A new study reveals that artificial intelligence, geospatial data, and emerging technologies are poised to revolutionise copper discovery in Australia.
The Roadmap to Zero: Discovery report highlights the urgent need for developing new mines, given the global reliance on copper for electrification and decarbonisation efforts.
The study points out that copper mines now take an average of 24.1 years from discovery to production globally, with Australia slightly ahead at 20 years.
This comes at a time when the world is facing increasing copper demand but declining supply.
Exploration challenges have been mounting, with the rate of discovery for all economic deposits globally halving in the last decade.
The average cost of discovery has quadrupled compared to 20 years ago while existing ‘brownfield’ sites face challenges related to depth and ore quality.
Despite these obstacles, Australia is well-positioned to become a world leader in copper discovery.
The return on investment in copper exploration in the country is nearly double the global average.
The report identifies several cutting-edge technologies that are already reducing investment risk, minimising adverse environmental impacts, and accelerating discovery times:
- Application of artificial intelligence and machine learning
- Advanced geospatial data capture and utilisation
- Improved drilling technologies, sensors, platforms, and geophysical and geochemical tools
- Off-earth and alternate business models to enable accelerated technology development
John Fennell, CEO of the International Copper Association Australia, emphasised the importance of innovation in the sector.
“Australia has the world’s second-biggest reserves but is still not in the top five of the largest producers globally, and slow discovery is a big reason,” he stated.
“Australian copper exploration spending is rising, but we need to double down on innovation if we hope to keep pace with demand.”
The Roadmap to Zero: Discovery is the sixth report in the Roadmap to Zero Project, a collaborative effort led by the International Copper Association, several mining companies, and the NSW government.
This initiative aims to create cleaner, greener, and smarter copper mines, addressing key industry challenges including zero-emission mining.
As the copper industry embraces these technological advancements, it is expected to play a crucial role in meeting the growing global demand for this essential metal in the tech-driven future.
