Extractive Industries
    Assessment of Digital Maturity

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    Synopsis

    The WEF in 2016 predicted that, over the next decade, Digital Transformation in the mining industry has the potential to add $320 billion of additional value, reduce 600 million tons of CO2 emissions and save more than 1000 lives. While the various surveys of Mining executives indicate strong commitment to digitalization, significant actual progress is still to emerge.

    The extractive industries, e.g., Mining, Oil & Gas, and Minerals, are characterized by high capital intensity, massive economies of scale, high cyclicality, depleting higher grade more easily accessible reserves and increasing worker and societal unrest. The Mining sector also has the lowest R&D rate of any industry by a factor of 10 and significant cultural resistance to change. This leaves the sector as the least digitized industry (Barrick 2017).

    In spite of these challenges mining companies have started to adopt digitalization mostly in four major areas: Automation, robotics and operational hardware; Digitally enabled workforce; Integrated enterprise, platforms and ecosystems; and Next-generation analytics and decision support. However most of these initiatives have been in the largest of companies in the industry.

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