Mining Technology In The Future

Introduction It is difficult to think of any activity on which mankind has been more dependent than mining, and certainly there is much evidence in almost every part of the world of old workings that clearly demonstrate that man from earliest times has dug and toiled to take from the earth precious stones, metals and materials that from time to time have been essential or of value to him. In step with social development and industrial and technological advances the tempo of mining activity, regulated only by the laws of supply and demand, has quickened and in this century has accelerated rapidly in keeping with its dramatic development. Indeed, the rate of change of events has been such that if it were to continue to accelerate as fast as it has over the past decade there is reason to wonder how the insatiable demands for metals and minerals are to be met in the years that lie ahead. Shallow mines containing high-grade ore deposits either have been or are being rapidly mined out and their place can only be taken in general by ore lying at greater depth, or by ore of low grade, situated for the most part in remote and in underdeveloped areas. The cost of exploration and development is rising at an alarming rate, with the result that the expenditure now required to bring a mine to production far exceeds anything previously contemplated. It is estimated that the total capital required to maintain existing operations and develop new ones during the next 5 years will be of the order of $50,000 million and of this, new capital to bring new mines to production will be of the order of $3,000 million. Today no single mining finance company can, from its own resources, find all the money for a major mining development, and as a consequence there has been a strong trend toward joint ventures and to the formation of multinational consortiums. International lending institutions already play an important part in financing many new mining projects and their participation provides the financial umbrella under which other lenders can invest with greater security. There is little doubt that to finance the costly ventures in the future, governments and international lending agencies, banks and finance