A report recently published by the research and advisory firm Kachan & Co reveals that there are 47 new green mining technology breakthroughs that mining companies are adopting to save money and spare the environment.
The document entitled “Emerging Green Mining Innovation” shows how a cottage industry of companies is starting to form to help the mining industry clean up after hundreds of years of negative actions and excessive waste production.
According to the report with more than 50 pages, the main reasons why big companies are going green are market volatility, rising costs, falling commodity prices, decreasing productivity, policy changes and social justice scrutiny. Kachan associate Kathy Chen, primary author of the report, says that:
Mining companies have been criticized for poor environmental practices, but few people realize there’s a large and growing set of companies around the world developing new technologies to help make mining more efficient, better for the planet and safer for workers and local communities. Innovative technology companies are finding market opportunities in addressing the common criticisms of mining.
The study defines the green mining technology sector and refers to dozens of promising companies developing new green mining technologies in several fields: power reduction, fuel and maintenance reduction, toxicity reduction, emissions reduction and water reduction. In this case, Kachan managing partner Dallas Kachan explains that:
While requiring higher upfront capital expenditures, many of these new technologies reduce operation, closure and decommissioning and post-closure costs. Forward-thinking mining companies are incorporating some of these into operations and already realizing value. Mining companies can’t afford to continue using traditional processes if they want to continue operating competitively and in accordance with increasingly stringent regulations.
Besides the primary economic benefits, the report concludes that green mining technologies can also boost the satisfaction levels among workers and mitigate social justice tensions, as well as assuring a safer environment for miners. From hundreds of green mining technology companies, the report identifies 47 businesses that will most probably reach success.
The report also leaves some recommendations to companies and investors, among other stakeholders in the mining industry: there must be more investment in innovation and government must support green mining innovation, but without using taxpayer funds, are just two examples.