1、EXECUTIVE GLOBAL INSIGHT APRIL 2024A global overview and mapping of the innovation landscape in mining REINVENTING THE FUTURE OFMININGBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|2EXECUTIVE SUMMARYOPPORTUNITY AWAITS IN MAJOR MINING MARKETSMOMENTUOUS CHANGE GETS UNDERWAYThe global mining sectors o

2、ptimism is at an all-time high,with growing recognition ofits importance and societal impact.Despite challenges,the market continues to growsteadily.The focus is shifting towards critical raw materials due to the increasing demand for energy transition technologies,set to triple by 2030.While Asia l

3、eads in production,Latin America and Asia have the largest reserves.This demand will elevate regions with significant reserves to production leadership.Geopolitics significantly influence the industry,with over 75%of minerals produced in countries deemed unstable in 2021 according to World Mining Da

4、ta.This high-lights the need for stable countries with significant reserves,fostering resource national-ism and strategic alliances.Major markets are prioritising critical raw materials through strategies,policies,and partnerships with sustainability at the top of the agenda.Global mining giants are

5、 investing in automation,digitalisation,and electrifica-tion to meet greenhouse gas(GHG)reduction goals and enhance efficiency,safety,and sustainability.Mine operators,under pressure from the green transition,seek innova-tive technology yet to be developed,emphasising the need to harness existing te

6、chnolo-gies from other sectors and closer collaboration with original equipment manufacturers(OEMs)and technology providers.“The mining industry can become part of the solution.Instead of being perceived as part of the problem,more metals,more electric vehicles,and more wind turbines will beneeded.”

7、Area Manager,Iron ore operations,Kiruna,LKAB,Swedish state-owned mining companyBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|3KEY MINING MARKETS FOR SWEDENSwedens mining sector is among the most innovative and sustainability-focused in the world,and companies are likely to thrive in the following

8、foreign markets where there is strong mining activity,a robust innovation landscape and clear prioritisation of the shift to sustainable practices.Canada leads in global innovation and sustainability,producing over 60 minerals and metals.With a focus on increasing critical material production,Canada

9、s reliance on innovation creates opportunities for Swedish solutions.The United States(US),a significant gold and copper producer,with plans for 40 critical materials operations to secure the domestic critical raw materials supply chain.Due to the outsourcing of research and development(R&D),the Swe

10、dish industry can leverage partnerships with US players for joint R&D efforts and demonstration projects.Chile is the top copper producer and also has the largest lithium reserves globally,aims to become a major critical raw materials producer.With sustainability goals set by the mining sector,Chile

11、 presents opportunities forSwedish companies as key partners in the pursuit of decarbonisation.Brazil,an emerging market for critical raw materials,ranks third globally inrare-earth elements reserves and is a major iron ore producer.Thegrowthof underground mining in Brazil presents opportunities for

12、Swedish miningsuppliers.South Africa,a major gold and platinum group metals producer,faces challenges from aging mines and increased mining depths.With a focus on environment,social and governance(ESG)and sustainability,South Africa seeks collaboration with Sweden for innovative digital platforms.Au

13、stralia,a leader in mining automation and innovation,is poised to expand its role in critical raw materials production as the worlds top lithiumproducer,offering opportunities for Swedish OEMs to contributetoits evolving mining industry.KEY TAKEAWAYS The global mining market shows no signs of declin

14、ing,forecasted to reach USD 2,775 billion in 2027 driven by vast long-term demand.Sustainability is top of mind amidst rising impacts of climate change and resource scarcity mining companies are under pressure to mine quickly yetsustainably.All eyes and investments are focused on critical raw materi

15、als as the energy transition generates exponential demand for the miner-als integral to key technologies.Global labour shortages and demand for increased mining productivity drive rising innovation and adoption of mine automation and electrification solutions.Recent supply chain challenges,geopoliti

16、cal tensions and power rivalries have highlighted the risks of the current distribution of global mineral production,leading to a rise in resource nationalism,but also to friendshoring with new partnerships and alliances.The potential is rising for Swedish solutions in six key markets to meet demand

17、 for efficiency,sustainability,technology innovation and sourcing ofcritical raw materials.Investments in mining projects have recently seen an upswing globally and OEMs are emerging as mining owners.Automotive OEMs are increasingly entering long-term supply agreements or partially acquiring mines t

18、o secure supply chain needs.Australia and Canada stand out for opportunities in innovation and sustainability,Australia and Chile for critical raw materials,while Brazil,the US and South Africa offer strong growth potential in high reserve volumes.Executive Global Insight is published by Business Sw

19、eden to giveSwedish business leaders a regular deep-dive into the most important trends in cross-border trade.The report series helps decision-makers break down risks and opportunities and provides actionable insights,drawn from the knowledge and expertise of Business Swedens global advisors based i

20、n more than 40markets.Subscribe now and get our next analysis inyourinbox.MINERAL GROUPSCritical raw materialsRefers to those materials deemed critical based on economic,strategic,and resource supply/demand factors.Regions and countries have developed unique critical material lists,though globally t

21、his typically includes materials vital to the energy transition,such as:lithium,cobalt,nickel,manganese,copper,rare earth elements(REE),and graphite.Non-fuel mineralsIncludes metals(e.g.,gold,silver,copper,tin,lead,zinc,iron,nickel,chromium,aluminium),metal alloys,and non-metals(e.g.,sand,gravel,gyp

22、sum,halite,uranium,dimension stone).Fuel mineralsIncludes coal,uranium,oil/petroleum,and natural gas.Iron and ferro-alloy metalsIncludes Iron Ore,Cobalt,Manganese,Molybdenum,and Nickel.Non-ferrous metalsIncludes Bauxite,Copper,Lithium,REE,and Zinc.Precious metalsIncludes Gold,Platinum,Palladium,and

23、Silver.Industrial mineralsIncludes Diamonds(gems/industrial),Graphite and Potash.KEY TERMS AND DEFINITIONSIn the context of this report,the following terminology and key terms are defined as outlined unless otherwise specified in the textBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|4INTRODUCTIONS

24、WEDEN IS SET TO DRIVE GLOBAL GREEN INITIATIVES EUROPES LEADING MINING NATIONMining in Sweden has long traditions,and the industry holds a pivotal position in the countrys economy.With a history spanning over a thousand years,mining has been a cornerstone of Swedens prosperity contributing to economi

25、c growth,a well-developed road network and extensive mining expertise.Sweden is one of Europes leading mining nations and the continents primary ore and metal producer.It is home to 12 highly productive metal mines accounting for 93%of the iron ore produc-tion in the European Union(EU).Additionally,

26、Sweden produces 9%of the copper and 2439%of the continents zinc,lead,silver,and gold.The Swedish mining ecosystem is character-ised by its unique collaboration between gov-ernment,academia,and industry to co-develop cutting-edge technologies essential for mining at great depths while ensuring the fu

27、ture sustain-ability of mining operations.Sweden is among the markets at the forefront of sustainable min-ing practices,minimising environmental impact along the value chain,and driving the develop-ment of mining technology.Mine operators in Sweden serve as testbeds or partners in this ongo-ing deve

28、lopment.The country is home to global leaders in mining equipment such as Sandvik,Epiroc,and ABB,renowned as the worlds larg-est providers.Additionally,it offers cutting-edge solutions for the global mining industry through many small-medium-enterprises(SMEs)like RockSigma,GreenIron H2 AB,and Flashe

29、ye.The growing importance and global demand for minerals and metals,driven by the green tran-sition and the global strategies to achieve self-suf-ficiency,further highlight the pivotal role of mining.Sweden and the Swedish Government continues to prioritise this sector,by recognis-ing its significan

30、ce in contributing to a cleaner,greener,and more sustainable future globally.To achieve this,Sweden needs to expedite permit-ting processes.The countrys leading position-ing in sustainable mining and the recent discovery of the largest known deposit of rare earth metals in Europe may not only streng

31、then the industrial value chains in Europe but also holds the poten-tial to supply responsibly mined raw materials and encourage sustainable mining practices glob-ally.Consequently,as the adoption of clean tech-nologies continues to grow,mining is expected to thrive globally to meet these evolving n

32、eeds.INTERNATIONALISATION REMAINS APRIORITY FOR SWEDENThe Strategic Innovation Program Swedish Min-ing Innovation(SMI)is part of a joint investment in strategic innovation areas(SIP)by the Swedish Agency for Innovation Systems(Vinnova),the Swedish Research Council for Environment,Agricultural Scienc

33、es and Spatial Planning(For-mas)and the Swedish Energy Agency.The aim of SMI is to strengthen the competitiveness of the Swedish mining and metal extraction industry.SMI is a member of the Team Sweden Mining group led by Business Sweden,along with eleven other members.*Team Sweden Mining is coordi-n

34、ating international mining activities and efforts to promote Sweden as a leading mining nation and to facilitate the internationalisation of Swed-ish companies and organisations.In collaboration with SMI,Business Sweden has conducted a study to build an understanding of the global mining market,its

