BDO's Energy 2020 Vision: The New Future of Mining
02 February 2018
Driverless technology, deep-sea excavations, and mining expeditions on the moon were once just the ideas of sci-fi movies. Today, they’re realities or just around the corner. And by 2020, we expect (most of) them to be the norm.
As low commodity prices persist, mining companies are under pressure to reimagine their business models. Those that have incorporated technology into their operations have seen their revenue streams live on, while those that haven’t have fallen short. But whilst the value of harnessing technology is clear, Internet-connected technologies are opening the mining industry up to new challenges such as cyberattacks.
In our Energy 2020 Vision for Mining report, BDO’s Natural Resources leaders from around the world look towards the future to help mining companies anticipate and plan for the challenges and opportunities ahead; ultimately what do mining companies need to know to succeed.
The global predictions presented in this report are based on research and collective input from
BDO’s Natural Resources leaders around the world. In addition, our teams across the UK, Australia, Canada, South Africa and the United States have shared their regional predictions for the industry in their local markets.
You can also read our global predictions for Oil & Gas.
BDO UK's 2020 vision for mining
- Taxation: By 2020, we will see the demise of offshore holding companies in zero tax jurisdictions.
- Finance: London Mining IPOs will increase fourfold by 2020.
- Technology: Blockchain technology will be used to verify the provenance of high value minerals by 2020.
- New Investors: Non-miners will make significant investments in the sector by 2020.
- Regulatory: More licenses will be lost due to regulatory and community intervention by 2020.
Read the full analysis
Summarising BDO's global 2020 vision for mining
- Robots: By 2020, robots will replace more than 50 percent of miners, and mining accidents will be cut by 75 percent. Half of the miners will themselves be retrained to run the technology controlling the robots.
- EU Conflict Minerals Rule: Supply chain transparency will take the compliance spotlight for 2020 as companies gear up for the European Union’s Conflict Minerals Rule, effective in 2021.
- Cybersecurity: By 2020, activist hackers will launch at least five cyberattacks on mines around the world in Permanent Denial of Service attacks aimed at eliminating the environmental and social threats they pose. They’ll use workers’ connected devices to initiate the attacks.
- Renewables: By 2020, renewables will account for one-quarter of the world’s electricity generation as dependence on coal wanes.
- IoT in mining: Global mining companies leveraging Internet-connected sensors and automated drillers in mines will decrease their per ton digging costs by more than 30 percent.
Read the full analysis