Which companies are leading the way for artificial intelligence in the mining sector?

It was only a few years earlier that Artificial Intelligence (AI) was a brand-new concept that was much too technical for anyone to anticipate how it will affect the world. Things have surely altered by the year 2019. It has changed the game for a variety of sectors, including significant participants in the mining industry.

Small increases in yields, pace, and efficiency may have a huge influence on the mining sector, therefore increasing efficiency and productivity is critical for profitability.

Now, let's take a look at how the companies which are using AI in the mining sector.

Mining Companies using AI

Mineral exploration

Massive quantities of data is in the form of samples collected, chipping samples, geochemical, drill findings, and assay results are used in the contemporary mineral exploration operation. Each drill hole represents a microcosm of the processes that shape the earth.

A single drill hole can yield 200 MB of data, while an exploration operation can produce gigabytes of data if there are many drill holes with different sorts of information. Because the amount of data is insane, comparing your one project against hundreds of others to get the greatest insights becomes challenging.

Each of these data sets are critical, though, since we can use them to discover new mineral resources, but sorting through them would take a full team of skilled geologists.

We can program computers to detect regions with similar structures to previous findings using Machine Learning.

Mineral explorers can use EARTH AI to find potential locations. They accomplish this by collecting data from a variety of sources and use machine learning techniques to predict regions where minerals are most likely to be discovered. Machine learning analyses 47 layers of remotely sensed and geotechnical data simultaneously, highlighting ore deposits and modification haloes as well as mapping out hard bedrock and regolith in great detail.

Mining firms may use artificial intelligence and machine learning to discover minerals to mine. This is something that several businesses are already focusing on. Goldspot Discoveries Inc. is a firm that uses machine learning to make detecting gold more of a scientific than an art. Another firm, Goldcorp, is partnering with IBM Watson to utilise artificial intelligence to evaluate all of the geological data available in order to discover better gold drilling prospects in Canada.

Autonomous vehicles and drillers

While most of us have been focusing on the advancement Uber, Google, and Tesla have made with driverless cars, many people are unaware that Rio Tinto (one of the world's biggest metals and mining corporate entities) has been using independent entity haul trucks capable of carrying 350 tonnes and operating completely autonomously since 2008. These trucks have proven to be so efficient that they have cut fuel consumption by 13% while also being more safer to drive.

Safety

AI can assist mining engineers and employees in avoiding workplace injuries and illnesses. We can forecast failures that will not only impact productivity but also be dangerous or deadly to any surrounding employees if enough high-quality data is collected.

We may utilise Ai to forecast additional possible risks, in addition to failures, by studying patterns in occurrences. This is extremely important since the environment in mining may have a significant impact on equipment performance and longevity, which varies considerably based on location.

However, AI may be used for more than merely predicting when equipment will fail or which risks would arise. We can also monitor the health and efficiency of equipment on a regular basis, which is critical for avoiding unexpected breakdowns and worker hazards.

Companies leading the way for AI

As per a study of a variety of GlobalData, Teck Resources Ltd and Sibanye Stillwater Ltd are taking the lead in artificially intelligent investment among major mining firms.

Artificial intelligence has recently been one of the most popular topics in the mining industry, with firms recruiting for more positions, closing more transactions, submitting more patents, and referencing it more frequently in corporate filings.

These themes, which include artificial intelligence, are best described as "any issue that keeps a CEO up at night," and by tracking and combining them, it is easy to determine which firms are leading the charge on certain challenges and which are trailing behind.

Teck Resources Ltd is among the artificial intelligence representatives in a list of high-revenue mining industry, as per GlobalData analysis, having marketed for 55 artificial intelligence roles, made lowest artificial intelligence offers, filed lowest patents, and noted artificial intelligence 2 times in corporation filings between January 2020 and June 2021.

January 2020 to June 2021

Due to their large amount of new employment, transactions, patents, and business filings in the area of artificial intelligence, our study categorised zero firms as Most Valuable Players or MVPs. Five firms are classed as Market Leaders, while one is classified as an Average Player. Owing to reduced numbers of jobs, transactions, patents, and business filings in artificial intelligence, six additional firms are designated as Late Movers.

For the purposes of this study, we evaluated the top mining firms based on each of the 4 artificial intelligence performance measures: jobs, transactions, patents, and business filings. The best performing firms, those that ranked first or second in all or most measures, were labelled MVPs, while the poorest performers, those who placed last or last in most indications, were labelled Late Movers.

Conclusion

Mining is inherently harmful and has a detrimental influence on the environment. While it is impossible to entirely remove mining's negative environmental effect, it is feasible to considerably minimise it by carefully regulating the extraction, transportation, and treatment of minerals.

The mining sector has been greatly influenced by artificial intelligence. AI is rapidly being used by mining manufacturing companies and development businesses to bring better value and dependability to the sector while also enhancing safety and decreasing environmental impact. Better mines, decreased environmental effect, greater economics and productivity, and enhanced exploitation of precious minerals are all examples of AI's impact.