Deloitte’s Tracking the Trends report found the global and local drive towards a low carbon future and mining’s evolving world of work are among the top trends ahead for Australian miners in 2022.
The 14th annual edition of the report explores the key trends facing mining companies as innovation accelerates, driven by the need to meet decarbonisation, environmental, societal, and governance (ESG) goals.
Deloitte Australia mining and metals leader Steven Walsh said the sector was facing one of the most transformative times in its history.
Walsh continued: “The level of change and innovation we are seeing across the mining industry is accelerating.
“This change is being pushed by the demands and expectations of stakeholders across environment, society, and governance, and is being pulled by the pandemic-driven adoption of new ways to work.
“The industry is embracing real opportunities to redefine itself, and to do so faster than many would have predicted a few years ago.
“Those that succeed in adapting and innovating will position themselves to lead a mining industry in a new energy future and leave a positive social impact in their wake.
“The core objective of mining – providing metals and minerals to downstream sectors for all of the myriad uses in society – will still hold in a low-carbon future, but the energy transition absolutely presents a rare opportunity for leaders to reorganise, generate new value, and forge partnerships to create a more responsible and attractive future for the industry.
“The way in which mining organisations position themselves today in preparation for this more sustainable future could redefine competitive advantage over the next decade.”
Walsh said operators also needed to consider current and emerging work-related trends and technologies, and how people will interact with them, to have any chance of realising their full human capital potential.
He added: “As new technologies are introduced, new roles with different skillsets are emerging, and traditional ways of working continue to be challenged.
“Mining organisations are redefining the importance and value of their people, and those who are most successful will adapt to and build on concepts such as remote working, flexible work arrangements, and workforce wellbeing.”
According to the report, the ten key trends for 2022 are:
1. Aligning capital allocation to ESG
2. Reshaping traditional value chains
3. Operating in the post-COVID regulatory and tax environment
4. Embedding ESG into organisations
5. Evolving mining’s world of work
6. Establishing a new paradigm for Indigenous relations
7. Continuing the journey toward innovation-led organisations
8. Unlocking value through integrated operations
9. Closing the information technology – operating technology vulnerability gap
10. Preparing operations for climate change.
