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PwC Report: The mining industry will rely on AI and metal recycling for the sustainability of its operations

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PwC Report: The mining industry will rely on AI and metal recycling for the sustainability of its operations
PwC Report: The mining industry will rely on AI and metal recycling for the sustainability of its operations
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The 21st edition of PwC's "Mine 2024" report offers a detailed analysis of the current landscape and future prospects of the global mining industry. Among other conclusions, the document highlights the fundamental role of major companies in the sector in addressing global challenges such as food security, the transition to a low-carbon economy, and the growing demand for infrastructure and consumer goods.

The report highlights a complex year for the global mining industry, despite increased production. In 2023, revenues were US$844 billion, a decrease of 7% compared to 2022, while EBITDA contracted by 26% to US$216 billion. Net profits fell by 44%, reaching US$89 billion. The outlook for 2024 is not optimistic, with an estimated revenue decline of 6%, a reduction in EBITDA of 21%, and a 36% drop in net profits.

Technological innovation, especially the integration of artificial intelligence (AI), is essential to improving productivity and sustainability in mining. AI-based systems are revolutionizing various aspects of mining operations, from precision in metal separation to logistics optimization. Additionally, urban mining or recycling of metals, such as copper and platinum group metals (PGM), is gaining importance, helping to reduce the environmental footprint and improve resource efficiency.

Mergers and Acquisitions (M&A)

Mergers and acquisitions continue to be a fundamental strategy for mining companies in their quest to maintain a competitive edge and secure essential resources for future growth. In 2023, the total value of deals in the sector increased, with a significant focus on critical minerals such as copper and lithium, essential for renewable energy applications and advanced technologies.

Similarly, M&A decisions are increasingly influenced by sustainability factors, which is why more and more companies are investing in renewable energy projects and decarbonization initiatives.

Commitment to Sustainability

The "Mine 2024" report highlights the critical role of mining in global food security. Essential minerals used in fertilizers, water treatment, and soil improvement are crucial for agricultural productivity. This is why mining companies are investing in sustainable technologies and processes, including renewable energies and efficient water use, to meet sustainability goals and improve operational efficiency.

The industry is adopting urban mining to reduce its environmental footprint and improve resource efficiency. Metal reprocessing reinforces responsible production practices, responding to the growing demand for environmentally conscious production methods.

"In a challenging global context, the adoption of innovative technologies and sustainable practices is not only crucial for the survival of the mining industry but also fundamental for its future growth. We believe that the integration of artificial intelligence and urban mining are essential steps towards a more efficient and responsible mining industry, aligned with sustainable development goals," concluded Leonardo Viglione, partner at PwC Argentina.

Published by: Panorama Minero

Category: News

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