35、challenges,and opportunities including an in-depth analysis of key mining markets such as Canada,the US,Bra-zil,Chile,South Africa,and Australia.This report reflects the industrys commit-ment to sustainability and innovation in response to evolving demands for responsibly sourced raw materials.The a

36、im is to outline trends,challenges,key implications and opportunities for Sweden and Swedish companies as well as provide input for Team Sweden to support in prioritising future mining internationalisation efforts.*Members of Team Sweden Mining:Geological Survey of Sweden(SGU),the Swedish Associatio

37、n of Mines,Mineral and Metal Producers(Svemin),Government Offices of Sweden,the Swedish Export Credit Agency(EKN),Swedens Development Finance Institution(Swedfund),Vinnova,International Council of Swedish Industry(NIR),Environmental Protection Agency,Lule University of Technology(LTU),Swedish Export

38、 Credit Corporation(SEK),and the Swedish International Development Cooperation Agency(Sida).BUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|5GLOBAL MARKET OVERVIEWPAVING THE WAY FOR A GREENER FUTUREA POSITIVE TRAJECTORY IN THEGLOBAL MINING MARKETThe global mining market is continuously growing and r

39、eached a value of USD 2,145 billion in 2023.Despite the COVID-19 pandemic and geopolitical turbulence,the global mining market shows no signs of decline.On the contrary,the global mining market is expected to grow at a CAGR of 6.7%,reaching USD 2,775 billion in 2027,primarily due to the vast long-te

40、rm demand.1Total global mining production amounted to approx 18 billion tonnes in 2021,of which 3 billion tonnes were non-fuel minerals 2.At 60%,Asia holds the largest share of total global production of all minerals and metals in 2021,followed by North America at 15%.China and the US are key market

41、s in terms of overall mining output.Over the last few decades(20002021),production*Note that Europe includes RussiaSource:World Mining Data 2023,PWC Report 2023rates have increased across all regions,apart from Europe 3(-31%)and is expected to continue to rise to meet the exponential demands of mode

42、rn and future society.Global output remains dominated by fuel min-erals with coal as the largest revenue contributor.In 2021,Asia,Oceania,and South America domi-nated global production of non-fuel minerals with a market share of 37%,24%and 13%respectively.4 Australia,China,and Brazil are key non-fue

43、l out-put markets,while China dominates output pri-marily consisting of fuel minerals.China(17%),US(13%)and Russia(10%)lead in global share of production value(USD).5 While fuel minerals continue to dominate production value globally,South Africa and Australia are exceptions,with their production va

44、lue stemming primarily from iron and ferro-alloy metals.1 Business Research Company2 World Mining Data 20233 Europe statistics include Russia4 Ibid5 IbidPRODUCTION OF ALL MINERALS AND METALS(NON FUEL AND FUEL)Current share of global production in tonnes,2021 and growth in production rate since year

45、2000 All minerals and metals(non-fuel and fuel)Non-fuel minerals and metals Europe*AsiaAfricaOceaniaSouth AmericaNorth America60%37%+114%+137%+22%+8%+18%24%7%7%-31%7%13%11%8%15%6%5%billionmetric tonnes18.3billionmetric tonnes3.0BUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|6Global coal production

46、is expected remain stag-nant at a 0.7%CAGR to 2030,as demand decreases in response to expanding renewable energy capac-ities.6 As western nations scale clean energy infra-structure,Asias share of coal demand is grow-ing,now outpacing the US and the EU for the first time.A significant driver of Asias

47、 growth is expected to come from India,whose coal produc-tion is forecasted to grow at 4.9%CAGR by 2030.7PRODUCTION VS.RESERVESProduction of key metal and non-metal minerals is geographically dispersed,with Asia 8 and Africa accounting for the largest shares of leading selected mineral groups:iron a

48、nd ferro-alloy metals,non-ferrous metals,precious metals,industrial minerals,and mineral fuels.Africa leads in output of iron and ferro-alloy metals and precious metals,with significant output from Democratic Republic of Congo(DR Congo)in cobalt,and South Africa in manganese,platinum,and palladium.A

49、sia dominates production of non-ferrous metals,industrial minerals,and mineral fuels,primarily attributed to Chinas output in rare earth minerals,zinc,graphite,and coal,along with the Middle Eastern countries share of oil output.While mineral reserves are vast across the globe,the complete volumes o

50、f specific reserves remain unknown.Amongst known mineral reserves,Asia and Africa remain leading regions overall,and for precious metal and mineral fuel reserves.However,from this lens,Oceania,Latin America 9,and Europe emerge as more prominent regions,with Australia topping volumes of key iron and

51、ferro-alloy metals,Chile and Peru with non-ferrous metals,and Russia with industrialfuels.The shift of leading markets between pro-duction and reserves,particularly for critical raw materials,draws a map of the likely future dynam-ics of the industry as countries with high reserves are tapped to mit

52、igate supply risks.SHARE OF PRODUCTION AND RESERVE VOLUMES FOR ALL SELECTED MINERAL GROUPSBy total share in%,by world region Production ReservesCRITICAL RAW MATERIALS INHIGHDEMANDAll eyes are on critical raw materials in the global mining industry.Growing demand for energy transition technologies is

53、 expected to create mirrored demand for the materials critical to their development.Materials identified as critical vary by country,depending on economic,strategic,and resource supply related factors cobalt,nickel,manganese,copper,lithium,graphite,and rare earth elements(REE)are among those most co

54、nsistently prioritised globally.Demand for critical raw materials is forecasted to more than triple by 2030 to reach net-zero emission goals and grow substantially over the next three decades,estimated to reach USD 400 billion by 2050.10 As it stands,current production levels of critical raw materia

55、ls will not be sufficient to satisfy exponential demand of a net-zero soci-ety by 2050 with an increase in production of between 93%(copper)to 910%(lithium)required to achieve objectives.11 As technological innova-tion continues,the materials deemed critical may shift in response to new developments

56、,leading to further uncertainty around the demand for pro-duction levels.For example,overproduction of certain materials is also a possible outcome.DEMAND FOR CRITICAL MATERIALS 2022 AND 2030By critical material,million tonnesSource:International Energy AgencyCopper Nickel GraphiteLithiumManganeseCo

57、baltOther“For the first time,we are openly discussing how to exclude certain markets.”Svemin,The Swedish Association of Mines,Mineral and Metal producers6 GlobalData;International Energy Agency7 Ibid8 Asia includes East Asia,the Middle East and Trkiye9 Latin America includes Mexico(excluded from NA)

58、10 International Energy Agency 2023,Statista 202211 IbidSource:Statista 2022,Euromonitor33%24%20%18%18%13%8%22%12%11%11%11%931AsiaAfricaEuropeNorth AmericaOceaniaLatAmBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|7Currently,Asia produces the largest share of critical raw materials globally,while L

59、atin Amer-ica narrowly leads alongside Asia by share of known reserves.Chile,Indonesia,and DR Congo emerge as top markets to consider in critical raw materials production alongside consistent leaders Australia,China,and South Africa.Recent challenges with global supply chains,exacerbated by the COVI

60、D-19 pandemic and fur-ther complicated by the Russia-Ukraine war,have highlighted the risks of the current distribution of mineral production and encouraged nations to act swiftly to ensure sufficient supply.GEOPOLITICAL LANDSCAPEGiven the concentration of resources,commodity prices and regulatory p

61、rocesses,access to materials is facilitated or blocked by the state of inter-national relations.Political tensions and major power rivalries impact markets ability to ensure supply of critical raw materials.In 2021,over 75%of global materials were pro-duced in countries deemed unstable or extremely

62、unstable.12 Critical raw materials are at risk with most cobalt,manganese,nickel,and REE supply originating from politically unstable countries as well as at least half of copper and graphite supply.This will bring into focus the more stable coun-tries with significant reserves of critical raw mate-

63、rials and encourage mining nations to make new friends fast.FRIENDSHORING AND RESOURCEHOTSPOTSA key priority of global mining markets is to ensure domestic security of supply to meet anticipated demand leading to a rise in resource nationalism and friendshoring.In response to the geopolitical landsc

64、ape,leading markets are increasingly implementing strategies,policies and partnerships focused on critical raw materials.At the forefront of this push are the EU,Canada,the US,and Aus-tralia,each of which have launched national critical SHARE OF PRODUCTION AND RESERVE VOLUMES FOR ALL SELECTED CRITIC

65、AL MATERIALSBy total share in%,by world regionSource:Statista 2022,Euromonitorraw materials strategies and incentives(e.g.,EU Critical Raw Materials Act,US Inflation Reduction Act,Canadas Critical Minerals Tax Credit)and agreements with other key mining countries to strengthen supply chains.This inc

66、ludes the recently launched Minerals Security Partnership(MSP)lead by the US,and Sustainable Critical Minerals Alliance,which span multiple regions,as well as bilateral agreements between specific nations,such as the US Japan Agreement on Strengthening Critical Minerals Supply Chain and the Australi

