Richard Verkley on How AI Can Improve Safety in Mining Industry
HOUSTON, TX / ACCESSWIRE / August 3, 2018 / The global mining sector has re-entered an era of profitability, with the top 50 largest listed companies worth an estimated $896 billion leading into 2018. As the revival gathers momentum, Richard Verkley, CEO of Eco Metals Recovery UK, examines how artificial intelligence (AI) is poised to revolutionize safety and the efficiency of operations in the industry. Price Waterhouse Cooper's ‘Mine 2017' report indicates the path forward to address cost and efficiency challenges and protect human assets is the adoption of digital innovation. According to the paper, this strategy will lower maintenance costs by up to 40%, reduce capital expenses by as much as 10%, and increase asset productivity by up to 20%.
AI spending is expected to top $46 billion by 2020, as forecast in a report by International Data Corporation, with the largest area of investment being cognitive applications, that is, "industry applications that automatically learn, discover, and make recommendations or predictions." Applied effectively to mining operations, AI offers vastly improved and streamlined safety solutions compared to conventional methodologies, providing cutting-edge capabilities for threat detection, accident analysis, personnel tracking (via wearable tech), and hazardous materials sampling. Trolex - a leading global supplier of gas and dust detection, connector solutions and safety and infotainment systems - acknowledges that integrated machine learning is the next logical phase in an industry where sophisticated real-time monitoring solutions (advanced sensors) exist but have yet to be fully automated, leaving system managers with massive data often too complex and fluid to inform intelligent decision-making at a human level.
Richard Verkley points to leading iron ore, metallurgical coal, and copper producer BHP Billiton as a prime indicator of the mining industry's trend towards adaption of AI. This industry giant has paired military-grade survey drones with advanced supercomputing in order to conduct safe, efficient, and cost-effective site and construction surveillance. As a result, BHP Billiton is saving upwards of $5 million per year and eliminating employee exposure to potentially dangerous conditions. Similarly, Barrick Gold Corporation has recently partnered with Cisco Systems to go from "being a mining company to being a digital company that happens to be in mining," as stated by executive chairman John Thornton. Barrick's goal is not only to increase profitability but also to remove staff from harm's way by utilizing arrays of sensor data and/or automated equipment that forecast and mitigate risks.
Forbes reports that within the US market alone, an average of 100 people die weekly in construction/resource extraction by performing tasks that could be substituted by automation and AI-based systems. By harnessing historical, real-time, and predictive data sets, centralized data management centers will be able to actively ensure site safety with respect to toxic gas emissions and other common operational dangers, while automation will allow frontline workers to manage site activities remotely, resulting in a more open and inclusive workforce with opportunities for "primary caregivers, part-time workers and people with disabilities," as envisioned by Deloitte in its 2018 report on mining trends.
Entrepreneur, business executive, and philanthropist Richard Verkley is the CEO of Eco Metal Recovery UK that is changing the way the world mines, through state of the art environmentally sound precious metals recovery techniques . As an experienced industry leader, Richard has also become a distinguished mentor for aspiring small business owners and investors, offering clients market insights, analytics, and concept development. Along with his wife Sheryle, he oversees non-profit organization Hearts of Gold, working to bolster the activities of locally administered Ecuadorian charities through enhanced funding streams.
Richard Verkley - Eco Metal Recovery UK - Farpoint Metals & Mining: http://richardverkleynews.com
Eco Metals Recovery - Changing The Way The World Mines: https://ecometalsrecovery.com
Richard Verkley Explores the Role of AI in Reducing Mine Downtimes: https://finance.yahoo.com/news/richard-verkley-explores-role-ai-130000472.html
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