Speaking at Davos, Mike Henry says the industry won’t be able to meet the ever-growing needs of the energy transition unless it embraces innovation.
| The mining industry will have to take more risks on innovative technology if it is going to feed the energy transition’s gaping appetite for commodities, BHP boss Mike Henry warns.on Wednesday that miners had to squeeze significantly more out of existing mines, in addition to boosting new supply.
“Over the medium to long term, the mining industry has to get better at innovating and taking a bit more risk in deploying innovative technologies,” he said. But they were yet to fully realise that although the world needed more lithium, cobalt and nickel, the world was starting on the energy transition already “needing to offset a declining production base”.
This would require companies like BHP to operate “with ever higher standards”. They would need to “create greater value for all those around their operations” and “minimise the impact on water, biodiversity, cultural heritage”.Getting new projects up and running was also taking longer than it used to, he said. Two or three decades ago, it would take 10 years to get a new mine up, now it takes 15 to 20 years.
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