67、a India Critical Minerals Investment Partnership.For Europe specifically,the Critical Raw Mate-rials Act aims to review how Europe supplies raw materials and how to strengthen Europes posi-tion with a strong emphasis on efficient permit-ting processes.Many countries are dependent on a select few cou

68、ntries for many materials Europe sources over 70%of nine critical raw materials from five supplying countries,while for example,the US is 100%dependant on imports for 12 of their iden-tified critical raw materials,and 50%reliant for another 31.13 Most major economies are dependent on a significant s

69、hare of critical material imports from China,DR Congo,and Chile.GLOBAL PRODUCTION BY POLITICAL STABILITY OF COUNTRIESBy production volume(thousand tonnes)Source:World Mining Data 2023Stable Fair UnstableExtremely unstable“The Critical Raw Materials Act signals that the EU is open for business.”The G

70、eological Survey of Sweden 12 World Mining Data 202313 European Council of the EU 2023,US National Mining Association Production Reserves40%28%18%29%17%1%7%24%14%14%4%3%23%74%3%0%AsiaAfricaLatAmEuropeOceaniaNorth AmericaBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|8Countries globally are strategi

71、cally position-ing themselves for success within the critical raw materials supply chain.While some countries focus on building alliances(primarily consumer nations)many supply countries are endeavour-ing to facilitate growth of domestic capabilities Indonesia has banned the export of raw nickel,and

72、 Namibia of raw lithium.RAMPING UP INVESTMENTSInvestments in mining projects are growing glob-ally with a 52%increase since 2020.14 Exploration activities and spending for non-ferrous minerals has increased(USD 2.6 billion in 2023)with Canada(21%)and Australia(18%)accounting for the largest share of

73、 global investments,driven by significant growth in lithium exploration,copper and nickel.15 Exploration spending is also rising in Brazil and Africa led by a growing focus on critical raw materials,while it has decreased in Russia and China due to international sanctions and pandemic restrictions.W

74、hile volume of mining M&A deals glob-ally has declined,the value of deals has risen and focus has shifted towards early-stage projects.Consolidation of the mining industry is forecasted to continue as companies reposition commodity portfolios to address evolving demands for criti-cal raw materials a

75、nd replenish reserves though the complex regulatory,geopolitical landscape and general price inflation is likely to slow down deal-making.Automotive OEMs are increasingly entering long-term supply agreements or partially acquir-ing mines to secure supply chain needs.In 2022,the Vale and General Moto

76、rs Long-Term Nickel Supply Agreement was signed in Canada.This trend creates a risk that less raw material will be available on the open market as significant quanti-ties of mine output are likely to be pre-allocated to these OEMs.MINING 4.0 ON THE HORIZONWhile adoption of innovative technologies ma

77、y be less rapid in the mining industry than others,inte-gration of advanced solutions is rising signalling that mining is diversifying.Driven by emission reduction targets,efficiency optimisation and safety,global mining giants are investing in mine automation,digitalisation,and electrification to m

78、aintain focus on security,sustainability,and productivity.Significant investments are also being directed towards sustainable mining technolo-gies,primarily led by OEMs.To keep pace with emerging technologies,its crucial that policies evolve alongside advances to avoid reliance on outdated technolog

79、ies.Australia is at the forefront of automation in the mining sector due to its focus on produc-tivity driven by the high cost of mining oper-ations.Canada has made sustainability a pri-mary focus,and is second globally in automated vehicle deployment and the global leader in mine electrification wi

80、th 40%share of electrified truckfleets.16Other innovation trends include employing smart sensing tech in exploration studies(e.g.BHP),development of green explosives aimed at reducing emissions,and beneficiation and val-orisation of lower-grade raw materials(e.g.Shou-gang Mining Company).Increased i

81、nnova-tion involves substantial challenges in ensuring recruitment,retention,and training of quali-fied skilled labour.Mine operators,pressured by the green transition,require innovative technol-ogy that has yet to be developed.Greater collab-oration with equipment manufacturers and tech-nology deve

82、lopers is required to bridge this gap,as well as to harness existing technologies outside of mining.Smaller mine operators tend to be more for-ward-leaning when it comes to proactively engag-ing in innovation projects.Conversely,large mine operators often prioritise their core business and focus on

83、production and profitability,while run-ning more slow-phased development programmes on the side.Canada and Australia are exceptions to the rule.In these markets,large mining houses boast substantial innovation departments.ALL EYES ON SUSTAINABILITYThe mining industry finds itself in the challenging

84、position of being both a facilitator and a barrier in the green transition.Critical raw materials are imperative to achieve green transition goals but current critical material mining techniques are often unsustainable.A key challenge for the global mining industry will be value chain transparency a

85、nd the ability to increase production without compromising sustainability.The tone and consensus of the mining sector is more positive than ever before,as global perception of its importance and societal impact improves.Alongside this positivity comes increased responsibility,particularly in communi

86、cation efforts aimed at fostering understanding and trust within the communities where mining operations are located.MARKETS TO WATCH FOR SWEDISHCOMPANIESAs one of the worlds most innovative and sustainability-focused mining sectors,Swedish companies across the value chain are likely to thrive in fo

87、reign markets where there is strong mining activity,a robust innovation landscape,clear prioritisation of sustainable mining and contribution to the green transition.In alignment with this criteria,six markets across the globe stand out as high-potential mining markets for Swedish companies:Brazil,C

88、anada,Chile,the US,Australia and South Africa.Each market presents unique opportunities and challenges for Swedish companies to leverage andnavigate.“More invest-ments will go into existing mines its a shortcut to recover more minerals.”Lule University of Technology,SwedishSchool of Mines14 GlobalDa

89、ta Mining Intelligence Centre15 International Energy Agency 202316 GlobalData Mining Intelligence CentreBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|9MARKET OUTLOOK:CANADATAKING INNOVATION TO THE NEXT LEVELMARKET OVERVIEWCanada is the 2nd largest nation in the world by land mass,spanning from the

90、 Atlantic to the Pacific Ocean and Arctic Sea,and is home to diverse landscapes,resources,skills and opportu-nities.Canada produces 60+materials and metals at 198 underground and mining sites across the North American continent.22As the world leader in potash production and ranking among the top fiv

91、e global producers of diamonds,gold,platinum,titanium and ura-nium,mining is among Canadas oldest and most important industries.Canada is a preferred location for mining companies due to its transparent and fair legal and political system,well-developed expertise,and talent pool.For decades,the Toro

92、nto Stock Exchanges Venture arm,a public venture capital marketplace for emerging companies,was known for junior funding opportunities.NAMEMATERIALS MINED23 Glencorecopper,coal,nickel,zincValenickel,copper,cobalt,PGM,gold,silverAgnico EaglegoldNutrienpotashRio Tintoaluminium,titanium dioxide,diamond

93、s,ironNewmontgoldTeck Resourceszinc,copper,coalMAJOR PLAYERS INCANADIANMINING Canadas political system grants significant autonomy to local governments including indig-enous groups holding specific land and resource rights.This decentralisation allows companies to use multiple mining incentives,e.g,

94、federal Min-eral Exploration Tax Credit,and the provincial Ontario Junior Exploration Program.Government policies generally support mining but demand high environmental,social,and gov-ernance standards which can create extensive(and growing)approval processes and require commu-nication with various

95、government agencies.Despite a long-standing mining tradition,the industry faces challenges.Canadas north,home to vast unexplored landscapes,lacks infrastructure and homes a smaller population than southern Canada requiring fly-in fly-out employment and less choice in service providers.In recent deca

96、des,Canadian mining compa-nies have been purchased by and absorbed into 22 Natural Resources Canada,202323 Company websitesBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|10LEADING MINERALS BY PRODUCTION VALUE IN 2022USD,billionSource:Natural Resources Canadalarger networks of international mining c

97、onglom-erates.Industry experts note that this has prompted a branch plant mentality in Canadian companies,which may put less emphasis on Canadian-specific innovation and process development.Companies remaining Canadian-owned are expected to con-solidate in coming decades and therefore grow.Other tre

98、nds include a rising interest in:Precious metal mining,specifically inexploration Tailings management and waste valori-sation,including novel biotechnology and bioremediation strategies Zero-carbon or carbon neutral materials,processes,and productsINNOVATION LANDSCAPE ANDECOSYSTEMCanadas business cu

99、lture is often risk averse,reflected in a mining industry well-known for its conservatism.Consequently,mining projects ranging from geoscience to processing may not employ recent technological advances.An indus-try expert noted that during high commodity prices,Canadian mines focused on tonnage extr

100、action,rather than innovation.The“If it isnt broken dont fix it!”-mentality is common.Previously,companies retained competitive relationships and were unlikely to collaborate,but formalised innovation initiatives have recently become more common.In the last 20 years,inno-vation initiatives including

101、 the Centre for Excel-lence in Mining Innovation(CEMI)and ReThink Mining/Canada Mining Innovation Council(CMIC)were established.The innovation ecosystem that has emerged in recent decades tends to favour outsourcing,with companies focused on purchasing rather than developing innovative technologies.

