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Mining Technology Column | Australian Mining Equipment, Technology and Services Industry Association Outlook 2021
The Australian Mining Equipment, Technology and Services Industry Association (Austmine) provides an outlook on the key areas that could impact the industry in 2021.
The Australian Mining Equipment, Technology and Services Industry Association (Austmine) provides an outlook on the key areas that could impact the industry in 2021.
01 Gradual recovery from the epidemic
The mining equipment, technology and services industry will shift from responding to and mitigating the impact of the COVID-19 epidemic in 2020 to planning for the future of the industry in 2021. Industry companies should be optimistic about the growth outlook, but it is worth noting that the global recovery from the new coronary pneumonia epidemic will be gradual, rather than a rapid return to the pre-epidemic state.
Although Australia has been relatively unaffected by the outbreak, its mining equipment, technology and services industries have suffered greatly. According to a Austmine survey of 619 companies affected by the new coronary pneumonia epidemic, 56% of businesses saw their revenues decline, with an average decline of 33%.
While government support mechanisms have helped to mitigate these industry shocks, a number of factors continue to significantly affect business development opportunities in the mining equipment, technology and services industries, including project holds, delays in investment decisions, and the closure of domestic and international borders.
Although widespread vaccination is expected in 2021, the virus will still have an impact on commercial operations. Therefore, Austmine encourage industry enterprises to continue to adopt the current flexible response methods to adapt to the rapidly changing environment.
02 Opportunities and Challenges
Metals prices have remained high during the global pandemic of neo-coronary pneumonia, giving Australia a clear advantage over some of the countries where mining operations have been more disrupted.
Capital will continue to focus on improving operational efficiency and performance, and the Australian mining equipment, technology and services industry, with its leading mining expertise and value-added technology, can take full advantage of these opportunities.
In addition, mining projects in Australia are still under active construction. According to the Office of the Chief Economist, there are currently 335 large projects in development, with a total value of A $334 billion. At the same time, due to the renewed emphasis on the development of Australia's mineral industry, mining equipment, technology and service companies will participate in the new supply chain, laying the foundation for future sustainable development.
Businesses can seize these growth opportunities, but should remain vigilant, not only to guard against the new coronary pneumonia epidemic, but also to the potential risks posed by trade tensions, global instability and other disruptive factors.
03 Return to international markets
In 2021, international travel is likely to resume soon, which is a major positive for Australia's mining equipment, technology and services industries.
The mining equipment, technology and services industry is one of Australia's most international industries, providing key products and services to mining companies around the world. The national survey in Austmine showed that 65 per cent of the companies surveyed had an export business and a high proportion of them in markets severely affected by the epidemic, such as the United States, Indonesia, Chile, South Africa and Brazil.
The return to international markets means the potential resumption of major trade shows and global events at the end of 2021, providing a significant opportunity to promote Australian mining equipment, technology and services innovation globally.
04 Government support policies
For many years, Austmine has worked to put the mining equipment, technology and services industries at the forefront of government issues. Through Austmine continuous efforts, people continue to recognize that mining equipment, technology and services industry is a key industry in Australia.
The federal and state governments have expressed strong support for Australian businesses to recover from the new coronary pneumonia epidemic, particularly for businesses in mining and strategic industries such as mining equipment, technology and services.
In October 2020, the federal government launched the $1.5 billion Modern Manufacturing Strategy, investing in large-scale transformation projects, supply chain resilience, and manufacturing technologies and processes. Resource technology and critical mineral processing has been identified as one of the priorities of the strategy and is expected to continue to support the mining equipment, technology and services industry in the coming months.
In addition to funding from the Modern Manufacturing Strategy, the mining equipment, technology and services industries can leverage their wide range of support services and funding for industry recovery, and business leaders must also leverage these avenues. Other key funding and support services include Entrepreneurs' Programme, Export Assistance Grants, Export Market Development Grants (EMDG), R & D Tax Incentives (Research and Development Tax Incentive) and the METS Ignited Cooperation Project Fund.
05 The pace of digital transformation
One positive result of the neo-coronary pneumonia epidemic is the rapid digital transformation of the mining industry, which can enable remote work, monitor staff health and safety, reduce staff and improve operational efficiency by deploying on-site systems.
Today, mining companies are more actively adopting digital solutions than ever before. Australia has an extensive ecosystem of advanced mining technology and software businesses, so it will benefit from this trend of digital transformation and drive the industry forward.
The form of interaction between customers and suppliers has also changed, from traditional procurement practices to open innovation methods, constantly scanning the market for new technologies, and ultimately to strengthen corporate cooperation. Austmine is working with BHP Billiton (BHP) in Australia through the Supplier Innovation Program, which has already successfully opened pilot projects. Austmine is also working with India's Tata Steel on a Innoventure programme on the international stage, expanding its business through its Mining Open Innovation programme. There is no doubt that this transformation of the traditional relationship of the mining industry will further promote digital transformation.(Compiled by Geoscience Documentation Center of China Geological Survey)
Source: Mining Industry
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