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As governments race to secure supplies of critical minerals, a growing challenge is emerging across the mining sector: many of the deposits needed for future supply are becoming harder and more expensive to develop.
According to EY’s latest assessment of mining industry risks, operational complexity has become one of the sector’s most pressing concerns. Aging mines, declining ore grades, permitting delays and increasing technical requirements are combining to make critical minerals production more challenging, even as demand continues to grow.
Historically, miners have focused on replacing reserves through exploration and acquisitions. Today, companies must also contend with increasingly complex extraction and processing conditions, often in deeper deposits or more remote locations. These challenges can affect productivity, operating flexibility and project economics.
The issue extends beyond geology. Access to capital, supply chain resilience and rising costs are all becoming increasingly important considerations for developers seeking to bring new projects into production. At the same time, governments around the world are taking a more active role in supporting critical minerals development, reflecting the strategic importance of secure supply chains.
Technology is expected to play a significant role in addressing these challenges. Automation, artificial intelligence, advanced processing techniques and digital supply chain tools are increasingly being adopted to improve efficiency and help producers manage more complex operations.
For the mining industry, the message is clear: meeting future demand for critical minerals will require more than discovering new deposits. Success will increasingly depend on the ability to develop and operate those resources efficiently in a more complex operating environment.
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