102、Given the diversity of mine sites and minerals,interest in site-agnostic and industry-agnostic products is growing.Investors are currently more incentivised to fund startups as this system presents a natural path to a return on investment.Canadian startups are generally young com-panies,well-funded(

103、due to government policies specifically supporting small and medium sized enterprises)and focused on large-scale technology development.Exploration has historically been the focus of mining innovation in Canada.Thecountry remains one of the most attractive exploration markets worldwide.Emerging Cana

104、dian start-ups like Novamera create opportunities to explore and extractwith higher efficiency.Collaboration between Canadian and Swedish organisations in exploration is common,with Canadian compa-nies such as Lundin owning mine sites in Sweden and vice versa.Canadian and Swedish research-ers often

105、collaborate or partner in Arctic,deep and high-stress mining initiatives such as MinErAl at Laval University.Exploration and geology are prioritised in aca-demic research.At Laurentian University,the Mineral Exploration Research Centre(MERC)is dedicated entirely to geoscience research.MERC,located i

106、n Sudbury Ontario,is considered the heart of Canadian mining with vast mineral deposits,an extensive mining suppliers network,several operating mine sites(by KGHM,Glencore etc.),and test mine operated by startup incubator NORCAT(co-owned by mining giant Vale).Given declining ore grades and the incre

107、asing age and depth of mines,technologies increasing and improving ore mined are becoming attractive to companies looking for a competitive edge.In response,novel transport(e.g.RIINO)and pro-cessing systems(e.g.MineSense)were developed by Canadian startups.Canada is currently a world leader in mine

108、electrification,with flagship mines such as Borden Gold and Onaping Depth mines partially or fully electrified due to stricter environmental regula-tions and requirements of deeper mining.Further digitalisation of mining,including telecommuni-cations improvements for automation and remote mining are

109、 expected.Mining companies funding startups or adopt-ing their technology typically have access to sig-nificant capital and capacity to integrate new tech-nologies.Certain mining companies,like Vale and BHP,are creating accelerators and venture funding arms forstartups.“Canada has an adoption and in

110、tegration not an innova-tion problem.Companies that can come and prove that they are suitable for the Canadian environment willwin.”Mining Industry ExpertBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|11A small community of professionals,a healthy ecosystem of trade shows,events and sense of commun

111、ity characterises the Canadian mining environment.A product successfully adapted in a local context can be easily disseminated via word-of-mouth and employee knowledge transfer.Companies looking to enter Canada may benefit from accepting less favourable terms to encourage initial adoption e.g.,techn

112、ology pilots at no cost.Both relation-ship-building and negotiation skills are necessary for Canadian market penetration.The need for innovation within Canadian mining is critical.The evolving social land-scape and shifting priorities encourage domestic mining companies to increasingly explore novel

113、 mining technologies,opening the door for innovative Swedish solutions.OPPORTUNITIES FOR SWEDISHCOMPANIESGYPSUM MINING,CANADAGiven commodity price fluctuations,a chang-ing landscape for fuel products and social atti-tudes,Canadian mining is looking to reposi-tion itself as a leader in the green tran

114、sition.This includes a focus on critical raw materials and other green technologies.ACADEMIC,GOVERNMENT ANDRESEARCH LANDSCAPECanadas academic emphasis on energy,waste,tailings,water,and resource management supports the mining industry in achieving environmental goals.Industry collaboration with acad

115、emia includ-ing research projects at university facilities is encouraged via financial incentives and a well-developed educational system.Companies may also work with educational institutions to develop programmes meeting industry demands.The Battery Electric Vehicle technician course at Cambrian Co

116、llege is just one example.Canadian government policy incentivises innovation via research grants and programmes,tax credits(including those avail-able to multinational players,such as scientific research and development incentives)high-qual-ity data availability,a mining-positive environ-ment across

117、 the political spectrum and R&D support at government-owned facilities such asCanMet.BUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|12MARKET OUTLOOK:USAENTERING THE ERA OF REINVENTION MARKET OVERVIEWThe United States is a globally recognised economic powerhouse with 331 million people and a total G

118、DP of USD 25.5 trillion,a significant lead compared to the EUs 448 million people and USD 16.6 trillion GDP.While mining only accounts for 2%of US GDP,the importance of this USD 109.2 billion sector cannot be overlooked.29Despite its position as the worlds leading econ-omy,the US has faced challenge

119、s remaining com-petitive,especially in hard-to-abate sectors such as mining and heavy industrial manufacturing.The historic impact of globalisation on the outsourcing of skilled labour,and Chinas rise as a major com-petitor,prompted a reevaluation of complex sup-ply chains and their inherent ineffic

120、iencies.Fur-ther exacerbated by the pandemic,the growing public concerns around environmental and social factors highlighted the drawbacks of complex Statista“Leading US Mining Companies based on revenue 2023”.Albemarle added as a leading critical mineral operator.NAMEMATERIALS MINED Freeport McMoRa

121、nCopper,gold,moly-bdenumCleveland CliffsIron oreGrupo Mexico/AsarcoCopperHeclaSilverAlbemarleLithiumNewmontGold,copper,silver,zinc,leadMAJOR PLAYERS INTHE US supply chains particularly the impact on econ-omies lacking strong heavy industrial sectors.Longer lead times on orders,increased prices,and h

122、eightened social unrest marked a turning point for the US.The economic approach under the Biden administration,Bidenomics continues the trend of reevaluating the US economys interdepend-ence,with a focus on implementing policies that boost domestic growth and reduce depencies on China.While these in

123、itiatives are sometimes per-ceived as an“America-first”stance,the objective is primarily to recalibrate relationships rather than achieving full independence.The US has mineral reserves worth an estimated USD 6 trillion,but the country imported USD 6 billion of minerals from foreign countries in 202

124、3.30 Additionally,the US is a major producer of copper and gold,which account for a combined 61%of the US metallic minerals production value.The US is 29 Federal Reserve Economic Data(FRED)30 National Mining Association,“2023 Mining Facts”BUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|13“In the US,

125、the private sector sees university research as a product rather than an ongoing process.Consequently,mining companies rarely invest in long-term collaborations with academia.They only engage in small-scale partnerships to address immediate issues,leading to confusion within firms about the mismatch

126、between academic education and industryneeds.”Professor of Mining Engineering,Colorado School of Mines ranked 5th globally in copper production.31 With almost 50%of this domestic copper going to the construction industry,and Center for Strategic and International Studies(CSIS)projecting a 1,000%incr

127、ease in demand for future energy tech,there is a concern that domestic supply may be insufficient for cleantech industries.The US is reliant on imports for critical raw materials,including graphite,cobalt,manganese,nickel,and other rare earth metals(all 50%or more imports).In the pursuit of accelera

128、ting the green transition,one thing is clear the US can-not stand alone.This realisation prompted the US to establish and participate in multi-national initiatives such as the Minerals Security Partnership(MSP)and the Sustainable Critical Minerals Alliance,while pursu-ing bi-lateral agreements with

129、friendly countries to secure the critical raw materials supply chain,including Japan,Australia,and Canada.Landmark domestic legislation such as the Inflation Reduction Act(IRA),the Bipartisan Infrastructure Law(BIL),and the CHIPS&Sci-ence Act all have an underlying theme of onshor-ing and“friendshor

130、ing”critical raw materials sup-ply,with the recently adopted Fixing Americas Surface Transportation(FAST-41)act aiming to streamline permitting.However,there has been notable criticism that the US lacks an adequately detailed strategy for ramping up critical raw mate-rials production,especially comp

131、ared to Canadas strategic outline.PRODUCTION HUBSThe Appalachian states(West Virginia,Pennsylvania,and Kentucky)are the major coal producers and subsequently the primary recipients of abandoned mine reclamationgrants.For non-metal minerals,a similar trend can be seen in the Great Lakes region (Wisco

132、nsin,Mich-igan,Ohio,Pennsylvania,Indiana,Illinois)with a second smaller cluster in the southeast(North Carolina,Georgia,Florida,Alabama,Tennessee).Metal mines are concentrated in the west(Nevada,Utah,Arizona,Colorado,and Califor-nia),and the US expects 40 upcoming critical material operations includ

133、ing mines,extraction,and refinery facilities primarily in those western states and surprisingly,the southeast(North Car-olina,South Carolina,Georgia,Alabama),that expect to be operational by 2026.Additionally,some noted general trends observed in the US mining sector involve a delayed adoption of au

134、tonomous machinery,heightened investor emphasis on reducing emis-sions beyond regulatory requirements,and an upswing in the production of metallic minerals compared to pre-COVID levels.INNOVATION LANDSCAPE ANDECOSYSTEMTo those unfamiliar with the US mining sector,it is likely surprising to note that

