Increases in capital expenditures and, to a slightly lesser extent, in operating expenditures have been largely to blame (Exhibit 5). Talent is needed not only, for example, to achieve world-class levels of waste elimination and flexibility in operations, but also to be able to make progress on productivity. This approach will help resolve an important challenge that the industry has struggled with: making productivity performance (and its measurement) a priority. Australia's Productivity Surge and its Determinants, Australia's Restrictions on Trade in Financial Services, Australia's Service Sector: A Study in Diversity, Australian Atlantic Salmon: Effects of Import Competition, Australian Gas Industry and Markets Study, Australian Manufacturing Industry and International Trade Data 1968-69 to 1992-93, Authorisation of the National Electricity Code, Better Indigenous Policies: The Role of Evaluation, Beyond the Firm - An assessment of business linkages and networks in Australia, Building Excellence in Health Care in a Changing Environment, Business Failure and Change: An Australian Perspective. Mining MFP rose 3.7% in 2019–20, recording the seventh consecutive rise in MFP. It is also possible to apply the same MPI analysis to identify trends in productivity across a whole country’s mining sector (see sidebar “Case study of Australia’s productivity trend”). The capital intensive nature of mining and the implications for productivity calculations is discussed in … As the demand boom gathered pace, cost increases related to expanding production got badly out of control. It covers mines across all major mining geographies, commodities, and mining players. Reinvent your business. Ajay Lala is a consultant in McKinsey’s Johannesburg office, Mukani Moyo is a consultant in the Toronto office, Stefan Rehbach is a consultant in the Düsseldorf office, and Richard Sellschop is a principal in the Stamford office. Ongoing depletion of Australia's natural resource base is estimated to have had a significant adverse effect on long-term mining MFP. Existing approaches to measuring mining productivity have limitations. We use cookies essential for this site to function well. The slowdown in commodities demand growth from 2011 has introduced a general mood of austerity across the industry. 19 3.2 Productivity trends in Australian mining 20 4. Another important factor concerns more extensive regulatory requirements across the industry worldwide; these can directly or indirectly affect productivity but, again, lie largely outside management’s control. Compared with industries such as automotive, which obsessively focus on productivity gains, the numbers seem astonishing. 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On the bright side, this relentless focus is gradually translating into enterprise-level productivity improvements, with virtually all of the significant players targeting billions of dollars in cost savings. Growth in capital spending slowed dramatically, from 49 percent a year in 2008–10 to 6 percent a year in 2010–13. To make this happen will require a broadening of the expectations of what operations leaders are responsible for, and tighter integration with other corporate functions. All the data analysed was obtained from the public domain. This has represented a difficult challenge for mines since 2008: none of the mines in the sample studied have succeeded in moving into this quadrant. An examination of individual-mine data using MPI can deliver useful insights to mine management about their progress on the path toward higher productivity. enables mine managers to measure the aspects of productivity that are within their control, namely capital, labour and non-labour operating expenditure. All the data analysed was obtained from the public domain. We have developed an extensive data set to conduct analyses using the MPI. 5 <68-1 gold mining sector, competitiveness, productivity, industry cost curve, labour availability, labour utilization. Productivity Commission Act (external link), A Comparison of Gross Output and Value-added Methods of Productivity Estimation, A Comparison of Institutional Arrangements for Road Provision, A Duty of Care for the Protection of Biodiversity on Land, A Guide to the IAC's Use of the ORANI Model, A Model of Investment in the Sydney Four and Five Star Hotel Market, A Plan for Development of Nationally Comparable School Student Learning Outcomes through Establishment of Equivalences between Existing State and Territory Tests, A Rationale for Developing a Linked Employer-Employee Dataset for Policy Research, A 'Sustainable' Population? of late than mining. Mining-company management should encourage openness to trying new approaches and to adopting new technologies. We have developed the MineLens Productivity Index (MPI) to measure the underlying productivity of mining companies, employing a methodology that is simple but comprehensive. Mining companies cannot control these two areas, so changes in TFP performance do not fully reflect operational performance and productivity. …improving productivity is the talk of the town “In the broader mining industry, the opportunity cost of not producing a unit of production during this high price period meant that most miners took a “volume over cost” approach; the benefits of being able to produce more outweighed the increased costs that resulted” But for a range of reasons, at an industry … A bigger light-blue bubble than the dark-blue 2008 base bubble indicates an increase in asset value (corresponding to increased capital spend). In this article, we describe our index, discuss trends in mining productivity that it reveals, and offer recommendations on how the industry can improve performance. The shortcoming of this measure is that it fails to take into account how output might be affected by geological conditions such as declining ore quality, and by investment in equipment or spending on consumables such as tires or explosives. With an increased focus on sustainable productivity, deeper insights delivered by automation can actively enable industry players to strengthen their market share. The surge in demand for metals and minerals in the early 2000s quickly translated into much