Opinion: Mining companies must show how they are prioritizing sustainable and inclusive growth to redefine their image

For the second year in a row, miners cited licence to operate as the number one risk and opportunity facing their business.

A number of key elections and resulting government changes or potential ones to come – particularly in Africa and Latin America – are heightening this risk. Future regulation around mining licences or royalties are unknown in certain parts of the world as governments face pressure to balance economic gains with the interests of their people. End consumers are increasing pressure on the sector, demanding ethical supply chains and a lower carbon footprint.

The work force’s future moved up from seventh position in the risks-and-opportunities ranking last year, and executives are grappling with what their future workers will look like and how they can attract the right skills needed to support their businesses. An EY study commissioned by the Minerals Council of Australia found that 77 per cent of occupations in the sector will be enhanced or redesigned by 2030 because of the introduction of technological advancements.

Addressing the future of work-force concerns is also a necessary step to tackling much-needed digital and data optimization – the third most pressing risk on mining executives’ agendas. The data landscape is complex to navigate and prioritize. Companies have yet to understand fully what data are important and how to extract value from them. These are the basics the sector needs to focus on. Digital transformation isn’t about pushing the boundaries of innovation.

Altogether, these top three risks paint a strong picture of an industry already being disrupted and on the path to redefining its future. What’s known is the important role commodities will play in enabling the world of tomorrow. The greater question is how mining companies will stay relevant and ensure they’re building a better future for everyone. Those who answer this question will stick around to live it.

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