Digital technologies, such as artificial intelligence (AI) or the Internet of Things (IoT), have the potential to transform traditional mining operations with benefits of faster processing, greater operational productivity, and even new business models.
A new report from Boston Consulting Group (BCG), ‘The New Technology Frontier in Mining,’ looks at how these technologies revolutionise the industry.
Reduce Costs of Exploration
Digital technologies assist organisations in conducting more efficient operations at a faster rate, which results in production increase while streamlining costs.
Big data and analytics can dramatically reduce the cost of mining exploration. Data collected from machinery, equipment and monitoring devices is analysed to determine the optimum operational scenario, avoiding expensive trial and errors, and keeping costs down.
Within the mining sector, Decision Inc. Immix offers an exploration, Mining and Minerals Processing (xMMP) ERP software solution that covers the total life-of-mine. The solution manages mineral rights (tenements) claims; exploration; drilling; engineering, planning and construction management for the development phase; actual mining production; stockpiles; plant; shipping and dispatching, all the way to mine rehabilitation.
Prospect and Analyse Mining Resources
Applying IoT sensor technology on mining equipment has the greatest benefit of analysing the characteristics of the ores detected underground – the most important step required to begin planning and operational procedures.
Using the available data collected from IoT-enabled mining devices equipped with sensor technology, mining engineers can use the rich information to schedule operations to the finest details.
Create Simulations for Future Operations
AI and IoT technologies enable accurate simulations and probability modelling to determine the productivity of a future mine.
These not only provide the operational requirements and the likely output of the process but also eliminate the need for human resource mobilisation and other physical resources on-site.
As a result, simulations minimise costs with deployment, saving time and money. More importantly, assure the safety of personnel involved since weather and hazardous conditions do not hinder the simulation process.
Read the full BCG report here.
Decision Inc. Immix’s software provides extensive exploration, Mining, and Mineral Process (xMMP) solutions for key mining requirements, including functionality required for nearly all of the Total Life of Mine (LOM) requirements.
Microsoft Dynamics AX serves as the platform for the xMMP product suite and is a world-class global Enterprise Resource Planning (ERP) solution used by over 20 000 businesses across the globe.