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The upcoming year will bring a host of new risks to the mining industry. Any company’s 2023 strategy will need to include environmental regulations, the clean energy transition, and political/economic upheaval. It is not all doom and gloom, however. Developments in AI, self-driving vehicles, and biofuels present companies with methods to cut emissions and limit costs. Demand for certain metals and materials may increase drastically in the future. So what are some of the main risks and opportunities in 2023?

This November, the Finnish government has included a number of reforms for its mining industry. Chiefly, the government would levy a 0.6% royalty on a number of metallic minerals. Industrial minerals would also be taxed, at 0.2EUR per tonne. Additionally, the Industry would have an increased tax liability. Any company extracting minerals from Finnish bedrock would fall under this category. If the proposed reform passes, it would come into force in 2024, though there is some discussion of earlier implementation. So what should companies know?

The mining and metals industry is in a unique position. The world moves towards decabonization and limiting GHG emissions, but the demand for metals is growing. Decarbonization without electrification appears impossible. Electrification needs copious amounts of metals and minerals. As a result, the mining industry needs to seek out ways to increase efficiency while still limiting its carbon footprint. Enter digitalisation. Modern innovations in AI and general digital technology can now allow mines to upgrade their efficiently without major equipment overhauls. So let’s take a closer look at some of the technologies helping miners today.

Since the 18th century, coal has had a vital role in industrial production, energy, and heating. Even today, this fossil fuel is responsible for the majority of Asia’s energy production, led by China and India. Yet, as a fossil fuel, it is becoming increasingly regulated and costly to use. GHG emission regulations are ramping up globally and it seems that coal lacks any long-term perspectives. Despite this, demand and prices have been on their way up since 2021. So what is the future of coal in 2023?

The world is seeing a unified push to discard fossil fuel power in exchange for sustainable energy. Electric cars, hydrogen-cell ships, and solar power are all examples of technology and innovations prompted by this revolution. As the world transitions to electric vehicles, the demand for metals and minerals is set to skyrocket.

Before the average person interacts with it, crude oil has to be processed into one of the many materials we use every day. Gasoline, plastic, and even jet fuel all begin as raw material that is pumped from the earth. So where are the largest refineries in the world?

Elen Toodu works for Sandvik Mining and Rock Solutions, known for offering

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