North America is rich with resources. Today, we mine everything from carbonate rock, like marble, to minerals, like Uranium. These substances can be used to make items, from lazy susans to nuclear power reactors. That’s why mining is one of the oldest and most important professions in the contemporary United States, stemming back to the original colonies.
But with the power and reach of technology growing, today’s mining industry is very different from that of as little as 10 or 20 years ago, and Americans can sense it.
There hasn’t been a time in recent history that miners have come into the spotlight as much as they did in the political climate of election 2016. With a changing outlook for their industry, miners are looking for answers as to what’s next.
And if you’re wondering the same thing. Keep reading for an outlook.
What’s Next For the Mining Industry in 2018 and Beyond?
Contrary to what some may believe from listening to waves of recent news coverage on the subject, the mining industry is actually already making a comeback. Data from UK’s FTSE 100 shows the value index for the top 7 mining companies has doubled in recent years. Meanwhile, United States stock trends show gold up 13.5% in mid-October.
And while miners are having a good year there are still many issues that affect the outlook.
Issues That Impact the Industry
Global Issues
Global Issues like the recent Brexit referendum have a profound effect on the industry. Luckily, the industry is based on American dollars and therefore strengthened by the decentralization of European money.
Environmental Impact
Environmental risks prove to be a stumbling block for miners. The legislation is frequently changing providing new protections for the environment and sometimes taking them away.
A risk associated with deregulated mining includes toxins being released into the air and water supply. In recent news, the Dakota Access pipeline has sparked controversy around this subject, with many in the Sioux Tribe of Standing Rock feeling displaced as the pipeline pumps through their water supply.
Health Risks
Health risks associated with being in the mining industry vary depending on what substance is being mined. But across the board, mining can be dangerous with risks that include inhalation of sediment, falling rocks, and exposure to toxins.
Workforce Attrition
North American miners are starting to age. Research shows over half the miners in Canada are over 50 years old. As young people coming out of college are often looking for the next best sci-tech or environmental engineering job, fewer are interested in the labor-intensive lifestyle of a miner. If the sector is going to continue to grow and attract new talent, there will need to be a talent acquisition strategy.
Technology
Technology is a driving force changing the mining sector. Innovative technology has been widely accepted to reduce fatalities and injury and make processes more efficient. With no shortage of mining companies collecting research and data, the next big advancement could be just around the corner in 2018 and beyond.
The Mining Sector is Healing
Trends suggest the mining sector isn’t going down without a fight. And in fact, it’s getting better.
Never has the industry been safer or more innovative than it is today. These trends in workforce safety and efficiency will continue as more research is used to the industry’s advantage.
If the sector can withstand new environmental legislation, overcome workforce attrition and mitigate overall health risks, the mining sector will likely grow in the coming years. With over two centuries of history to infer from, our outlook suggests the mining industry will be just fine.
For information on what Kor-Pak does for miners, check us out here.