Newmont CEO details mining’s “emerging global megatrends”

OLIVIA THOMSON4 days ago

Newmont chief executive officer Tom Palmer spoke at the World Mining Congress 2023, detailing key emerging global megatrends currently impacting the mining industry, and its future.

Palmer primarily spoke about societal transformation and technological changes in the mining sector.

Palmer said that society is increasingly demanding accountability, value sharing, and values-based decision making, and it’s important that Newmont meets and exceeds these demands.

“As an industry, we are tasked with satisfying society’s accelerating needs to resource the new energy future, whilst mining safely and sustainably. Not just because society expects it, but also because our workforces will demand it,” Palmer said.

Palmer said that accelerated technological advancements such as artificial intelligence require a robust human process.

“Together, these megatrends simultaneously animate, interact with, and reinforce one another in ways we cannot predict, giving rise to a growing meta-crisis, one in which we will be expected to succeed in right now, and over the long-term,” Palmer said.

“The intensity and velocity of these global megatrends are so universal and disruptive that if, as an industry, we are not agile enough to adapt, align and lead, we will risk losing control of our businesses.”

Palmer said recent technology innovation has helped Newmont businesses becomes safer, cleaner, more efficient and productive.

“Some of the technological benefits we’ve seen at Newmont in recent years include automation and remote operations,” Palmer said.

“Automation is helping us mitigate safety risks, reduce emissions and improve efficiencies. Specifically, autonomous vehicles, automated drilling, remote operations, and asset monitoring are critical to how we mine today and, even more so, in the future.

“As part of our commitment to address the impacts of climate change, we are also challenging ourselves and our equipment manufacturers to take risks in order to drive innovation and more rapidly develop sustainable solutions to reduce emissions.”

Palmer said despite the industry’s current and future challenges, Newmont is prepared to face them head on.

“Whilst the challenges ahead of us are significant and unprecedented, I firmly believe in the ingenuity and resolve of our teams to rise to the occasion and capitalise on emerging opportunities to overcome the headwinds confronting us,” Palmer said.