Mining in the Knowledge-based Economy

The knowledge-based economy has profound implications for the mining industry. The broad stimulus to economic growth brought about by the proliferation of Information and Communications Technologies (ICTs) has benefited global mineral demand as has the specific reliance of these technologies on electrical products and power generation. On the supply side, ICTs have contributed to consolidation in the mining industry by creating a range of new economies of scope. Associated with the emergence of the knowledge economy has gonea shift in the location of wherevalued is added in the mining industry away from discovery and the deployment of capital towards the application of intelligence to known deposits and to improvements in capital efficiency. In addition, changing social expectation shave broadened the range of knowledge that is relevant to success in mining, adding a new dimension to competitive advantage in the industry.