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Top 5 business risks facing the mining industry in 2018
Author: source: Datetime: 2018-05-28 16:16:26
Mining industry is a traditional energy-consumption industry, each year it faces with new challenges and risks. In recent days, Ernst & Young has released in 2018, some of the main risks the mining industry faces is cyber risk, digital effectiveness in an increasingly digital world and the ever-growing risk surrounding regulatory policy.
Top 5: Access to and optimization of energy
Operations in mining industry, especially the remote area mining operations has high requirement for the electricity supply, therefore facing challenges of taking actions to access to renewable energy and environmental friendly resources.
Top 4: Regulatory Risk
The regulatory space in the mining industry is forever changing and with change comes challenge. More and more governments the world over are looking, demanding, far greater returns from the natural resources sectors in their jurisdictions. Ministries such as the Ministry of Mining in SA have been up in arms recently, seeking new and improved ways to govern the industry, which has been met with some resistance and this will only look to continue as we head into 2018.
Arguably the biggest risk that will only continue to grow. As companies become more and more data focused, through IOT and Big Data, ultimately, they become more reliant on these digital processes and this in turn breeds a culture of cyber-attacks. Having a clear digital road map will prove key, one that fully incorporates cyber threat programs to meet and head-off these risks.
Top2: Competitive shareholder returns
Balancing short-term shareholder returns with long term value can be both difficult but key.Cash across the mining industry is being generated at significant levels again and in turn, this has seen an exponential increase in competitive shareholder returns. Shareholder activism is also increasing and companies need to differentiate themselves by making good capital investments and getting good returns. Companies must become leaders in the industry in order to attract capital.
Top1: Digital Effectiveness
Mining companies should focus on using digital to solve the most urgent business problem; improving productivity and margin across the value chain.
Digital mining, as EY points out, is not a new concept, but there is a disconnect between the potential form digital transformation and the poor track record of successful implementation. As the need for technology shifts, it won’t always be a case of productivity, companies risk falling being by competition unless they remain at the forefront of this technological change.(By DALE BENTON, WWW.MININGGLOBAL.COM)
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