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Explore the latest trends and actionable insights on the Artificial Intelligence market to inform business strategy and pinpoint opportunities and risks

Market Size of Artificial Intelligence in Mining (2019 - 2021, $ Million)

Industry: Mining
Current: Thematic Indicators

AI in mining was introduced to mine ore deposits efficiently
AI can address many challenges and inefficiencies in the value chain, including computer vision, smart robots, data science, and machine learning
The global market size of AI in mining grew at a CAGR of 10.0% between 2019 and 2021

Mining companies continue to use traditional techniques, which exerts immense pressure on the industry to increase efficiency. This comes as declining ore grades and more disparate and remote deposits create greater challenges in securing new resources, and rising mining costs drive the need for greater productivity at the mine site. At the same time, ensuring safety in mines became a primary concern. To eliminate these challenges, organizations started introducing artificial intelligence in mining, among other measures.

AI has reached a point where it can effectively impact every section of the mining value chain, from prospecting to extraction, processing, and even marketing. AI is making the processes adopted smarter, with the ability to derive more value from existing resourcesthrough optimization in ore processing. Exploration costs can be reduced by using AI to identify the most likely locations of mineral deposits. Predictive maintenance can ensure that equipment defects are solved before they become extremely costly and ensure that equipment downtime is kept to a minimum, increasing productivity. Smart sensors and cameras aid automated equipment while also monitoring the safety of workers in mines. The global market size of AI in mining grew at a CAGR of 10.0%, from $634.9 million in 2019 to $767.9 million in 2021.

Companies are making substantial investments in machine learning in the mining industry to add more value to the mining process.

Rio Tinto is a company that operates mines, smelters, and refineries in 35 countries. Rio Tinto used artificial intelligence in mining to develop the world’s first fully autonomous heavy-haul long-distance railway system (AI system) called AutoHaul. The AI system transports iron ore to port facilities in the Pilbara region of Western Australia. The company moves about one million tonnes of iron ore per day using AutoHaul. The loading and unloading ore is also automated, which is another process of AI in mining.
Goldcorp is one of the world’s largest producers of gold. The company uses IBM’s Watson AI and ML capabilities. Data from Goldcorp’s Red Lake Gold Mine in northern Ontario is combined with spatial analytics to verify drill sites and suggest new targets.
Earth AI is a metal exploration company that predicts the location of high-value mineral prospects by performing ML on data sets from remote sensing, radiometry, geophysical, and geochemical data sets on industrial metal deposits.

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