Is AI gaining fast traction in Australia’s mining sector?
Team Veye | 19-Feb-2023
The mining industry is one industry which is facing incremental challenges. This is mainly due to depleting mines, declining ore grades and the need to identify new and remote deposits and secure new resources.
Mining is a complex industry with ever growing uncertainty around resource pricing and unpredictable resource fields. Rising mining costs are also driving the need for greater productivity at the mine site and to improve efficiency which can result in faster execution of projects besides reducing CAPEX and OPEX.
Mining companies are slowly realising what AI could do and what was possible and are now just beginning to exploit the potential of artificial intelligence.
Mining companies, by deploying Artificial Intelligence and machine learning are determining when, where and how to mine most efficiently. AI-driven automation can enhance digital control systems and programmable logic controllers to boost reliability and accuracy at mining sites.
Mining companies by using AI can not only ensure project
delivery on schedule and budget but also capture and analyze all activities in real time and take quick actions.
Australia continues coming up with new mining projects at the committed and feasibility stage, and many, in for expansion with upcoming developments in a diverse range of commodities, including coal, gold and copper. Mining companies are also exploring some of Australia’s new greenfield sites that haven’t been previously evaluated due to the terrain or remoteness.
Whilst iron ore, coal and gold continue to be Australia’s leading commodity exports and will play a key part in the sector’s resurgence, the next generation of Australian mines will exploit new opportunities such as battery minerals, including lithium as well as uranium, recovering from a sharp downturn.
The main priority, as such, is to accelerate the discovery of minerals that will become Australia’s future mines using advanced technologies, while keeping a strong focus on ensuring safety and sustainability within mines.
With the use of AI, mining companies can make the most of every mining facility, increase profits, and make their work more effective. The future of the mining industry will be shaped by a range of disruptive themes, and AI is one of the themes that will significantly gain traction.
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