The history of mining is rich and complicated, and the practice has led to a sweeping range of advancements for society. However, the dangers of mining, coupled with several other factors, has eventually led to a significant slowdown in the market growth. As technology continues to advance, mining techniques have reached the highest levels of accuracy and efficiency, with revolutionary technologies completely waving off the need for hands-on involvement from miners.
This continuous uncertainty hovering over the contract mining services market makes it imperative to find out the opportunistic potential of this market over the course of coming years.
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Beginning from Deep Down Inside
The mining industry tracks back to 41000 BCE, to a mine in Swaziland. The Ancient Egyptians came up with quarry mining nearly 4,000 years ago to find rock, gold, and other ores. The Romans and Greek leveraged similar techniques as the Egyptians in later times. In the 19th century, mining became quite prevalent in the Western Hemisphere, with technology having played a vital role in the industry. This marked the advent of contract mining services specifically for underground mining, with contractors performing specialist jobs, such as drift and shaft work, fault driveages, excavations and specialized strata control.
However, soon after, contract mining services market witnessed a significant low due to recent global economic slowdown and consequent slump of commodity prices that affected miners, and thereby, pulled overall demand for contract mining services.
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This upside-down journey is even documented by XploreMR, which estimated that the value of contract mining services market reached ~US$ 12 Bn in 2018. XploreMR opines that contract mining services market is heading towards a notable slowdown, and is envisaged to witness ~1.2X decline between 2019 and 2027.
Factors Shaping the Contract Mining Services Market
The Market Is Seemingly Contracting Under the Growing Degree of Mechanization
Mines are generally characterized by low mechanization levels and thus, continue to witness challenges in line with the significant labor spend of approximately 35-40% of the overall mining expenses. Growing automation infiltration in the mining industry is however impacting the industry differently since the recent past, which is impeding the growth prospects of the contract mining services.
However, for the fact that the narrow mine shafts remain unbeneficial when subject to automation, demand for manual labor continues to sustain, thereby, creating lucrative opportunities for the contract mining services market.
Depleting Ore Grades in Mines Still Continue to Sustain Gains
Depleting ore grades in surface mines are increasingly propelling miners to conduct deeper mineral extraction, which in turn is creating an increased traction for contract mining services. In view of the continued scarcity of ore grades, a wide range of mining firms are outsourcing their mineral extraction needs to contract mining services’ providers, thereby, sustaining the gains in the market.
Stakeholders’ Conviction Continues to be Upheld by the Continued Traction for ‘Equipment Flexibility’
In light of the dire need of employing the best human resources and equipment to perform mining operations, increasing number of iron ore, coal, and gold mining firms are focusing on outsourcing their requirements. Firms are leveraging the expertise and large pool of machinery of contract mining services’ providers and firms to push their pace of finding and extracting minerals.
Burgeoning Investments in Mining Projects May Revive Market
Growing R&D focus and spending on new areas of exploration will continue to remain the key attributes that are fueling the growth of the contract mining services market. Furthermore, rapid urbanization, coupled with rising mining investments is highly likely to create potential lucrative avenues for partakers in the contract mining services market. Several governments are also making considerable investments in the mining landscape, thereby creating potential opportunities for contractors. For an instance, in 2017, the Argentinian government has entered into an agreement with the country’s provinces to boost the mining projects across Argentina.
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