The Mines, They Are A-Changin'

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Bob Dylan was right, especially in the case of the Indian mining sector. If the miners think that their companies are worth saving, then they “better start swimmin’, or you’ll sink like a stone. For the times they are a-changin’”. The modern-day image of miners is completely different from that in public imagination. They are no longer merely the killers of their workers, exploiters of the local communities, and looters of public wealth. Instead, their operations are safe, sustainable, responsible, and technologically advanced.

For survival, forget about being profitable, the mining industry has looked forward, dragged the future to the present. All the stakeholders, including the policy-makers and civil society, have explored new solutions. Fortunately, some aspects of the future are already here. Business models have transformed, government policies have incentivised responsible investments and technology is enabling the use of artificial intelligence (AI) and robots. And the safety, health, and livelihoods of the workers and communities are better protected now.

Indian mining is at a cusp. The country has large mineral reserves with a huge potential in production. It is one of the leading global producers in coal, iron ore, copper, and bauxite, and produces 95 minerals. It has the costs and location advantages. IBEF, an information database, feels that India’s “strategic location enables convenient exports to the developed as well as the fast-growing Asian markets”. The scope is there. What is needed is a change in mindset. The country’s mining is in the midst of a radical transformation.