The discovery of copper in Australia will be revolutionised through the use of Artificial Intelligence, geo-spatial data and other emerging technologies according to a new study.
The Roadmap to Zero: Discovery says finding and developing new mines is now urgent given the global reliance on copper to help electrify and decarbonise the world. 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 that the return on investment in copper exploration is almost double the global average. The report identifies a range of new technologies already reducing investment risk, cutting adverse environmental impacts and accelerating discovery time lines, with some of the most exciting 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 hasn’t had a major copper discovery in over a decade and despite having the world’s second biggest reserves is still not in the top 5 of the largest producers globally”, CEO of the International Copper Association Australia, John Fennell said.
“Copper exploration spending rose 30% in Australia last year on the year before, but we need to double down on innovation if we hope to keep pace with demand.”
The Roadmap to Zero: Discovery is the sixth edition in the Roadmap to Zero Project designed to guide and support the copper industry towards more sustainable mining.
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