135、 the country is not at the forefront of mining innovation.However,with a history of outsourcing heavy industry processes,the US mining sector is looking to make up for lost time.Large-scale mine operators in the US have distanced themselves from the innovation pro-cess,prioritising production output

136、 and the bot-tom line.These mine operators frequently offload R&D responsibilities onto OEMs and technology providers,perceiving R&D as a product rather than a dynamic collaborative process.Newmont is a notable exception,openly dis-closing significant R&D investments in finan-cial reporting.Newmonts

137、 transparency and ESG proactivity is further demonstrated in recently announced USD 4.38 million project collaboration with the National Renewable Energy Lab in 2023,focused on carbon capture,utilisation,and seques-tration solutions from waste rock and tailings.On the other end of the private sector

138、 spectrum,startups struggle with a challenging landscape for technology solutions.The absence of mining-fo-cused accelerator programmes leaves innovators to navigate the path alone.Faced with the uphill task of proving their technologys prowess to operators,startups often require demonstrations and

139、joint R&D partners to fine-tune their solutions.While there are certain platforms such as The Society for Mining,Metallurgy,and Explorations The MINEXCHANGE Annual Conference&Expo that bring US players together for networking,US operators and OEMs wont necessarily engage in dialogues beyond standard

140、 sales tactics or enter-tain cutting-edge solutions.Across the industry,stakeholders face challenges with a shortage of talent to fill corporate,engineer-ing,and skilled labour roles.While there are col-laboration initiatives from academia,they are often addressing niche,company-specific problems.31

141、 USGS Mineral Commodities Summary 2023BUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|14“The opportuni-ties for Swedish companies are strong because we do not count on the US for innovation,but when you can walk into a Scandinavian mine and eat off the ground,that says something.”Chief Engineer,Lead

142、ing US Mining OEMThrough roundtables and knowledge-exchanges,Swedish policymakers and aca-demia can lead by example on how to best implement new technologies.Swedish industry stakeholders can partner with startups and build consortiums with US players to engage in joint R&D efforts and demonstration

143、 projects especially for underground mining equipment,as there has been emerging projects and need for these solutions.Sandvik and Epiroc are already leading the way in underground mining autonomy and electrification with Sandviks Battery Center for Excellence in Camarillo,California,and Epirocs Reg

144、ional Application Center in Denver,Colorado.These demonstrate how Sweden is at the forefront of mining innovation in the US and can serve as a blueprint to other Swedish technology specialists on how to position themselves as innovation leaders in the US market.Swedish companies should target wester

145、n and southeastern states in the US,leading the critical raw materials push by leveraging the Swedish reputation for resilient,sustainable,and innovative solutions.OPPORTUNITIES FOR SWEDISHCOMPANIESThese universities stand at the centre of upskill-ing the mining industry,often hosting training progr

146、ammes,conferences,and integrated research projects that try to bridge the gap between indus-try and the incoming workforce.However,with a lack of industry-consortium driven projects and ini-tiatives,the gap between what the companies need and what academia can provide is likely to persist.It should

147、be noted that there are certain schools that are at the epicentre of innovation.The Col-orado School of Mines Earth Mechanics Insti-tute,for example,works directly with industry to solve current issues that are pragmatic and imme-diate.This is a fantastic opportunity on its own,however,with industry

148、 consortiums and sup-port,these programmes can help drive innovation towards larger-scale strategic industry issues.To address the workforce shortage,a global industry issue,the Mining Safety and Health Administration has been funding mining engi-neering programs,allocating USD 15 million directly f

149、rom the federal government in 2023.State governments are obligated to fund the remainder for public institutions to ensure up-to-date curriculums,experienced faculty,and suc-cessful job placements.Hopefully,the new federal bill will be passed that aims to mandate the Department of Energy,now linked

150、to the mining sector,to establish a substantial grant programme for universities,providing crucial funding for mining engineer-ing programmes.In general,the federal scope for involvement in the mining industry is restricted to regulatory guidelines on worker safety,environ-mental issues and tailings

151、 management,and to set the strategic direction for the industry.Meanwhile,state governments hold more power in implementing strategic initiatives and support for innovation.For example,the Arizona Corporation Commission aims to intertwine their energy and mining ecosystems to promote innovation,whil

152、e Nevadas economic develop-ment programme has set up small business sup-port programmes focused on innovation based economic development(IBED)with mining as a keyindustry.In conclusion,the US innovation ecosystem is quite fragmented and short-sighted,with each stakeholder focused on their own areas.

153、As a result,the US continues to rely heavily on foreigncompanies to bring innovative solutions tothe market.UTAH,USABUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|15MARKET OUTLOOK:CHILELEADING THE WAY IN COPPERAND LITHIUMMARKET OVERVIEWMining stands as one of Chiles primary economic drivers,constit

154、uting 10%of employment,12%of the GDP,and 56%of exports.24 Presently,Chile leads globally in production of copper as well as reserves and is the second-largest producer of lithium and molybdenum,and top producer of iron and silver.While 80%of copper production in Chile is sourced from open-pit mines,

155、operations are trending towards a shift to underground min-ing to ensure continued production.For example,Chuquicamata Subterraneo is transforming one of the largest open pit mines into an underground operation,ensuring production for an additional 40 years.Key players in the Chilean mining sector i

156、nclude Codelco(state-owned),Antofagasta for Minerals,Anglo American,and BHP.Codelco accounts for 27%of the countrys copper pro-duction.25 Due to the complex regulatory land-scape and limitations of foreign control within the mining sector in Chile,most private compa-nies pursue joint ventures to ope

157、rate mines.Japa-nese investment corporations are commonly key stakeholders within these mining joint ventures,given Japans policy of securing its sourcing of keymaterials.In recent years,Chile has emerged as a signif-icant player in the lithium industry,boasting the largest proven reserves.Currently

158、,two private companies,SQM and Albemarle,exploit lithium while Codelco is pursuing a state-led exploitation strategy.Chile aims to position itself as a major producer of several critical raw materials includ-ing cobalt,of which Chile has the potential to become a major global producer according to I

159、nvest Chile.24 Consejo Minero,Mining in numbers 7th edition25 Consejo Minero,Mining in numbers 7th editionBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|16“Chile is more innovative than we think,but the open inno-vation process is not as developed to move to the next level.It is necessary to build

160、more trust and be willing to give more and expect less,but with long-term benefits.”Director of Technology Contracts and Partner-ships,Codelco ChileIDENTIFIED LITHIUM RESERVESIn thousand tonnes of contained lithium,2022POLITICAL LANDSCAPEChile maintains a stable geopolitical environment in the regio

161、n,enhancing its capacity to attract long-term investments.Certain industry stake-holders stress the importance of legal certainty and striking a balance in mining regulations and taxes to sustain a competitive investment landscape.For example,the political uncertainty generated by a 4-year long proc

162、ess to change the constitution to put large investments on hold,and a new bill that increases royalty for copper production is seen as a potential obstacle to increase production within the mining sector.Despite having decreased since 2012,FDI in Chiles mining sector is now on an upswing.In 2022,FDI

163、 reached USD 5 billion,the highest value since 2016 26.A significant portion of foreign investments are within copper.Furthermore,with the recent announcement of the National Lithium Strategy,there is growing anticipation for increased investments in the lith-ium sector.The strategy provides a defin

164、ed frame-work for the industrys development.Under this ini-tiative,public-private partnerships are mandated for new projects,requiring the state to hold a majority ownership stake in each project.While this require-ment has encountered resistance from stakeholders,a rapid agreement between Codelco a

165、nd SQM has contributed to a more optimistic outlook.While Chile remains the largest copper pro-ducer in the world by a margin,its output has decreased by 2%over the last 5 years 27.This is pri-marily attributed to decreasing ore grade,ris-ing operational cost and challenges including a diminishing w

166、orkforce and low productivity.Dis-ruptions in the supply chain,as well as Codelcos falling production(-15%since 2017)are also con-tributing factors.The mining sector in Chile is facing major sus-tainability challenges.Governments,shareholders,and communities alike are increasingly demand-ing ambitio

167、us environmental and decarbonisation targets,as the mining sectors impact is scrutinised.Being a water-intensive industry,the mining sec-tor is further challenged by water scarcity.This lack of access to fresh water is prompting mines to utilise desalinated water,which requires larger investments.IN

168、NOVATION LANDSCAPE ANDECOSYSTEMDespite its robust mining industry,Chile is a net importer of technology.In the absence of a clear and concise strategy,whether for internal development in collaboration with OEMs or to continue importing from abroad,Chile lacks the coherent state-level approach requir

169、ed to boost local production and R&D.Currently,Chile has the technical and theoreti-cal knowledge to develop a strong local R&D eco-system.However,the limitation of incentives and shared strategies hinders collaboration between aca-demia,industry and the government.These stake-holders acknowledge th

