The discovery of copper in Australia will be revolutionized through the use of Artificial Intelligence, geo-spatial data and other emerging technologies according to a new study.
The Roadmap to Zero: Discovery says developing new mines is now urgent given the global reliance on copper to help electrify and decarbonise the world. The latest global research indicates that copper mines now take an average 24.1 years from discovery to production—in Australia it is 20 years—with the world predicted to face soaring copper demand but falling supply.
Exploration has been declining. The rate of discovery for all economic deposits globally has halved in the last decade and the average cost of discovery is now four times higher than 20 years ago. While discoveries at existing ‘brownfield’ sites face challenges like depth and ore quality.
But Roadmap to Zero: Discovery says Australia is well placed to be a world leader in copper discovery given the return on investment in copper exploration is almost double the global average. The report identifies cutting edge technologies already reducing investment risk, cutting adverse environmental impacts and accelerating discovery times, including:
- The application of artificial intelligence (AI), machine learning (ML);
- Advanced geo-spatial data capture and utilisation;
- Drilling technologies, sensors, platforms, geophysical, geochemical tools and techniques;
- Off earth and alternate business models to enable accelerated technology development;
“Australia has the world’s second biggest reserves but is still not in the top 5 of the largest producers globally and slow discovery is a big reason”, CEO of the International Copper Association Australia, John Fennell, said. “Australian copper exploration spending is rising, but we need to double down on innovation if we hope to keep pace with demand.”
The Roadmap to Zero: Discovery is the sixth report in the Roadmap to Zero Project. It was led by the International Copper Association, Aeris Resources, Anax Metals, Glencore, MMG, Newmont, Ok Tedi Mining Limited (OTML), PanAust, Sandfire Resources and the NSW Government.