NEWMONT: The impact of rapidly advancing mining technology.
Whilst technology has helped make our businesses safer, cleaner, more efficient and productive, the velocity of technological change today is changing social and economic dynamics in ways not seen since the industrial revolution.
Some of the technological benefits at Newmont in recent years include automation and remote operations – in particular post the lesson learnt from the pandemic. Automation is helping mitigate safety risks, reduce emissions and improve efficiencies.
Specifically, autonomous vehicles, automated drilling, remote operations, and asset monitoring are critical to how we mine today and, even more so, in the future. As part of its commitment to address the impacts of climate change, the company is also challenging its employees and its equipment manufacturers to take risks in order to drive innovation and more rapidly develop sustainable solutions to reduce emissions.
In 2021, Newmont announced a $100 million strategic alliance with Caterpillar to develop, build, test and then deploy in operating mines, both battery electric open pit and underground trucks, before the end of this decade. Also as part of its pathway to achieve our 2030 emission reduction targets and its 2050 net-zero ambition, we are working to implement energy efficiency improvements at our operating sites, and working with its suppliers to reduce emissions in power generation and transportation.
At Newmont, technicians are using artificial intelligence algorithms and machine learning to monitor air and water quality, as well as the condition of wildlife and other natural resources. But like any technology, AI, including Large Language Models like Chat GPT, are advancing and self-learning so rapidly that even their own creators are not sure how they are able to do what they do.
In fact, earlier this year more than 1,000 technology leaders and researchers working on AI signed an open letter warning that these technologies present, “profound risks to society and humanity.” In short, AI’s accelerating advancement is creating unknown unknowns.
Geopolitical developments have hugely material impacts on the supply and demand of individual commodities, including gold and copper. Internal societal changes, political rifts, and economic anxieties can drive geopolitical turbulence within governments and between governments. Last year, Newmont contributed $11 billion dollars in direct economic contributions through salaries, taxes, royalties, payments to governments, and community contributions. This included one and a half billion dollars in taxes and royalties and nine and a half billion dollars in direct economic contributions.
