1、MINING INDUSTRY OUTLOOK 20242|Mining Industry Outlook 2024External Document 2024 Infosys Limited Knowledge InstituteKnowledge InstituteMining Industry Outlook 2024|3External Document 2024 Infosys Limited Knowledge InstituteContentsExecutive summary 4Market dynamics 6Operational dynamics 10Recommenda

2、tions for sustainable,safe mining 164|Mining Industry Outlook 2024External Document 2024 Infosys Limited Knowledge InstituteEXECUTIVE SUMMARYThe mining industry powers the global economy with the building blocks of metals,minerals,and fossil fuels such as coal.Mining contributed 1.4%to the US GDP in

3、 2023,yet casts a much longer shadow in its overall economic impact.Efficiently mining critical materials such as lithium,cobalt,and copper is now essential to satisfy current demand,achieve energy transition goals,and meet net-zero carbon emissions in multiple industries.The global mining market is

4、 expected to grow from$2 trillion in 2022 to$3.5 trillion by 2032 at a CAGR of 5.8%.But there is a gap between what the world demands and what the mining companies can produce.For example,green initiatives like battery production need vast quantities of lithium,cobalt,and copper.However,by 2030,exis

5、ting mines will produce only about half of the lithium and cobalt and around 80%of the copper required.Meanwhile,there is increasing focus on circularity at the end of the product life cycle to reuse,recycle,or refurbish parts and materials,reducing demand for virgin resources.Manufacturers must now

6、 report the proportion of virgin materials compared to recycled product content.Additionally,mining for battery raw materials may peak by 2030s due to recyclingefforts.Given these dynamics,four business trends in the mining sector have emerged:sustainable energy transition from supply of critical ma