The Vancouver Sun reports in its Friday edition that programmable bacteria, a gold-sniffing camera and a virtual reality tool for taking investors underground were among the innovations on display at the Prospectors & Developers Association of Canada (PDAC) convention in Toronto.
A Canadian Press dispatch to The Sun says that some mining veterans believe that such innovation is badly needed in an industry traditionally resistant to change. "There's a lot of inertia in our business," said George Salamis, chairman of Integra Gold. "There's this mindset that, 'We've been doing this for 100 years, why would we change?'
With new blood coming in, that is changing. But change is slow." The mining industry has been on the mend as commodity prices recover from a protracted slump. The downturn made many executives more focused on pruning budgets than investing in technology that might increase efficiency. But even a small implementation of such products can have a huge effect on margins and operating costs. Think Sixteen to One mine and other mines in the forgotten California gold belt. Hello out there!
My thoughts have been echoed in the past by the federal reserve as well as congress, when I was a strong supporter for TARP, as well as Q/E.
Hi again Mike, I have already sent a letter to the White house about this thought. If they think it is a worthy thought then we will see some future action.