A survey by State of Play, the think tank founded by consulting firm VCI, along with Curtin University and the University of WA, sees an encouraging future for renewable energy in mining.
Titled “State of Play: Strategy,” the report’s fourth biennial edition found that 78% of Australian mining executives think renewable energy will be most widely used, and eventually rank in importance alongside fossil sources such as gas, diesel, and coal.
However, only 25% of mining executives admitted that their companies were currently focusing on innovation in energy technology.
Nevertheless, over 60% thought that renewable energy would demonstrably change mining over the next 15 years. “Technology will be used to fundamentally reduce the footprint in mining, particularly through the use of renewable energies,” said Antofagasta CEO Ivan Arriagada. Antofagasta is a mining major in Chile, where the resources industry consumes 30% of the country’s power.
According to VCI chief executive and State of Play co-author Graeme Stanway, another big change was the rising “social expectation” from mining companies.
Referring to project economics, Dr. Stanway said renewable energy costs were already turning viable for miners, especially in remote areas. Also, miners recognize the focus on ethical investing in capital markets. This trend would be a very real financial driver, he added.
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