The mining industry faces many challenges today. As market demand for products continues to fluctuate, companies need to focus on best in class performance to achieve profitability and manage costs more effectively. As a result, operating an efficient and streamlined business is essential to remain competitive.
The mining industry has also witnessed consolidation, which has created large companies that are attempting to achieve synergies from this process. Compliance costs for environmental adjustments and enhanced safety standards have significantly reduced margins even further. Therefore, prioritising investments across the operation to improve processes will pay dividends to the long term benefits of the business irrespective of whether prices and demands are variable.
According to PricewaterhouseCoopers (PwC), mining companies continue to face some major challenges for sustainable growth. A rise in demand, from the developing world in particular, has made performance improvement and cost savings key challenges within the industry.