The latest roadmap from the International Copper Association Australia (ICAA) highlights the role artificial intelligence and other emerging technologies will play in copper discoveries.
The Roadmap to Zero: Discovery says that the development of new mines is now urgent, given the global reliance on copper to help electrify and decarbonise the world. The latest global research indicates that copper mines now take an average 24.1 years from discovery to production – in Australia it is 20 years – with the world predicted to face soaring copper demand but falling supply.
The report also says exploration has been declining, with the rate of discovery for all economic deposits globally halving in the last decade. In addition, the average cost of discovery is now four times higher than 20 years ago, and discoveries at existing ‘brownfield’ sites face challenges like depth and ore quality.
Despite this, Roadmap to Zero: Discovery says Australia is well-placed to be a world leader in copper discovery, given that the return on investment in copper exploration is almost double the global average. The report identifies cutting-edge technologies already reducing investment risk, cutting adverse environmental impacts and accelerating discovery times, including:
- The application of artificial intelligence (AI) and machine learning (ML)
- Advanced geospatial data capture and utilisation
- Drilling technologies, sensors, platforms, geophysical, geochemical tools and techniques
- Off-earth and alternate business models to enable accelerated technology development
ICAA’s CEO, John Fennell, said, “Australia has the world’s second-biggest reserves but is still not in the top five of the largest producers globally, and slow discovery is a big reason.
“Australian copper exploration spending is rising, but we need to double down on innovation if we hope to keep pace with demand.”
The Roadmap to Zero: Discovery is the sixth report in the Roadmap to Zero Project, which is designed to support the copper industry’s transition to more sustainable mining.
It was led by the International Copper Association with members Aeris Resources, Anax Metals, Glencore, MMG, Newmont, Ok Tedi Mining Limited (OTML), PanAust, and Sandfire Resources. The ICAA Roadmap to Zero Project was supported by the New South Wales Government.
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