The founder and chair of one of Australia’s biggest mining companies has called on the resources industry to seize opportunities for better long-term planning – including embracing new technology and operational processes.
Speaking at the Melbourne Mining Club end of year luncheon, hosted by journalist Peter Ker, Evolution Mining chair Jake Klein said preparation is key to ensure sustainable growth – and is how mining companies can make the most of commodity demand.
“It feels to me that we’re a team now relying on luck rather than good strategy. If you want to be a leader in the rare earth space and critical minerals space, you need to be investing in the technology… the education… as well as supporting the industry,” Klein said.
“Australia is now talking about needing to participate in the critical moments, but we’re part of the crowd. We could be a leader.”
One key factor to consider in the planning process, Klein said, is adopting new technologies and ways of working, such as artificial intelligence.
“We need to make ourselves more productive and efficient because costs aren’t going down. Imagining a mine of the future means embracing AI. It could put us in a different league.”
So why is this important to the Australian resources economy?
Klein outlined that such a shift is pivotal in keeping a competitive edge against other countries, such as China, with companies like Zijin Mining seeing vast growth.
“China has methodically implemented a strategy which I think they set out to do 30 years ago. They realised they were short of raw materials, and they’ve set about going and accessing them.”
This has been done through Chinese-owned companies now controlling around 60 per cent of copper production globally and expansions into places like Guinea where iron ore mines such as Simandou have been established.
It’s clear there are avenues for opportunity within Australia’s resources industry – especially when it comes to critical minerals, but things need to change in how those opportunities are pursued.
“Doing the same thing we did for the last 30 years and hoping it results in the same level of success for the next 30 years is a recipe for failure,” Klein said.
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