1Tracking the trends 2019Tracking the trends 2019The top 10 issues transforming the future of miningContentsSolving the value conundrum 03Trend 2: The frontier of analytics and artificial intelligence 10Trend 3: Managing risk in the digital era 18Trend 4: Digitizing the supply chain 22Trend 5: Driving sustainable shared social outcomes 28Trend 6: Exploring the water-energy nexus 34Trend 7: Decoding capital projects 40Trend 8: Reimagining work, workers, and the workplace 46Trend 9: Operationalizing diversity and inclusion programs 50Trend 10: Demanding provenance 56Holistic, dynamic, and integrated:Devising a grand strategy for the future 61Contacts 62Endnotes 64Trend 1: Rethinking mining strategy 04“It appears that the mining industry is poised for greater growth than it’s seen in a decade, but today’s market realities are very different than those of the past. We’re now dealing with geopolitical tensions in the form of trade wars and tariff concerns, as well as looming asset shortages. Rising commodity prices should fuel expansion, but could also result in a return of inflation and the costs that go with it, eventually eating into margins. Disruption and volatility has become the new normal and the pace of change is outpacing our ability to adapt. This makes it imperative for mining companies to clarify how they plan to drive value into the future and how they intend to respond when prices inevitably drop again.”Philip Hopwood Global Leader―Mining & Metals Deloitte Touche Tohmatsu Limited02Tracking the trends 20190203Solving the value conundrum“To thrive into the future, mining companies will need to challenge the status quo—and the only way to do this is by soliciting a diversity of opinions and taking the risk to do things differently. The fourth industrial revolution represents a new era of business that can only be harnessed by leaders who have the courage of their conviction.”Glenn IvesAmericas Mining & Metals Leader Deloitte CanadaWe all know that what goes up must come down, but the reverse isn’t always true. This explains why the recent resurgence of the mining sector comes as a great relief. With a cyclical recovery in the commodity markets, there has been an uptick in corporate earnings, cash flows, and credit ratings, and a corresponding drop in debt levels. As a result, spending is again on the table, with mining companies considering investing in capital projects and engaging in mergers and acquisitions.Mining companies now need to determine how to operate in a market characterized by constant disruption, volatility, rising stakeholder demands, a widening talent gap, dwindling access to key inputs such as energy and water, and a Chinese economy growing at under seven percent, rather than 12 percent. In this new world order, miners will not attract talent, investment, or community support if they only focus on communicating the value that they currently bring to communities – miners will need to go a step further and articulate what they stand for by developing differentiated business models designed to drive long-term value. Solving this value conundrum mandates them to re-envision their corporate strategy, strengthen their risk management, and find better ways to engage with stakeholders, push the boundaries on their digital transformation, attract truly diverse workforces, and avoid the capital project mistakes of the past. It also requires them to make technology a strategic priority by acknowledging its role as an enabler across every facet of their business.In Tracking the trends 2019, our eleventh annual edition, Deloitte’s global mining professionals once again draw on their knowledge and experience to provide mining companies with insights they can leverage in their ongoing pursuit of productivity, capital discipline, strategy development, and sustainable growth. In addition to sharing real-world case studies and best practice examples, our professionals identify potential industry disruptors that may be coming “from left field”. As ever, we welcome your input and feedback and remain deeply grateful for your years of support.04Tracking the trends 2019Rethinking mining strategyIn the not-so-distant past, mining companies, large and small, typically anchored their strategic planning around producing the highest volumes of ore at the lowest possible cost. In the process, the concept of “low cost operations” was recalibrated—becoming a function of prevailing commodity prices rather than a relentless focus on radically shifting the cost base. By now, everyone is familiar with the result of this approach: the drive to build ever-larger mines in pursuit of superior returns, underpinned by the expectation of constantly-rising commodity prices. This led to large amounts of debt being incurred to fund these projects with significant write-offs.Although that bubble has long since burst, many mining companies are still grappling with its strategic legacy. In essence, they have not yet sufficiently...
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