Mining is a trillion-dollar industry globally and one of the largest contributors to the world economy. Pre-pandemic, the top 50 mining companies had a combined revenue of over $600 billion in 2019. By 2025, the global mining industry is expected to reach $1.35 trillion, driven by increasing demand for metals and minerals in construction and manufacturing, technological advancements, and relentless urbanization. However, despite the steady growth and consistent market demand, the industry faces many challenges.
Sustainability imperatives
The mining industry is under constant and growing pressure from governments, investors, and the public to adopt sustainable practices and lower its environmental impact.
The industry is undergoing rapid change as organizations increasingly recognize the business case for sustainability, which helps reduce costs, maximize efficiency, and strengthen operations. They are actively working to lower their carbon footprint and moving toward a more sustainable future. Their investments in R&D to find new ways to minimize the environmental impact of mining operations are also garnering strong support from investors and governments. Sustainability is emerging as one of the megatrends of the decade, and the mining industry is using technology to align itself with the future.
Shrinking talent pool
For years, the mining industry has faced a significant shortage of skilled professionals, especially those with the knowledge and expertise to utilize the latest technologies. There is increasing demand for expertise in digital technologies such as automation, data analytics, and artificial intelligence, as well as specialized technical skills in software development, machine learning, and robotics.
The lack of skilled professionals makes it challenging for companies to keep pace with digital transformation and improve operations. This can lead to increased costs, reduced efficiency, and lower productivity. Together, these factors make it harder for companies to meet safety and environmental regulations, leading to legal risks and poor corporate image.
Technology partners across the globe
Today, a cohort of engineering and technology solution providers offer high-value engineering centers across industries, including mining. However, mining organizations may hesitate to work with these providers for a number of reasons. The most common is the demand for geographical proximity. Organizations prefer a vendor with a presence in their region in the hope that they understand the geo-political scenario and landscape and can overcome barriers such as language and culture, all while delivering scalable technology solutions.
Increasingly, mining companies are beginning to see the value in working with global engineering solution providers/partners with strong and diverse talent pools and excellent engineering expertise. Several partners are able to offer unmatched capabilities with robust engineering and product development expertise at significantly lower costs.
Engineering solution providers like Cyient bring nearly three decades of expertise in engineering and product development in mining. By combining best practices across industries, innovative engineering concepts, and a presence across the globe, Cyient is well-positioned to support and partner with mining companies and OEMs with sustainability initiatives, expansion plans, standardized processes, and systems across geographies. Cyient has delivered across a wide range of use cases in mining, including assisting in a Carbon Capture and Storage (CCS) feasibility study for a waste-to-energy company in the Nordic region. In another use case, at the detailed engineering stage, Cyient’s expertise led to the recommendation of a change in pipe routing that reduced concrete and steel requirements resulting in savings of millions of dollars and recovering the entire cost of the engineering.
The advantages of working with engineering solution providers with a global presence include leveraging increased flexibility of engineering capabilities and a greater focus on compliance while accelerating time-to-market. Their expertise and capabilities ensure that customers can drive innovation at lower costs while consistently focusing on maximizing operational efficiency and improving environmental impact. Mining organizations also get to leverage the strengths of certain off-the-shelf products that help in the transformation of their business. Cyient’s Tailings Management System (CTMS), which serves as a repository of data collected across various sources and stakeholders, is a case in point.
As mining organizations work toward a sustainable future, reservations about working with partners across geographies are gradually diminishing. Our team of global experts can help bring you closer to your vision of accelerating engineering transformation as we design tomorrow together.
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