170、at collaboration is cru-cial for achieving common goals,but the challenge lies in allocating resources and establishing long-term trust.The transition from collaborative intent to successful implementation remains an obstacle,fuelled by a reluctance to generate formal,struc-tured,and efficient colla

171、borative initiatives without the confidence and support of incentives.Within the mining culture,stakeholders especially opera-tors tend to view each other as competitors rather than potential collaborators.Moreover,although universities such as Advanced Mining Technology Centre(AMTC)are recognised a

172、s potential influential players,a significant gap exists between mining companies and academia.While academia tends to focus on slower-paced theoretical research,mining com-panies prioritise proven solutions for immedi-ate implementation.This often results in a sym-bolic display of collaboration,giv

173、en the divergence of the actors incentives and priorities.The gap between mining entities and academic institu-tions is widened by misaligned interests,obstacles in information transfer,and funding disparities.Bridging this gap is imperative to fostering syner-gistic relationships between the mining

174、 industry and academia.In the private sector,startups and scale-ups rec-ognise that despite its many opportunities,Chiles mining sector still faces extensive challenges.Entrepreneurs are faced with a complex market with high investment costs,substantial entry bar-riers,and limited financing opportun

175、ities,along 26 Chiles Central Bank,FDI report27 Sernageomin,yearbook 2023 BUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|17Chile is a major mining market,offering Swedish companies significant business opportunities,as reflected in an estimated value of USD 2025 billion in local sales bymining supp

176、liers in 2022.28While the political landscape has been more turbulent than in previous decades,the country has showed resilience and capacity to solve its challenges in a democratic and institutional manner.Additionally,the new government has changed it original discourse and is more willing to prom

177、ote private investments.In fact,mining invest-ments are on the rise again and substantial CAPEX investment plans by companies like Anglo American,BHP and Lundin Mining suggest that Chile continues to be competitive.These investments are aligned with Chiles leadership in two relevant critical raw mat

178、erials:copper and lithium.Existing copper supply agreements with countries like China,and lithium supply agreements with international OEMs such as Ford and LG,showcase global interest in Chiles potential as a competitive,demo-cratic,and open strategic partner for critical raw materials.Sustainabili

179、ty targets outlined by most mining companies offer further opportunity for Swedish companies,which are considered key partners in the race to decarbonise.Companies like Codelco,have made the ambitious commitment to incorporate 100%electric equipment for underground mining by 2030,with concrete steps

180、 being taken to achieve objectives.Digitalisation and automation are two highly relevant trends for Swedish companies within the Chilean mining sector.In fact,Codelcos El Teniente,the largest under-ground mine in the world,recently purchased major orders from Swedish OEMs Epiroc and Sandvik.These or

181、ders included Epirocs largest ever digital solution package while Sandvik sold a large fleet of automated underground loaders and trucks.Codelco was even an early adopter of autonomous vehicles.Finally,Chile currently holds a ministerial-level Memorandum of Understanding(MoU)with Sweden,as well as a

182、n MoU between Codelco and the Swedish mining cluster through the Swedish Mining Innovation initiative.These agreements demonstrate the willingness of Chile to engage with Sweden and its mining ecosystem.In Chile,Swe-den is widely recognised as a role model for modern mining methods and technology de

183、velopment.The Chilean mining ecosystem is perceived to be open for more collab-oration and engagement,with significant interest in increased partnerships in R&D and technology development.OPPORTUNITIES FOR SWEDISHCOMPANIESwith obstacles in accessing mining operations and an aversion to risk among mi

184、ning stakeholders.Additionally,the lengthy processes of research,development,and testing required for a solution to be commercially viable further hinder the survival and growth opportunities for startups.Major mining operators in Chile typi-cally lean towards implementing established solutions that

185、 have undergone testing in similar conditions.However,at present,they may not allocate specificareas within their operations for conducting these tests,often relying on solutions that have already been proven abroad.This is a barrier for both small-and-medium-sized enter-prises as wellas OEMs that a

186、re continually developing new products.CALAMA,CHILE28 Aprimin,Chile Mining Global Business Report 2023BUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|18MARKET OUTLOOK:BRAZILA MAJOR HUB FOR CRITICALRAW MATERIALSMARKET OVERVIEWMining is a key sector in Brazil,generating USD 50 billion in 2022,accounti

187、ng for 17%of industrial GDP and 2%of Brazils total GDP.Home to close to 9,000 mines,Brazils min-ing industry consists of predominantly small-scale and non-metallic(sand and gravel)mines,con-centrated in the southern regions of Minas Gerais,Rio Grande do Sul and So Paulo.With up to 500 metallic mines

188、,Brazil produces a diverse range of materials,with iron ore leading at 61%.17The vast majority of metallic mines are open pit and located in southeast region.Over the last five years,the Brazilian mining sectors annual aver-age growth rate has been around 1%in production whilst the financial results

189、 have grown around 19%on average,mainly driven by commodity prices.18With its varied geological landscape,Bra-zil is recognised globally for its extensive mineral potential.The nation boasts substantial reserves of key commodities such as iron ore,gold,nickel,potash,lithium,and niobium.Brazilian min

190、eral resources are crucial to the global green transition,with vast niobium reserves and growing lithium production in addition to a large current production base.Given the ongoing green transformation in the global mining sector and rising geopolitical ten-sions with China,Brazil presents great opp

191、or-tunities considering its abundance of rare earth elements(REE).Brazil holds top production positions for several minerals such as:Niobium Iron ore Aluminium LithiumFurther,Brazil is as a major hub for REE explo-ration and holds the worlds third largest REE reserves with 21 million tonnes.19Global

192、 mining company and Brazilian born Vale,leads the domestic mining sector,followed by Reunited Brazilian Mining(Mineraes Bra-sileiras Reunidas)and the UKs Anglo American.17 IBRAM18 IBRAM,Ministry of Mines and Energy19 IBRAM,InvestingNewsBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|19“Safety and ri

193、sk management is a big challenge in Brazil.Society is changing and the generations XYZ dont want to work in mining.”General Manager,Hexagon Mining BrazilPOLITICAL LANDSCAPEWith federal,state and municipal authorities involved,Brazils mining regulatory framework is complex.Key federal institutions in

194、clude the Ministry of Mines and Energy(MME),the National Mining Agency(ANM),the Geological Service of Brazil(CPRM),and the National Mineral Policy Council(CNPM).The MME considers the mineral sector essen-tial for the growth of the Brazilianeconomy.The global energy transition will be advantageous fo

195、r Brazil,due to the countrys critical resources and the large volumes of materials required for the transition to a low-carbon economy.The main objective for the government is to discover new deposits and increase production,particularly for materials utilised in the energy transition.Several action

196、s are being pursued to achieve this goal,including:Expansion of geological knowledge to attract investments in research for new reserves Increase in public and private financing for mineral research Support from the MME for technological development and innovation Time reduction to obtain mining rig

197、htsHowever,the general perception of the mining sector in Brazil is a key challenge,contributing to industry difficulties in attracting talent.In particular,illegal gold mining on indigenous lands in the Amazon rainforest poses significant concerns,including water contamination,diseasespread among t

198、he indigenous population,and deforestation.Mine waste management is also a key con-tributor to the less favourable public perception of the industry,following the recent high-profile failures of tailing dams.The Brumadinho inci-dent in 2019,which caused 270 fatalities and the Mariana disaster in 201

199、5,causing 19 fatali-ties,underscore the need for stricter monitor-ing of tailings dams and stricter regulations to prevent collapse and flooding.New laws were implemented in response to prohibit upstream dam construction.The local mining sector also faces significant environmental challenges related

200、 to water,air,and noise pollution,as well as mine subsidence (vertical movement of ground).To strengthen the Brazilian mining industry andits public image,the governments focus for the next coming years includes strengthening institutions,ensuring safety,and promoting sociallyand environmentally res

201、ponsible practicesamong companies.INNOVATION LANDSCAPE ANDECOSYSTEMMining companies are looking to increase efficiency,explore new energy sources,optimise processes,and minimise adverse community impacts through innovation.In response to the growing need for increased innovation,mining companies in

202、Brazil are expected to raise their current average R&D investments from 0.26%to4%by 2030.20Generally,innovation in Brazil is carried out by mine operators with a focus on local chal-lenges.An exception to this is the Mining Hub,launched in 2019 in Belo Horizonte,which is the worlds first open innova

203、tion centre for the min-ing industry.The aim of the Mining Hub is to bring together mine operators,suppliers,start-ups,researchers,investors and other key players to network and develop opportunities and solu-tions to common challenges in the sector.Cur-rently,23 mining operators and 25 major min-in

204、g suppliers are associated members,including Swedens Lundin Mining,Epiroc and Hexagon.In addition,the Mining Hub is available to support global mining startups.For exam-ple,in 2023,Swedish startup Clearwell qualified for proof-of-concept stage with mine operator Nexa Resources focused on how to sust

205、ainably adjust the sulphate concentration in industrial effluents.Brazilian startups and SMEs also have access to financial support through government pro-grammes such as,PRONAMPE,the National Support Program for Micro and Small Enter-prises,and FINEP.Brazil is also home to leading mining focused un

