In the dynamic landscape of the global economy, the mining sector is at a pivotal crossroads, with decarbonisation and sustainability emerging as non-negotiable priorities. This sentiment was echoed during a recent webinar hosted by Austmine CEO Chris Gibbs Stewart, where industry experts delved into ABB’s ‘Mining’s Moment’ report. The report, which draws insights from over 400 mining professionals across 18 countries, including 75 executives from Australia, positions the nation within the broader mining narrative on a global scale.
Stuart Cowie, head of ABB Australia’s Process Industries Division, highlighted Australia’s robust commitment to sustainability, revealing that “50 per cent of Australian mining businesses anticipate either significant transformation or indeed a total transformation of their operations over the next five years.” This figure aligns closely with global trends, where 53 per cent of mining companies express a similar forward-thinking approach. However, Australia finds itself slightly trailing when it comes to the urgency of these transformations. The focus on ESG (environmental, social, and governance) priorities is mirrored in both local and global contexts, with health, safety, and well-being cited as top priorities by 57 per cent of Australian firms.
As the mining industry grapples with the imperative to decarbonise, technology plays a pivotal role in this transition. Cowie pointed out that “73 per cent of Australian mining companies aim to electrify at least a quarter of their fleets by 2030,” a figure that outpaces international efforts. Yet, the road ahead is not without its bumps. Investment challenges and infrastructure limitations remain significant hurdles, with 57 per cent of Australian operators citing investment requirements as a major barrier, mirroring the global landscape.
Workforce challenges pose another significant roadblock, as both Australia and the world face a shortage of skilled talent. Cowie noted that “almost half – 48 per cent – of the industry is grappling with a shortage of skilled talent.” The silver lining, however, is that 74 per cent of Australian companies are committed to reskilling their workforce, outpacing the global average. Sarah Coleman, CEO of idoba, underscored the role of technology, particularly advancements in AI and machine learning, as crucial in addressing these workforce challenges. “The technology is now actually catching up to the aspiration,” she remarked, suggesting that this could give Australia a competitive edge.
Collaboration is another area where Australia shines. Acknowledging the importance of partnerships in achieving decarbonisation goals, both Cowie and Coleman noted a cultural shift towards more open collaboration within the industry. With 71 per cent of global mining executives emphasizing the need for partnerships, Australian miners are increasingly inviting collaboration to tackle challenges like investment and infrastructure. Coleman highlighted a newfound humility among companies, stating, “We’re seeing more humility from companies acknowledging that they don’t have all the answers.” This cultural shift could prove vital in accelerating progress.
Australia’s role in the global green transition is undeniably significant. With mining serving as the backbone for the raw materials needed for green technologies, Cowie pointed out that “82 per cent of respondents in Australia are excited about the opportunity to supply the materials needed for the green transition.” This enthusiasm reflects a growing recognition that mining is not merely part of the problem but rather a critical part of the solution.
As Australia navigates the complexities of the mining sector’s transformation, the findings from the ‘Mining’s Moment’ report underscore the urgency for action. While the nation faces unique challenges, including workforce shortages and infrastructure needs, its commitment to transformation, collaboration, and technological innovation signals a promising future. The Australian mining sector stands poised to play a leading role in shaping the green transition, both nationally and globally. The time to act is now, and the stakes could not be higher.
