PERTH (miningweekly.com) – Talent recruitment and retention, and working towards a low carbon future, have been flagged as some of the top issues Australian miners will face in 2022.

Advisory firm Deloitte this week released its fourteenth annual Tracking the Trends report, which explores the key trends mining companies must contend with as innovation accelerates driven by the need to meet decarbonisation, and other environmental, societal, and governance (ESG) goals.

Deloitte Australia mining & metals leader Steven Walsh said the sector was facing one of the most transformative times in its history.

“The level of change and innovation we are seeing across the mining industry is accelerating. This change is being pushed by the demands and expectations of stakeholders across environment, society and governance, and is being pulled by the pandemic-driven adoption of new ways of work,” he said.

“The industry is embracing real opportunities to redefine itself, and to do so faster than many would have predicted a few years ago. Those that succeed in adapting and innovating, will position themselves to lead the mining industry in a new energy future and leave a positive social impact in their wake. 

“The core objective of mining - providing metals and minerals to downstream sectors for all of the myriad uses in society - will still hold in a low-carbon future, but the energy transition absolutely presents a rare opportunity for leaders to reorganise, generate new value, and forge partnerships to create a more responsible and attractive future for the industry.

“The way in which mining organisations position themselves today in preparation for this more sustainable future could redefine competitive advantage over the next decade.”

Walsh said operators also needed to consider current and emerging work-related trends and technologies, and how people will interact with them, to have any chance of realising their full human capital potential.

“As new technologies are introduced, new roles with different skillsets are emerging, and traditional ways of working continue to be challenged. Mining organisations are redefining the importance and value of their people, and those who are most successful will adapt to and build on concepts such as remote working, flexible work arrangements and workforce wellbeing.”

The report noted that the energy transition is reshaping the traditional mining value chain, creating new challenges and opportunities for miners, and that mining companies should prepare for the physical impacts a changing climate can produce across their businesses and operations as well as beyond their own sites.   

Furthermore, in a post-Covid-19 world, many countries are looking to regulations and resource nationalism to recoup lost revenue during the pandemic, with mining companies now having to learn how to operate in this new environment by demonstrating their value, including through ESG efforts.

The pandemic has also exacerbated the resources sector’s need for staff, with labour shortages intensifying during this time.

“Facing this increasingly competitive labour market requires companies to position themselves as an attractive sector and employer, capable of meeting evolving priorities,” said Walsh.