Rio CEO says mining industry has to reinvent itself
Diversified miner Rio Tinto has called for a reinvention of the resources industry in order to fit into a modern world.
Speaking at the International Mining and Resources Conference, in Melbourne, last week, Rio CEO Jean-Sebastian Jacques said that the resources industry’s vision had to be fundamentally different to the vision of 50 years ago, in a world where cars drove themselves, machines were faster than humans, and where there would be more than 7.5-billion people in the world.
“We need to reinvent ourselves. I’ve mentioned this a few times already, but this is key. We are an old industry and there is no doubt we have changed and modernised, and we deserve credit for that. But we have not changed to the same extent that we have seen other industries reinvent themselves,” Jacques said.
He noted that this need for reinvention was particularly important in the face of decisions by major global companies to recycle metals and minerals that go into their products.
“What does this mean for our industry? This may mean we need to pioneer new ways to mine or think seriously about our business models at some point in the future. “There’s no question. This will be difficult, and it will take a long time and, as the saying goes, we will need to break a lot of eggs to make the omelette.”
Jacques said that digital technologies would also be a “fundamental game changer” for the resources sector, with technologies such as artificial intelligence and the Internet of Things forcing the sector to become more imaginative.
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