From the early Egyptians to California Gold Rush, mining of various minerals has been one of the key human activities. For more than 40,000 years, humans have mined the earth for personal as well as commercial needs. Minerals constitute one of the most important sources of wealth in many countries. And while wars have been fought and regimes overturned, managing these resources has not been easy.
Mining is a capital-intensive industry. From exploration to permissions and allocations to the actual process of mining the minerals, the costs are high and so are the rewards. Most countries with high mineral wealth have a structured process of how a certain mineral is mined and who mines it. It is for the same reason that most of the largest mining operations are owned by multi-national corporations. And precisely for this reason, many countries in Asia and Africa have faced large challenges in not only managing their resources but also getting the best possible price for their natural wealth. Most mining operations are fraught with mismanagement, corruption and graft. In most of the resource rich countries of Africa as well as Asia, rampant corruption and crony capitalism have led to widespread looting of resources as well as unrepairable environmental degradation.
A report, titled Combatting corruption in mining approvals: assessing the risks in 18 resource-rich countries, and published by Berlin-based NGO Transparency International states that “Natural resources are too often vulnerable to corruption. We see this across the world as citizens are denied the wealth that is part of their natural heritage.”
To bridge this gap and to plug the massive economic losses, there is a need for a solution that not only stops the haemorrhage but also provides governments with the tool to efficiently, transparently manage this natural resources. This is a critical component of GovTech that CSM helps bridge through their mining focused product suite, help mining organisation, governments and mining agencies to manage, audit and ensure compliance from the bidding stage to throughout the extraction phase. Our holistic approach to the mining conundrum through the use of technology like AI and ML makes it easy for large corporations and government body to have a clear view of the entire ecosystem, with built-in workflows and reporting tools for each of the stakeholder.
The various modules manage the bidding process, the mines management & extraction process, provide monitoring and audit tool for the stakeholders and also has a compliance management tool for the watchdogs to ensure there are no leakages, environmental degradation and economic losses.
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