Innovation Will Bring Investors Back To Mining
Innovation will bring investors back to mining according to Goldcorp as it launches its third annual Disrupt Mining challenge
Recently, Goldcorp opened up its submission window to potential visionaries who believe they may have a concept that could transform the mining industry. Goldcorp believes that these submissions allow for the mining industry to better embrace new technologies. Luis Canepari, vice president of technology for Goldcorp noted that more and more companies are using computer-learning models to identify potential drill targets; this was a technology that was almost unheard of five years ago.
Last year’s $1 million winner, Acoustic Zoom, is currently using its seismic technology to help Goldcorp better understand the geology at its Red Lake property. One of the winners in the inaugural #DisruptMining challenge, Tradewind Inc, continues to grow its digital platform where consumers can trade physical gold and silver. These are just two examples of companies that are helping to reinvent the precious-metals sector. Earlier this year, major mining companies, along with Goldcorp, threw their support behind the digital technology.
“The mining sector has seen a huge leap forward in the way companies are doing things. The advances we are seeing are on par with what happened in the financial sector 10 years ago”- Luis Canepari, Vice President of technology for GoldcorpThe companies that embrace new technology are better set up for the future, and are in a better position to bring back investors to the mining space. This past year there has been much negative investor sentiment. In the last six weeks, the gold price has struggled to find momentum as it hovers just above $1,200 an ounce. While in hard times its easy to go back to what you know, meaning there is a high risk that many mining companies will abandon their focus on innovation and technology in this relatively low price environment, it’s imperative that they do just the opposite.“If mining companies don’t change the way they do things, they will be done in 10 years. I haven’t seen my innovation budget reduced because of these low prices” explains Canepari. As mines get deeper due to the lack of resources, and our environmental footprint grows larger, the only way to address these two factors is through innovation. Companies need to find better ways to get the ore out while simultaneously reducing power and water consumption. That way you will get support for projects. Contestants have until November 5th, 2018 to submit their proposals to transform the mining sector. The best submissions will be presented to a panel of industry professionals held in March, 2019 during the Prospectors and Developers Association of Canada’s (PDAC) annual convention. The finalists will be vying for a $1 million capital investment from Goldcorp to bring their idea to the market.Source: http://www.kitco.com, goldcorp.com