A new study has revealed Australian copper discovery will be revolutionised by artificial intelligence (AI), geo-spatial data, and other emerging technologies.
The International Copper Association Australia’s new Roadmap to Zero: Discovery report emphasised developing 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 demand but falling supply.
But Roadmap to Zero: Discovery is confident Australia is well placed to be a world leader in discovery given the return on investment in exploration is almost double the global average.
“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,” International Copper Association Australia chief executive officer John Fennell, said.
“Australian copper exploration spending is rising, but we need to double down on innovation if we hope to keep pace with demand.”
The report identifies cutting edge technologies already reducing investment risk, cutting adverse environmental impacts and accelerating discovery times, including:
- the application of AI machine learning
- advanced geo-spatial data capture and utilisation
- drilling technologies, sensors, platforms, geophysical, geochemical tools and techniques
- off-earth and alternate business models to enable accelerated technology development.
The Roadmap to Zero: Discovery is the sixth report in the Roadmap to Zero project, led by the International Copper Association, Aeris Resources, Anax Metals, Glencore, MMG, Newmont, Ok Tedi Mining Limited, PanAust, Sandfire Resources and the New South Wales Government.
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