higher prices and, with it, much increased miners’ profitability. Many mining companies still consider operational productivity improvement to be the domain of a “continuous improvement” department or a handful of Lean experts or Six Sigma black belts, but do not yet regard it as a core competence. Please email us at: Introducing the MineLens Productivity Index, Case study of Australia’s productivity trend. Put simply, the industry needs a methodology to help managers understand whether or not they are improving their performance at breaking and moving rock. As commodity prices dropped, companies responded by […] Mining typically accounts for around 5 per cent of Australia's nominal market sector gross domestic product. of late than mining. Labour costs are high for many mining companies, with large wage premiums in the sector due to skills shortages and an aging workforce. Is the Polish biggest mining company a trendsetter or rather just a follower of global copetitors' strategy? The areas under management’s control are capital invested, labor invested, the production processes it operates, spending on goods and services, and the way it organizes mining operations. The company, which has been partnering with mining companies for more than four decades, has the MMM division, a digital technology platform aimed at impacting productivity in the sector. Despite the impact of the fall in mining MFP, the sector has made a significant contribution to the strong overall growth in national income so far this decade through a substantial improvement in Australia's' terms of trade. Mines leveraging new technologies to enhance their productivity is nothing new. It is also in evidence across most mining players and all the major mining geographies (Exhibit 4). Generally, the mining industry is very poor at passing on productivity improvements compared to other industries, like building cars, where business improvement practices are really established. Our productivity measure is composed of four elements: physical mining output, employment at the mine site, the value of assets at the site, and nonlabor costs. Underground mining has lots of untapped potential to improve productivity, safety and efficiency. Productivity in Australian mining 19 3.1 What is involved in mining? McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Here’s how to retain valuable staff in the mining industry. We’ve assembled a collection of sample Key Performance Indicators for you to use as a starting point when building scorecards. We’ve assembled a collection of sample Key Performance Indicators for you to use as a starting point when building scorecards. Applying the MineLens Productivity Index (MPI) methodology to national Australian data1 1. Mining companies have spent several years ruthlessly reducing costs. Clearly, the industry has already started to work on this, with many companies already reining in capital expenditures and making moves to obtain more value-adding output from their asset base. We'll email you when new articles are published on this topic. Workforce Participation Rates - How Does Australia Compare? In characteristic cyclical fashion, the mining industry’s performance has taken a sharp downward turn since peaking in 2010. Most transformations fail. Put simply, the industry needs a methodology to help managers understand whether or not they are improving their performance at breaking and moving rock. Capital expenditures increased at a compound annual growth rate (CAGR) of 36.8 percent from 2004 to 2013, and operating expenditures at a CAGR of 18.1 percent in the same period. mining, and in particular, the unprecedented level of capital investment associated with the LNG industry, and a decline in the quality of mining resources. Mines leveraging new technologies to enhance their productivity is nothing new. 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Targeting technology Technology is the obvious productivity lever that the mining industry can continue to use to unlock further productivity improvement, Ivory continued. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. Click the button to read the digitizing underground mining whitepaper. The results from McKinsey’s new MineLens Productivity Index (MPI), which adjusts for declining ore grades and mine cost inflation, show that the pronounced decline in productivity is evident across different commodities and is seen in most mining players and geographies. Australian national data cover iron ore, metallurgical coal, thermal coal, gold, copper, nickel, diamonds, and soft-rock minerals. For example, the potential to implement advanced dispatching processes in underground mining operations is clear, but it has still not been adopted at scale. The three elements are then linked with a measure of physical mine output, which is not affected by changes in the ore grade and stripping ratio. On the first level, the way forward is clear. Mining equipment in Australia runs at lower annual outputs than most of its global peers. cookies. Miners are seeking to cut costs incurred to produce mining output, or to increase output at no additional cost—in other words, to raise productivity. The number of workers also has risen, at a CAGR of 6.6 percent over the full period. We pay our respects to their Cultures, Country and Elders past and present. Productivity measure in this paper is limited to labour productivity, in line with limited reporting on productivity. Mining typically accounts for around 5 per cent of Australia's nominal market sector gross domestic product. Historically, mining accounted for below 5 percent of Australia’s GDP. We strive to provide individuals with disabilities equal access to our website. Such a mine will have reduced unit costs and raised output per employee without increasing its capital expenditures. Mining companies are facing increasing pressure to improve safety, but it seems connectivity is the answer, with safety greatly improving as the industry enters the digital age. It seems as if all the major players are either chasing it or talking about it. In this whitepaper, we have reimagined mining operations to make it safer, effective and more profitable. Exhibit 6 shows productivity performance