DIGITAL MINING
“Market volatility , reduction in commodity prices , easy availability , etc ., are some trends defining the new normal in the mining and metals industry ”
Definition of Reliability According to the researchers and analysts who conducted the study of this report , reliability is measuring the results / achievements organisations gain when they want something to run . In simple terms , what are organisations ’ efforts or investments to improve reliability , and are they achieving results ?
In the case of the mining industry , the report analyses the reliability in metal and fertiliser mining space , activities ranging from resource extraction to processing operations . Base metals like aluminium , cobalt , copper , iron ore , lead , lithium , molybdenum , nickel , tin , uranium , zinc , and precious metals such as gold , palladium , platinum , etc . silver are considered . However , reliability is ubiquitous . One common mistake mining operators make is they report the significance of reliability in words . Simultaneously , they discuss holistic operational results with the minimal significance of reliability ' s quantitative impact on performance .
Global Production and Related Economic Value of the Mined Resources After analysing the data from the data sets , the total economic value of the mined metals and fertilisers was US $ 782bn in 2020 . The dominant leader is metals , accounting for US $ 700bn . It was followed by gold , accounting for US $ 184bn . Other contributors include iron ore , copper , aluminium , and nickel . In the case of fertilisers , it was phosphate rock and potash , accounting for US $ 72bn and US $ 9bn , respectively .
While this was the overall economic value of mining metals and fertilisers globally , the report dived deep into the geographical distribution of the economic value and then calculated the corresponding reliability spend .
42 September 2021