Excited by uncertainty: Deloitte’s industry insights

“The next decade will be one of the most exciting and transformative in the mining industry’s history,” according to Deloitte’s 14th annual Tracking the Trends report for mining.

Subtitled, ‘redefining mining’, the report outlined 10 trends to look out for in 2022 and beyond, including themes in ESG practices, indigenous relations, and navigating the post-COVID super cycle.

As the industry is battered from multiple sides by the pandemic, climate change and issues of Aboriginal heritage and workplace behaviour, Deloitte suggested that the mining industry of this decade will look nothing like the last.

Deloitte Australia mining and metals leader Steven Walsh said it would be adapt or collapse for miners towards 2030.

“The level of change and innovation we are seeing across the mining industry is accelerating. This change is being pushed by the demands and expectations of stakeholders across environment, society and governance, and is being pulled by the pandemic-driven adoption of new ways of work,” Walsh said.

The report’s many collaborators suggested refocussing capital allocation to satisfy ESG credentials, creating unheralded alliances to decarbonise, and welcoming diversity as a means of building a stronger business.

Positively, Walsh said more and more companies were indeed adapting to the call of mining’s evolution.

“The industry is embracing real opportunities to redefine itself, and to do so faster than many would have predicted a few years ago,” he said.

“Those that succeed in adapting and innovating, will position themselves to lead a mining industry in a new energy future and leave a positive social impact in their wake.

The report acknowledged that the answers to some current and future challenges remain unknown, but that the core objective of the industry remains the same.

“What will successful mining and metals companies look like in a low-carbon, low-waste, purpose-driven future?” The report began. “The beauty of this question is that there is no definitive answer.”

To read Deloitte’s Tracking the Trends report for mining, click here.

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