Deloitte’s “Tracking the Trends 2021 report” highlighted some important trends for us in industry, and a critical key: “the issue of trust between the mining industry and its wider set of stakeholders”.
The report emphasized a gap. For industry to play a critical role to provide minerals and metals to resource the world’s lower carbon future, it must “rebuild trust”. This need is illustrated by challenges such as being “capital starved” and “often not the first choice for talent”. The report tackles “closing the trust deficit”, sharing case studies and examples of how mining companies can build a path forward.
Many of the report’s top 10 trends centred around ESG actions to meet investor and community expectations. The 2021 mining industry trends identified in Deloitte’s report were:
Trend 1 – Building resilience amid volatility
Trend 2 – M&A in an altered world
Trend 3 – ESG – Getting serious about decarbonization
Trend 4 – ESG – Overcoming the social trust deficit
Trend 5 – ESG – Corporate governance adding to competitive advantage
Trend 6 – Creating an agile supply chain
Trend 7 – The path towards integrated operations
Trend 8 – Advancing the future of work
Trend 9 – On the road to zero harm
Trend 10 – Meeting demand for green and critical minerals
Some of the recommendations to mining leaders included:
- “address decarbonization and meet ESG commitments”
- “executing a clear roadmap and action plan to de-risk organizations and help win back investor and community trust”
- “move beyond compliance to focus on creating shared value for governments and communities with clear outcomes”
- “strengthen governance around human rights, ethics and cybersecurity”
- “create transparency across the supply chain”
Deloitte also highlighted the role of technology, process, workplace design, people and culture in industry’s path towards integration operations, and the need to embrace digital and challenge our definition of productivity.
Underpinning the transformations required across industry – both within organizations and future business models – was the theme of collaboration. Deloitte highlighted the need to shift from “command-and-control” leadership to a culture that empowers collaboration, and also move the dial on safety by “collaborating as an industry”, “pooling data” and “leveraging integrated and predictive technology”.
Finally, Deloitte highlighted industry’s “Key role in the energy transition” to “meet demand for green and critical minerals”:
- “to produce critical and green minerals in a sustainable and ethical way”
- And ensure the “industry builds trust with society at large.”