Dublin, Jan. 16, 2025 (GLOBE NEWSWIRE) -- The "Thematic Intelligence: Artificial Intelligence in Mining (2024)" report has been added to offering.

Mining companies are investing in AI to enhance productivity, safety, cost efficiency, and mineral discovery. The impact of AI in mining is already significant and will only grow in the coming years.

Artificial intelligence is already impacting the mining industry. For decades, artificial intelligence (AI) was the domain of university and corporate R&D labs. Recent progress in machine learning (ML) on the back of improved algorithms (e.g., Google's AlphaGo, OpenAI's GPT-3) and increasing computing power have enabled AI to solve real-life problems. The analyst estimates the total AI market will be worth $1 trillion by 2030, up from $103 billion in 2023 at a compound annual growth rate of 39%. Mining companies are investing in AI to enhance productivity, safety, cost-efficiency, and mineral discovery. The impact of AI in mining is already significant and will only grow in the coming years.

AI enhances efficiency and productivity in mining operations. AI enables mining companies to deploy autonomous machinery and use data analytics to enhance operational efficiency and productivity. Autonomous equipment can operate at peak efficiency around the clock, ensuring uninterrupted operations. Advanced AI algorithms enable predictive maintenance, reducing downtime by preventing accidents before they occur. Predictive maintenance systems can minimize such costs for mining companies while also preventing costly capital expenditure on equipment in cases where assets are irreparable. Advanced AI algorithms also facilitate real-time operational adjustments, further augmenting efficiency.

AI helps save lives in the mining industry. The mining industry is extremely dangerous. The US Mine Safety and Health Administration reported 42 mining fatalities in 2023. AI plays a crucial role in enhancing safety in mining by automating many dangerous jobs inside mines. The most effective way to reduce risks around a hazard is to remove the hazard entirely; automation can enable that. AI enables mining companies to use sensors, real-time data, and analytics to understand when changes in factors such as temperature and vibrations can lead to danger. AI-powered wearable sensors can continuously monitor mine workers for signs of drowsiness, fatigue, and physical discomfort, enabling proactive measures to remove workers at heightened risk of accidents.