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A joint study recently conducted by the Prospectors and Developers Association of Canada (PDAC) and Monitor Deloitte (Deloitte) examined current perspectives on innovation in an age of rising costs, multiplying risks, increasing environmental concerns, escalating activism and shrinking margins.
The general consensus? Innovation is key to the mining sector’s survival.
The landscape is truly shifting and the environment within which the industry operates is more complex and challenging than it has ever been. Exponential change always disappoints in the early days; however, once past a certain tipping point, there’s no going back. Companies that get this and act on it are successful in the long run.
It’s time to acknowledge that innovation is no longer a luxury. In fact, innovation is now critical to the survival and sustainability of any organisation, and integral to value creation and adequate returns on investment.