Improving productivity is the biggest challenge in the mining industry: Ernst & Young

Improving productivity is the biggest challenge being faced by the global mining and metal companies, according to a report by Ernst & Young (EY).
 
EY global mining and metals leader Mike Elliott said: "The decade-long decline in productivity, as the sector chased growth during the commodity boom, will require complete business transformations to fully recover." Cost cutting measures alone will not achieve the longer term productivity gains required.
 
Besides, approval to operate mines has always been a high business risk for companies, as many small and large projects are still being delayed or halted due to opposition from local and environmental activists.
 
Increasing energy consumption and water scarcity have emerged as bigger risks, especially for companies operating in Chile, Peru, South Africa and Mongolia.
 
With global demand for energy expected to increase 36% by 2025, and with falling ore grades, risk related to access to water and energy is compounding year by year with the sector facing higher energy prices and volatility. Managing costs sustainably is a priority and we expect to see increasing reliance on renewable energy in the sector as the cost declines, especially in remote areas.
 
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