206、iversities,including the University of So Paulo(USP)(ranked#30 globally in the 2024 QS Top Universities for mining engineering),focused on sustainability and exploration,as well as the Federal University of Minas Gerais(UFMG),University of Ouro Preto,and the University of Rio Grande do Sul(UFRG).20

207、IBRAMBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|20Sweden and Brazil share mutual business opportunities and technological expertise in the mining sector.In October 2016,a Memorandum of Understanding(MoU)was signed between Sweden and Brazil aiming to strengthen cooperation within sustainable min

208、ing.Swedish mining companies in Brazil have joined forces with Business Sweden and the Embassy of Sweden to create a Swedish Mining Alliance with the objective to strengthen the Brazilian mining industry,and to position Sweden and the Swedish Mining Alliance as the point of reference for innovative

209、and holistic mining collaborations in Brazil.The Swedish mining industry has already established a strong footprint in Brazil with players like Lundin Mining,SSAB,Epiroc,AFRY,Sandvik,Alfa Laval,SKF,Ericsson,Hexagon,ABB,Scania,Volvo Group,Quant,and LOTS.Swedish mining companies can capitalize on oppo

210、rtunities in mining equipment and specialty mining services,and innovative technology for sustainable waste recycling,dam tailings and monitoring solutions.Additionally,as the underground mining equipment market is in its development phase,Swedish companies are well posi-tionedto leverage an early m

211、arket entry.Though the Brazilian mining industry faces public image and environmental challenges,the outlook remains positive with outlined investments for the current planning period 20232027 estimated at USD 50.4 billion,an increase of USD 10 billion compared to previous investment cycle 20222026.

212、Of the estimated invest-ments,the largest share(USD 17 billion)is allocated towards iron ore,followed by social and environmental initiatives(USD 6.5 billion).21For the upcoming future,Swedish companies can benefit by offering expertise and solutions advancing critical material mining,and sustainabl

213、e mining,but also through early-stage participation in the transition to underground operations.OPPORTUNITIES FOR SWEDISHCOMPANIESMINING MACHINERY,BRAZIL21 IBRAM,Brazili Mining Overview 2023BUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|21MARKET OUTLOOK:SOUTH AFRICAA WORLD LEADER IN GOLDAND PLATINU

214、MMARKET OVERVIEWSouth Africa is known for its vast mineral resources,including precious minerals(gold,platinum,and diamonds),as well as coal(providing the majority of South Africas energy),iron ore,manganese,and chrome.These resources have historically been the backbone of the countrys mining indust

215、ry.Despite being the worlds largest producer of gold for a long time,aging mines and increasing depths have made it increasingly difficult for mining companies to achieve desired quantities.More recently,the country has also emerged as the worlds leading producer of platinum group metals(PGMs).The m

216、ining industry is a significant eco-nomic sector in South Africa employing nearly half a million people,generating more than USD 45 billion in revenues in 2022 and contrib-uting over 6%of the countrys GDP.34MINERAL SALES AT CURRENT PRICES 20172022(USD BILLION)Source:STATSSA,202334 Statistics Departm

217、ent of the Republic of South AfricaBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|22South Africa is home to a mix of interna-tional and domestic players.Global giants such as Anglo American and Rio Tinto have been oper-ating in South Africa for decades while local min-ing companies Sibanye Stillwat

218、er,Impala Plati-num and Africa Rainbow Minerals dominate the local mining scene.Since the COVID-19 pandemic,the South African mining industry has experienced high profit margins and significant returns on invest-ment.However,the last year has been difficult for the industry;national growth nosedived

219、,margins shrunk and productivity fell while infrastructure constraints and input costs increased.Coupled with weakening of local currency,the local mining sector has benefitted from the continued improvement in specific commodity prices.The main contributor to the increased rev-enue was gold,followe

220、d by platinum group met-als(PGMs)and non-ferrous metals.South Afri-cas mining sector is projected to remain stagnant for 2024 with infrastructure limitations(i.e.lack of power access,water,transportation issues),commodity price volatility and exchange rate fluctuations adding to the challenges minin

221、g companies face.POLITICAL LANDSCAPEAs South Africa prepares for elections this year,issues around the high unemployment rates,corruption,labour disputes and slow economic growth prevail.As a result,delays in mine site openings and production disruptions are common.As one of the top employers in Sou

222、th Africa,hopes remain that the mining industry could absorb a significant percentage of the working age population,but full-time employ-ment rates are somewhat depressed as mining companies favour hiring temporary contractors.High levels of unemployment also spur signifi-cant and concerning levels

223、of illegal mining activ-ity,costing the mining industry up to USD 376 million annually(approximately 1%of revenue).35 Illegal mining includes participation from organ-ised crime and illegal entry into abandoned and/or closed mine sites.The current ruling party is expected to hold onto power,likely w

224、ith less political dominance.A decade ago,this same ruling party rejected a plan to nationalise the mining industry but intro-duced new mining taxes.Since then,the govern-ment position on mining has been described as“in a state of paralysis and inertia”,with a histor-ically high backlog of unapprove

225、d mining per-mits.Marginal improvements in legislation have included allowing mine operators to generate additional electricity(from 10MW to 100MW)to offset power outages.This creates opportuni-ties for the implementation of green energy and is likely to improve South Africas foreign invest-ment out

226、look.Precious metals Ferrous metals CoalNon-ferrousIndustrial mineralsOther commoditiesMINERAL PRODUCTION CONTRIBUTION BY COMMODITY IN 2022Source:DMRE,2024SUSTAINABILITYTo promote sustainable mining and circumvent environmental degradation beyond the lifespan of a mining project,the South African go

227、vernment has developed strict regulations and policies such as the Mineral and Petroleum Resources Devel-opment Act(MPRDA),Mining and Biodiversity Guideline,and the National Environmental Management Act.However,the successful imple-mentation of these policies is heavily challenged by insufficient le

228、vels of monitoring.Even in the absence of successful policy instru-ments,major world mining companies have set internal sustainability targets,e.g.AngloAmeri-cans goal to become carbon neutral by 2040.INNOVATION LANDSCAPE ANDECOSYSTEM TRENDS“Adoption for future mining capacity,”is the phrase of the

229、year,applying to mine operators,equipment manufacturers,and solutions suppliers alike.The natural structure of South Africas gold and PGM deposits creates difficulty in major mobile equipment use in confined,underground mines.This legacy of traditional mining presents significant opportunities to im

230、plement best prac-tices,new technology and better methodologies.Mining companies are also increasingly invest-ing in clean technologies to minimise ecologi-cal footprint,including investments in renewable energy,water recycling systems,and introduction of basic safety systems such as steel netting i

231、n dan-gerous mining zones.Notable initiatives such as the Zero Harm Forum have successfully intro-duced mine safety best practices(introduction of bolting systems,system mechanisation,improve-ment of digital communication systems etc.)lead-ing to a significant drop in fatality and injuries between 2

232、022 and 2023 in South Africa.Collaborations amongst research institutions such as the Mandela Mining Precinct,Council for Scientific and Industrial Research and Southern African Institute for Mining and Metallurgy are leading the implementation of technologies such as drones and satellite imaging to

233、 enhance geolog-ical and geotechnical surveys.35 Al Jazeera,“South Africa turns to army in nationwide clampdown on illegal mining”,202341%25%24%5%3%2%BUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|23Sweden has been a key partner in the development of the local innovation landscape and knowledge sha

234、ring platforms such as the South Africa-Sweden University Forum(SASUF).Sweden remains a key partner for the South African mining industry through companies such as Sandvik,Atlas Copco,Epiroc,SKF,Volvo,and many others not only as suppliers,but also as key technology and research partners in the local

235、 market.Swedish companies such as Epiroc and Sandvik have acquired major local mining equipment manufacturing companies such as AARD to improve local manufacturing capacity and technology.Presently,international mining companies lead innovation in South Africa by build-ingon their experiences in oth

236、er markets.Sweden,as a global leader in mining,iswell-positioned to collaborate with local mining companies strategising to navigatecurrent challenges and build a portfolio for the future.OPPORTUNITIES FOR SWEDISHCOMPANIESCOAL MINE,SOUTH AFRICABUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|24MARKET

237、 OUTLOOK:AUSTRALIAA BEACON FOR CONTINUOUS MINING GROWTH MARKET OVERVIEWMining has long been a cornerstone of the Australian economy.In the 2022/2023 fiscal year,the sector generated almost USD 300 billion in revenue,accounting for 66%of Australias export revenue,and 14.3%of total gross domestic prod

238、uct(GDP)32.Australia is a competitive hub for mining activ-ity,home to global industry leaders such as BHP,Fortescue and Rio Tinto as well as junior miners like South32 and Northern Star Resources.A lead-ing producing nation,Australia is the worlds top lithium producer and ranks among the top five f

