Investors who think that the mining sector is behind the times when it comes to technology and innovation ought to think again, according to one organization that is helping to bring tech to the mining sector.
In a presentation during the CIM Conference 2019, Don Duval, CEO at NORCAT said that the mining sector is not short of ideas or tools when it comes to innovation; however, he added that the issue is adopting the technology and ideas in a working mine.
"We see an array of emerging technology for the mining sector, but the question is: how do we successfully implement all this innovation?" he said in an interview with Kitco News
There is still much uncertainty around innovation and whether or not technology will solve the problems within the mining sector, said Duval, which makes many mining executives reluctant to bring new equipment and ideas to their projects. He added that executives want to know that when they try something new, it will work right away.
"Mining companies are under unprecedented pressure to perform to drive shareholder value. There is enough risk already in the mining sector," he said. "What we are hearing from the miners is that they want to de-risk new technology as much as possible. There are not many mining companies out there that would install something that is not proven."
Duval said that if mining companies are going to embrace new technology, they want to "see it, feel it and hear it," within a real-life working environment. He added that this is the niche NORCAT is trying to fill.
Read the full article from Kitco News here