeline – many decades from discovery to production, with typically more than 15 years between finding a mineral deposit and starting to mine. Governments can help fast-track the supply chain by reviewing and updating regulatory road-blocks to mining and encouraging education and/or immigration of a workforce with the requisite skills.

Emerging technologies – their impact and preparing for their adoption

In the context of the mining industry, several key technologies will make a considerable impact:

Automation and Robotics: The use of autonomous vehicles and drones for exploration, drilling and transportation continues to increase presence and adoption. This technology can improve efficiency and safety, particularly in hazardous or difficult-to-reach areas.

Internet of Things (IoT) and Sensors: IoT devices and sensors can be used to monitor equipment, environmental conditions and worker safety. The data collected can be analysed to optimise operations, predict maintenance needs and enhance safety protocols. Companies should prioritise establishing robust data infrastructure and analytics capabilities, and do so in a sustainable way.

When releasing VisionV2X in 2023, Maptek intentionally first targeted proximity detection, before extending into collision avoidance where unnecessary alarms and stoppages may impact worker and equipment safety.  With more than 2 million operating hours at 100% accuracy in detecting vehicles and pedestrians at significant distances with VisionV2X, Maptek can now turn towards developing a solution for proactive prevention. This approach enhances safety and optimises operational efficiency by reducing the implementation of unwarranted higher-level safety systems.

Artificial Intelligence (AI) and Machine Learning (ML): AI and ML can analyse vast amounts of geological data to assist in both exploration and production, identifying potential mining sites and predicting geological domains. They can also optimise mining operations and processing. Investing in AI and ML expertise and tools will be crucial for companies to stay competitive.

Maptek DomainMCF generates domain boundaries directly from geological sample data for rapid creation of resource models. Mining and investment houses can incorporate the latest data to easily generate forecasts of project profitability within investment timelines.

Preparing for these technologies involves not just financial investment but also a cultural shift within organisations. Companies should foster a culture of innovation, encourage continuous learning and stay informed about technological advancements. Building partnerships with tech companies and participating in industry forums can also provide insights and opportunities for collaboration.

Perspective on maintaining competitiveness amid evolving market dynamics

Maptek has been delivering products and services to the mining industry for more than four decades. Given the rise of startups and disruptive business models, there are several avenues for established companies to stay competitive and adapt to market changes.

Continue Fostering a Culture of Experimentation: Maptek encourages creativity and experimentation within the organisation, in an environment where new ideas are valued and employees feel comfortable taking calculated risks. Examples of internal innovation programs include Maptek 10% time where employees can experiment during working hours, the Maptek Geology challenge that is open to customers and industry professionals, and collaboration with industry partners to enhance the value proposition to customers.

Customer-Centric Approach: Maptek is implementing a Customer Success focus to better serve the evolving needs of our customers. Effective approaches include leveraging data analytics to gain insights into customer behaviour and preferences, and tailoring products and services to better inform operational decision-making.

Strategic Partnerships and Collaborations: Maptek has a strong tradition of collaboration – with startups, academic institutions and other organisations to access new technologies, talents and ideas. These partnerships provide fresh perspectives and innovative solutions and lead to direct product implementation such as VisionV2X using the Cohda V2X techstack, and investment in other groundbreaking companies such as PETRA Data Science and K2fly.

Agile and Flexible Business Practices: Maptek is adopting more agile business practices to respond quickly to market changes. Initiatives such as flexible ‘base + add-on’ subscription packages, an online store featuring immediate licence download on purchase, and short subscription periods and self-managed licensing allow our customers to pivot strategies, reallocate resources swiftly and streamline decision-making processes.

Diversification: Maptek is actively exploring diversification into new segments of the geospatial market or R&D into product lines to spread risk and explore new growth opportunities. These initiatives leverage the computational infrastructure that we are building in our cloud computing and computing automation frameworks. Our solutions produce valuable data that can be shared and used by different parts of the mining value chain; making this available in a simple way can unlock value in ways that we cannot currently envision.

Future workforce landscape and the skills required to navigate industry changes

Mining, like many other industries, is undergoing significant workforce changes due to technological advancements and evolving industry needs. The skill sets that mining professionals will require must evolve accordingly and be supported by education and training.

Technical Proficiency in Emerging Technologies: Skills in automation, robotics, artificial intelligence (AI) and data analytics will be increasingly valuable. Understanding and operating advanced machinery and software systems will be crucial.

Data Analysis and Interpretation: The ability to analyse and interpret complex data sets in a holistic way will be essential. This includes geological data, operational performance metrics, resource governance protocols and environmental data.

Problem-Solving and Critical Thinking: Thinking critically and solving complex problems are invaluable skills, especially in an environment where variables and conditions can change rapidly.

Environmental and Sustainability Knowledge: As the industry focuses more on sustainable and responsible mining practices, knowledge in environmental science and sustainable practices will become increasingly important.

Adaptability and Flexibility: The ability to adapt to new technologies and methodologies is key. This includes being open to continuous learning and development.

Collaboration and Communication Skills: Effective communication and collaboration are essential, especially as projects become more interdisciplinary and international.

Leadership and Change Management: Skills in leading teams and managing change, and fostering a culture of experimentation and adaptation will be essential for those in supervisory roles.

Sustainability and social responsibility – shaping the future

The growing emphasis on sustainability and corporate social responsibility (CSR) is profoundly influencing the trajectory of various industries, including the mining, geospatial and technology space. These factors are more than simply shaping business practices; they are redefining the relationship between industries, communities and the environment. Professionals and companies who value collaboration will be best placed to thrive.

Compliance with environmental and social governance (ESG) regulations will become a baseline, with companies striving to go beyond mere compliance to establish themselves as leaders in sustainability, and attract customers based on this.

Companies will be expected to be more transparent about their practices, particularly regarding environmental impact and sustainability efforts. Regular reporting and disclosure on sustainability metrics will become standard.

For organisations to align with these values it is imperative to make sustainability a core part of the corporate culture, encouraging employees to contribute ideas and participate in sustainable practices, working with other organisations, governments, NGOs and communities to promote sustainable practices and contribute to larger environmental and social goals.

By integrating sustainability and CSR into our core operations and corporate ethos, we can contribute positively to the world and position ourselves for long-term success and resilience in a rapidly changing global landscape.

Maptek supports various initiatives in our corporate operations that contribute to sustainability objectives. At the same time, to enhance the value proposition to our customers, Maptek has invested in K2fly, which is one of the biggest players in the sustainability and resource governance market. K2fly offers a suite of solutions that enable risk reduction, improved compliance and maintenance of the social licence to operate, while adhering to community expectations. Their solutions are interoperable within their product set as well as with existing third-party tools, ensuring companies have the necessary tools for maximum efficiency.

Maptek author/bio/pic

Maptek CEO and Mining Engineer Eduardo Coloma has more than 20 years of experience in technical mining and managerial roles, both in South America and Australia. He currently serves as global CEO of the mining innovation company Maptek, which is headquartered in Australia, with 16 offices worldwide and a reseller network in the Asia-Pacific region.

Category: Industry Predictions

This entry was posted on Sunday, January 14th, 2024 at 5:39 am. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.