Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
During this year’s Prospectors and Developers Association of Canada conference, Goldcorp’s new COO, Todd White, hosted a much-awaited event called #Disrupt Mining.
The initiative was a partnership with Integra Gold. By using the format of a TV contest, it aimed at backing innovative technologies capable of transforming the mining sector.
But White himself arrived at the conference with a plethora of new ideas on how to improve, in terms of profitability and sustainability, the operations of both Goldcorp (NYSE:GG,TSX:G) and the overall industry.
Speaking to MINING.com’s Cecilia Jamasmie, White explained that the main goals of the company’s digital transformation strategy are to increase success in exploration by relying on big data and machine learning; boost communication, response, and productivity by creating a mobile-enabled workforce; dive into autonomous mining operations; slash mining’s environmental footprint by incrementing the use of renewable sources of energy and carbon neutral equipment; and to optimize decision-making processes by using advanced data collection and real-time analytics.
8 Comments
Steve
It’s amazing what you can sounds like when you use trigger words.
Joe Leuthard
Hey Steve, so what exactly do you mean with your comment as it really does not say anything?
Antonio Arribas
Indeed, it looks like the CEO knows his buzzwords of the month/quarter (probably not even the year): #disrupt, big data, carbon neutral, etc. I am missing at least two buzzwords: “to pivot” and “self-organizing maps” (pivoting is what he will be doing in some months…). I am willing to bet the message 3 years ago included “paradigm-shift”, and a year ago “algorithm”. Who do we think we are fooling?
CLAUDE
Something to hide?
too good to be tall true
RDC1378
Duuuh, what?
Paul Tim Whillans
Good promoter
Robert S. Bingham
Upon first blush, ingenuity is usually looked upon with skeptical eyes. Each step in a process has certain key elements that must be matched up with certain key elements in the next process, and so on down the line. Just because the old timers used a pick, a shovel, and a pan. That does not mean we are all stuck in an old school mentality. On one hand, know what quality and quantity of data is needed is one thing. On the other hand, matching those needs up against the limitations of current technology is the job of management. No one person, or group, has a complete monopoly on all the great ideas, or insights into and along the pathways of innovation and invention. If they did hold that monopoly… then two guys who own a bicycle shop never would have invented the first airplane. Keep an open mind! As I coined the phrase, “It is always good to know the rules. However, it is even better to know the reasonable and logical exceptions to those rules.”
FIRSTPEOPLES Clark von Riesen
Can you introduce or give me Advice on how to proceed ? or contact that will work with me??
My technology:
Geophysical Nanotechnology will revolutionize Exploration and Mining Technology. A mining revolution is coming with our new generation of real-time & on-site equipment. We have succeeded in boosting our sensitivity of equipment and sensors a thousandfold. We have located Giant underground reserves and have over 100 gold discoveries to our credit. We are seeking a Visionary that can Envision the Future with the Resources to propel our company to the Top of the World Market. Using our Unique Equipment presents an Opportunity for a Potential Virtually Limitless Advantage. Gold Explorations and discoveries have fallen 85% Since 2012 / Gold Mining Reserves have fallen 40% since 2011 / per Bloomberg Charts and reports. My new technology will drive the next Great Wave of New Discoveries. This Plasmon allows considerably better focusing of the signals of our exclusive unique equipment. Our system is the only Equipment that 100% guarantees and locates accurate gold not the potential of a gold location. Our technology is proven and very easily tested. Clark W. von Riesen is the inventor of the our equipment. Mr. von Riesen also invented patent number : 5027783 granted by the United States Patent Office which employs Nanotechnology Magnetic Induction to activate the ions of hydrogen,We are available to demonstrate on-site with our personnel. Old and new projects can now be looked at through entirely new technology to assess their feasibility and Reassess mine projects and find new discoveries. Our equipment detects direct to gold matrix and ions, the same as a smoke detector detects smoke ions. If you trust your smoke detector than you can trust our equipment. Ensure that your company has accurate and timely locations to support its objectives. We hope to hear from you soon so your exploration/mining company with us on next Great Wave of New Discoveries.
Sincerely – Clark von Riesen contact : [email protected]