Global forces shaping the future of mining and how to navigate them
Global forces shaping the future of mining and how to navigate them
The mining industry faces many challenges as the world moves towards more sustainable sources. tract also are subject to environmental analyses.
- There are many reports analysing the risks facing the mining industry, but how should companies consider the implications for their business?
- Rather than focusing on complex risks in isolation, we should examine the connections between forces of influence and control.
- These forces are broadly divided into ‘proximate’ and ‘remote’, and provide a way to navigate the future challenges facing the industry.
Exempts from the World Economic Forum’s Global Risks Report offers a fascinating overview of stakeholder perceptions of risks and cautions that if the most pressing environmental risks are not confronted soon, environmental degradation and societal fragmentation will intersect, with dramatic consequences.
Every first-quarter, the big-four consulting firms publish their analyses of risks or issues facing the mining industry. All these reports are highly relevant, but questions remain as to how they can be used by mining companies to think through the implications for their business.
One approach is to look at risk and issues not in isolation, but to consider how they manifest themselves as forces shaping the future of the mining industry. Whereas risks vary from year to year (evidenced by the emergence of infectious diseases as one of the Forum’s top risks in a matter of months), forces endure over a longer timeframe. Unpacking the forces influencing the future of the mining industry can help make sense of complexity, better situate how risks manifest themselves, and improve our understanding of how to navigate them.
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