In an industry where the collection, management and analysis of exploration data can influence the profitability of a mining project, leveraging data-driven insights can deliver a significant competitive advantage for mining companies.
Intuitive software solutions provider Micromine says that mining companies are increasingly realising the value that collected data can bring to their operations, particularly in optimising core mining functions such as exploration, mine planning, resource allocation and fleet management.
“Mining companies invest millions of dollars into exploration activities and, at the end of the process, are left with huge amounts of data, [which is of] enormous value,” says Micromine Geobank product strategy manager Mark Gabbitus.
Technologies such as mining software solutions and geoscientific information management systems such as Micromine’s geological data management solution, Geobank, can provide companies with the tools to harness the value of mining data in an era where the ability to collect, process and manage data becomes a more critical requirement in the mining process.
“The way in which companies manage their geological data has a significant impact on the overall return on investment of a project. The data drives real value for the business, not only through shaping the mine planning process but also in terms of market presentation,” he explains.
“While it is important [that] miners adopt technology solutions, those that are able to build data management into their core processes and embed the importance of data management into their company culture are set to see the real benefits data-driven insights can bring.”
Exploration and mine managers are able to make key decisions with access to accurate, near-real-time data, with drilling activity, mine planning, resource allocation and forecasting decisions all driven by these data insights.
Software and efficient and effective data management can play an important role in ensuring mining companies maintain the quality, integrity and usability of the data collected to ensure a project progresses seamlessly to the next stage and reaches its potential value.
“Loss of data, poor accessibility and quality control issues can cost millions of dollars when inaccurate modelling, lost opportunities and poor decision-making result,” he says.
Gabbitus notes that Geobank Mobile has the ability to integrate with third-party data collection systems, such as magnetic susceptibility devices, barcodes, GPSes, scale devices and on-board cameras, which will provides users with the ability to access and analyse key geological data in near real time, increasing business intelligence and improving efficiencies.