MMF 2023: Technology Needed to Optimize Competitiveness

With technologies such as AI, VR and IoT increasingly making their way into global industries, their implementation and advantages in the Mexican mining sector will be taking the spotlight during the upcoming Mexico Mining Forum 2023, taking place Feb. 1 and 2, 2023.

The use of LTE and 5G networks in the mining industry is becoming increasingly critical as it offers several benefits regarding efficiency and security in operations. Mining companies are expected to be one of the primary users of such networks, along with the oil, energy and manufacturing sectors that together are expected to hold 67 percent of the total investment in private networks, said a tech consultancy firm.

According to the World Economic Forum, autonomous machines will be commonplace by 2025. Having these machines operating might add US$56 billion to the industry’s bottom line.

In Mexico, the incorporation of new technologies has proven to be essential for companies to improve their productivity and safety conditions since it could reduce accidents by 20 percent and increase productivity by 10 percent. Nonetheless, the mining industry seems to be reluctant to incorporate such technologies: according to the Mexican Chamber of Mining (CAMIMEX), mining companies invest less than 0.8 percent of their capital in new technologies, with the figure standing at US$44.5 million a year.

According to the Intergovernmental Forum on Mining, Metals, and Sustainable Development (IGF), smart sensors could create US$34 billion in value for the industry through predictive maintenance, improved equipment utilization, reduced downtimes and equipment failures, as well as reduced health and safety incidents. “Digitalization through improved health and safety could also save an estimated 1,000 lives and avoid 44,000 injuries,” states IGF.

Furthermore, Fernán Izquierdo, Vice President of Sales and Business Development for Latin America, Ericsson, said that the implementation of the 5G network will also contribute to making the industry more environmentally friendly, as it will lead to a considerable decrease in energy consumption in line with the Paris Agreement's commitments. “When we automate mining, we do not just increase production but also reduce fuel consumption because automating vehicles reduces gasoline consumption by 30 percent. A smart ventilation system can reduce energy consumption up to 60 percent,” Izquierdo added.

Mexico Business is proud to extend an invitation to Mexico Mining Forum 2023, where the industry’s most important leaders and investors will gather to discuss the most relevant topics regarding the sector. A ticket to the forum will grant you access to stakeholders defining current trends. Taking place on February 1 and 2, the summit will provide space to develop new business opportunities.