Australia’s Mining Equipment, Technology and Services (METS) sector has enabled us to become a world leader in every aspect of the minerals industry supply chain, the CEO of Austrade, Dr Stephanie Fahey, told IMARC today.
“Mining and METS are core to the Australian economy – they are part of our DNA. Australian METS employ 386,000 and they are critical to the Australian economy,” Dr Fahey said.
She said modern-day METS are focused on stakeholder collaboration, the impact of technology and unlocking opportunities in an industry that is changing, and changing fast.
The contribution of mining and METS research and development are now worth $3 billion per annum to the Australian economy, and that represents 15% of Australia’s expenditure on R&D, adding that Australia’s mining solutions are in demand all over the world.
“New solutions will be found in collaboration – think, plan and work in collaboration,” Dr Fahey said.
She touched on data collection and use, saying that as part of the overall advancement, data is the new currency – collect it, commercialise it, determine what value we can create from it. Based on McKinsey research, Dr Fahey said the mining industry currently utilises less than 1% of the data it collects.