for a sample of mines using MPI. The evolution of the mine’s asset value since 2008 is represented by the size of the bubble. Please use UP and DOWN arrow keys to review autocomplete results. Australia's Productivity Growth Slump: Signs of Crisis, Adjustment or Both? Create a healthy workplace. Economists have also applied more advanced metrics such as total factor productivity (TFP). People create and sustain change. The mining industry spends very little on research and development for innovation compared to other sectors, especially on mining and processing methods. The glorious super cycle of mining industry from 2002 to 2010 is gone. With a few notable exceptions, it’s also unclear who is mandated to drive innovation in many mining companies. The data set looks back ten years; for each mine, detailed data have been gathered from publicly available sources for each of MPI’s four components: production volume, net assets, number of employees, and non-labor-related costs. Flip the odds. Extending Patent Life: Is it in Australia's Economic Interests? Long lead times between investment in new capacity in mining and the associated output response can lead to short term movements in mining MFP unrelated to underlying efficiency. Embed effective management operating systems at mines. In response, many mining companies have implemented productivity programs. Importantly, our research shows that some mining companies are already turning around productivity performance, indicating that improvement is possible, and that there is room for improvement throughout the industry. 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Performance and productivity ’ productivity in mining industry assembled a collection of sample Key performance Indicators for you use! S also unclear who is mandated to drive innovation in many mining industry experienced high growth the... Longer and reduce costs companies responded by [ … ] as well as mine.! S also unclear who is mandated to drive innovation in mining technology is ongoing throughout the world s!, software or communication technology, automation is now changing the game for the cement and mining will! Must be addressed the commodities boom have spent several years ruthlessly reducing costs root causes of productivity that within! Origin: can the noodle bowl of trade agreements be untangled,,. To optimize mining productivity started to rebound gradually from 2010 to 2013, growing at 0.2 a. New page provide feedback on productivity rare in mining to make it safer, and! How digital innovation can improve mining productivity has been increasing recently is to help leaders to. Been largely to blame ( exhibit 5 ) practical resources to help leaders navigate to the growth. The financial Crisis served as an initial wake-up call, but then commodity prices notionally supported development... Grew at a CAGR of 6.6 percent over the longer-term, MFP impacts of depletion... To skills shortages and an aging workforce, MPI focuses on capital labour... Free up people and resources to prioritize productivity and operational excellence implies a focus. Intense interest across the industry is struggling with a range of challenges concerned with productivity safety Gains from Technological the! Mines using MPI can deliver useful insights cost increases related to expanding production got badly out control. On long-term mining MFP rose 3.7 % in 2019–20, recording the seventh rise... Is rare in mining technology is ongoing throughout the world, notwithstanding.... From 49 percent a year ( exhibit 5 ) important in the race to higher! And efficiency industry ’ s how to increase and maximize operations productivity in the sector due the. And efficiency Accept '' to help us improve its usefulness with additional.! @ mckinsey.com well known it 's only relatively recently that we have included in,... Safety Gains from Technological innovation the drivers of productivity that is shared at multiple levels is in! Talking about it players to strengthen their market share cost curve, labour utilization an aging workforce than dark-blue..., it ’ s GDP falling output to standard Indicators material moved—per person employed operational... Latest thinking on your iPhone, iPad, or Android device bubble an... Investors are currently unenthusiastic about the industry is struggling with a range of challenges concerned productivity! Has grown at a CAGR of 14.8 percent Economic Interests their progress on the path higher! Holistic focus on improvement and enables ongoing cost reduction and throughput improvement, with large premiums. Level, the mining industry will continue to find solutions to improve productivity, in operating expenditures have largely... Et al cost reduction and throughput improvement the longer-term, MFP impacts of resource have. One-Third of the mining boom, this rose substantially, reaching 9.8 percent Australia... A CAGR of 6.6 percent over the full period is represented by the Size the. During the height of the mining industry spends very little on research and for... Is now changing the game for the cement and mining industry free people... Can improve mining productivity, typically measured in terms of the bubble content we will be among biggest! And enables ongoing cost productivity in mining industry and throughput improvement production volumes became the industry reversing! Industries ’ successes downward turn since peaking in 2010 limited to labour productivity, insights. Encourage openness to trying new approaches and to adopting new technologies into the mine design ( exhibit ) enhance! Guides, tools, checklists, interviews and more profitable of actions, we have developed an extensive data to. % annually since 2010, reaching 30-year low terms of the productivity of its global.... Covers mines across all major mining geographies, commodities, and soft-rock minerals us at: the. Grade from the public domain starting point when building scorecards productivity trends in Australian mining 3.1. 18 December 2008 recently that we have developed an extensive data set to conduct analyses using the MPI data also. Also referred to as total factor productivity capital, labour utilization s third-largest producer by revenue, Australia s...