No one can predict with 100 percent certainty what is in store for the global mining industry but we can rely on experienced and qualified experts who can help analyse historical data, identify trends and forecast what may occur.

 

At Dynamics G-Ex, we take a closer look at what some experts believe the mining industry should do to drive growth and profits. Here’s what they had to say:

 

Paul Mitchell, EY Global Mining & Metals Advisory Leader: “Our analysis is clear that mining companies need a different mindset in this environment if they want to maintain a strong balance sheet and develop plans for long-term profitability. Too many companies have viewed cost reduction measures and productivity initiatives as a once-off, when what they need to be doing is embedding continuous improvement in their DNA.”

 

Dr Peter Lilly, Director of EZONEUWA within the Faculty of Engineering, Computing and Mathematics: “Australia has been the global leader for innovation in the mining sector, but there is cause for concern. We have seen the US lose ground and the rise of Canada and Chile, for example. The mining innovation ecosystem in Australia definitely requires serious rehabilitation to reverse the current declines in research and development activity.”

 

David Cormack, Consulting Mining Leader at Deloitte: “In order to drive higher levels of productivity and growth, mining companies must mobilise their innovation efforts beyond the technical research and development groups and into the wider organisation.”

 

Chris Dodd, PwC Australia mining leader: ”The industry is in a marathon, not a sprint, and with the trend towards urbanisation set to continue in the future, the rewards will flow to those that are patient and take a long-term view.”

 

Michael Roche, Queensland Resources Council Chief Executive: “Exploration is the R&D, or building blocks, for the resources sector, getting the sector ready for the inevitable future upswing.”

 

Siddhesh Prabhu, Research Director, Info Research Australia: “It sounds quite cliche but we are just going to have to have faith in the Australian economy and the future demand that will be coming in from South East Asia. I can confidently say that we have seen the bottom, there may not be a sudden increase - a sharp increase - let's not expect that but it is a sustainable growth [and] it is a very slow and steady recovery back to supply and demand balance.”

 

Chris Lamont, Queensland Director Australian Petroleum Production and Exploration Association (APPEA): "We need to invest more in some seismic work and some geological work, potentially some more assistance for some of the smaller explorers to get out there and do what they do best. We also need to look at existing areas of activity to see what additional exploration needs to be done.”

 

At Dynamics G-Ex, we have put our own strategies in place to stay competitive in what is viewed as a “volatile” environment. We’re focussing on technological innovation and going above and beyond to support our mining partners during these times of uncertainty. We strongly feel what goes down must come up and areconfident that the mining industry will completely recover - it’s just a matter of time. If you’d like further information about how we can help you succeed with your mining and exploration projects, contact our team on 1800 105 584. To learn more, visit our website http://dynamicsgex.com.au

 

Sources: 

http://www.ey.com/GL/en/Industries/Mining---Metals/EY-navigating-volatility-in-mining-and-metals

http://www.emi.uwa.edu.au/news/study-reveals-mining-innovation-ecosystem-need-substantial-repair 

http://www.abc.net.au/news/2016-07-27/expert-says-australia's-mining-downtunr-has-hit-the-bottom/7663938

http://www.pwc.com.au/press-room/2016/aussie-mine-jun16.html

https://www.australianmining.com.au/features/tracking-2016-trends-part-4/

https://www.businessnews.com.au/article/Act-soon-or-it-s-all-ideas-no-boom