A well-known international mining company is running a competition for innovation in the sector, with the winner of the potential $1 million prize to be declared at the PDAC Convention in Toronto in the next few days. As the article explains, with the cost of designing and building a mine so high, there is perhaps an understandable conservatism when it comes to deploying new technologies in place of tried and trusted methods.
However, and as in other sectors, new ways of doing things are providing miners with solutions to, amongst other things, some of the difficulties around working with cyanide, large volumes of paperwork and perceived delays in the traditional trading process. We should expect to see plenty more innovators and disruptors in the future; and with such innovation and disruption will come a plethora of new business opportunities around the world. I look forward to finding out more in Canada next week.
Startups aim to innovate slow-moving mining sector