Mining technology consists of the tools, methods, and knowledge used to locate, extract, and process mineral and metal deposits in the earth. The methods used to locate ore bodies range from on the ground reconnaissance by prospectors to remote sensing techniques such as satellite imagery.
McKinsey estimate that data analytic and robotic technology improvements could produce US$290 billion to US$390 billion in annual productivity savings for oil, natural gas, thermal coal, iron ore and copper producers across the globe in 2035. 1 These benefits wont be distributed evenly across the industry.
An ever growing demand for products and technologies that require an increasing supply of minerals can be witnessed globally. At the same time, large deposits are becoming harder to find, ore grades are declining, and water management is a rising concern.
Internet of Things, an emerging network technology based on the convergence of wireless technologies, micro electromechanical systems and the Internet, can potentially transform the mining industry by creating new ways of maintaining mine safety and productivity.