239、or gold,iron ore,lead,zinc,and nickel.Furthermore,the nation has the worlds largest reserve of uranium,all of which is exported since nuclear power has historically taken a backseat in favour of the more cost-effective alternative coal.Since the disaster in Fukushima in 2013,the Aus-tralian governme

240、nt has been hesitant to endorse initiatives tied to uranium mining,however,there is a discernible shift in their stance.This change is primarily influenced by the recognition of the crucial role nuclear power plays in achieving cli-mate change goals,and the trend of nuclear power adoption across Eur

241、ope.Drawing parallels between Sweden and Aus-tralia in the context of mining operations unveils the shared challenges and potential synergies in the industry.Both countries boast significant roles as producers of iron ore,precious metals,and base metals.The challenges faced in mine operations,such a

242、s extraction methods,safety protocols,and geological conditions are similar.This com-mon ground presents a promising opportunity for the application of Swedish mining technology in Australia.The technology,initially developed to address the specific needs of the Swedish mining industry,aligns well w

243、ith the analogous condi-tions found in Australia.32 Australia Bureau of StatisticsBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|25“With large deposits of critical minerals and rare earth elements,established technical expertise in mineral development and integration with global supply chains,Austr

244、alia is well-placed to meet increased demand throughout the energy transition.”Department of Industry Science and Resources,Australian GovernmentWith over 350 active mine sites,including quar-ries,Western Australia(WA),Queensland(QLD),and New South Wales(NSW)are the primary mining hubs.Approximately

245、 one-third of mines are in WA,one-quarter in QLD,and one-fifth inNSW 33.Australia stands as a pivotal player in the global critical raw materials market,wielding a wealth of diverse resources crucial for the development of advanced technologies and the burgeoning energy transition.With an abundance

246、of materials like lithium,rare earth elements,and cobalt,Australia serves as a cornerstone in the critical raw materials value chain.The nation actively engages in interna-tional agreements and partnerships to fortify sup-ply chains and responsible sourcing.By strategically investing in exploration,

247、extraction,and down-stream processing,Australia aims not only to meet the escalating global demand but also to position itself as a leader in sustainable and ethical mining practices.In June 2023,Australia released its updated Critical Minerals Strategy 20232030,providing added incentives worth USD

248、325 million on top of previous years USD 1.3 billion Critical Minerals Facility and alongside various other initiatives.The Facility is managed by Export Finance Australia and provides financing to projects that are aligned with the Australian Governments Critical Minerals Strategy.POLITICAL LANDSCA

249、PEIn recent years,climate change has gained increasing importance among the Australian voter base.The 2022 federal election saw the Labor Party emerge victorious,attributing their win to a robust commitment to addressing climate issues.Despite this,the Labor Partys triumph did not signal a major pol

250、icy shift for the mining sector.Their promises included supporting economically viable export-oriented coal projects and rejecting the imposition of carbon taxation.Instead,the focus has shifted towards reducing domestic coal consumption and promoting widespread decarbonisation across the economy.Ho

251、wever,the need to reduce environmen-tal impact is expected to become more press-ing.New approvals for coal mining are expected to slow down significanly due to stricter regu-latory requirements,growing reluctance from investors to fund projects and strong pressure from communities as well as politic

252、al entities.A case in point is the February 2023 decision by Environment Minister Tanya Pilbersek to reject the project proposed by Central Queensland Coal,citing concerns about potential harm to the Great Barrier Reef.These trends are expected to accelerate the exit of major miners from coal.Compan

253、ies such as Anglo American,Peabody Energy and Vale have already begun liquidating their Australian coal portfolios,while Rio Tinto has completely exited the coal market.More than 70 partners from industry and research are collaborating to find solutions to make Australian mine closures benefi-cial f

254、or communities and the environment via the Cooperative Research Centre for Transformations in Mining Economies.INNOVATION LANDSCAPE ANDECOSYSTEMIn the face of technological disruption,the mining sector is at a crossroads presented with the option to maintain traditional practices or embrace a transf

255、ormative,sustainable future.Australia with the likes of BHP,Rio Tinto,Fortescue Metals and Newcrest Mining,are known to be leaders in the adoption of innovative technology that reduces costs,improves efficiency,and enhances mine operations safety.With its strong network connectivity,reliable power s

256、up-ply,highly skilled labour force and government support,the Australian mining sector is well posi-tioned for future innovation.Australian mining benefits from incentives like the Exploration Development Incentive(EDI),encouraging investment in small mineral explo-ration.The government-backed EDI p

257、rovides tax incentives for shareholders in greenfield explora-tion.Mining companies also use the R&D Tax Incentive to advance technology,collaborating for innovation and sustainability in the sector.Australias innovation landscape is further sup-ported in academia and is home to leading univer-sitie

258、s with world class mining schools including the University of New South Wales,University of Queensland,Curtin University,University of Adelaide,Newcastle University and University of Western Australia.The University of Western Australias reputation as a world leader in resources research is founded

259、on a depth and breadth of expertise in a wide range 33 Minerals Council of AustraliaBUSINESS SWEDEN|REINVENTING THE FUTURE OFMINING|26Australia offers abundant opportunities for Swedish mining OEMs.The heavy reliance on international OEMs to provide cutting-edge equipment and technology solutions cr

260、eates a strong foundation for Swedish companies to enter the market and offer their expertise.Further,Swedish OEMs can capitalize on the gap in commercialisation support in the Australian market to explore potential acquisition targets.The synergy between Swedens advanced mining technology and Austr

261、alias strong demand for such solutions positions Swedish OEMs strategically to meet the evolving needs of the Australian mining industry.OPPORTUNITIES FOR SWEDISHCOMPANIESof disciplines.As just one example,researchers are creating 3D mineral maps using integrated sur-face and subsurface sensing data

262、.This work pro-vides the mineral-mapping capabilities that better equip the industry for the challenges of sustainable exploration and mining.CRC Mining is a collabo-ration between industry giants and Australias top universities in mining researchthe Universities of Western Australia,Queensland and

263、Newcastle and Curtin University.The organisation is respon-sible for developing many breakthrough technol-ogies being used at mine sites around the world,from payload measuring to collision-detection sys-tems to first-generation drill automation.Employee safety has been improved as a result of innov

264、ations such as the SmartCap,a baseball cap that continu-ally monitors the wearers brainwaves to determine their level of fatigue-induced impairment.Western Australia truly is a global centre of technical innovation for the mining and explora-tion industry.It is home to the largest group in the world

265、 focused on innovative research and devel-opment in mineral exploration and resource man-agement.The Centre for Exploration Targeting is a unique applied research enterprise working on cost-effective,high-quality mineral exploration.The centre is a collaboration between the mineral exploration indus

266、try,the University of Western Australia,Curtin University,and the Government of Western Australia.A diverse membership base of over 60 national and international companies integrates with the centre,providing a gateway to mining and minerals opportunities worldwide for students and early career rese

267、archers.Additionally,CSIRO,Australias premier scien-tific agency,is instrumental in advancing the min-ing sector through cutting-edge technologies,sus-tainable practices,and collaborative research.Notably,CSIRO has a history of research and col-laboration with Swedish miners,highlighting their globa

268、l engagement.This collaboration often involves joint initiatives,where CSIRO brings sci-entific expertise to address specific challenges or advance technological solutions within the min-ing industry.Their collaborative approach may include joint studies,field trials,and the exchange of insights to

269、collectively enhance the efficiency and environmental sustainability of mining operations.Australia has world-leading research organisa-tions,yet there is a significant lack of robust com-mercialisation support for Australian OEMs and technology companies.A considerable number of successful startups

270、 are acquired by international companies before attaining substantial size.Gov-ernment funding tends to favour mining compa-nies addressing specific industry challenges,often neglecting to provide support for the more technol-ogy focused small-to-medium sized companies.COOBER PEDY,AUSTRALIABUSINESS

271、SWEDEN|REINVENTING THE FUTURE OFMINING|27CONCLUSIONUNLOCKING THE TRANSITION:4 OPPORTUNITIES INNOVATION TRAILBLAZERSAustralia and Canada are at the forefront of mining innovation adoption,as leaders in mine automation and electrification.While strong in adoption,both Australia and Canada lack the dom

272、estic strength in technological innovation that Swedish companies are well-known for.Moreover,both nations have attractive incentives that further support innovation,including Canadas Critical Minerals Exploration Tax Credit and Australias Junior Minerals Exploration Incentive.SUSTAINABILITY SUPERST

273、ARSWhen it comes to sustainable mining,Canada and Australia are often top of mind each with stringent environmental regulations,strong social and community focus,as well as an emphasis on responsible resource extraction and safety.These markets are likely to be attractive to Swedish companies with i

274、nnovative solutions that increase the sustainability of mining practices.PRODUCTION POWERHOUSESAlready a mining powerhouse,Australia stands to grow even further as demand for critical materials accelerates.As a top producer of lithium and manganese,and with significant shares of reserves in these mi

275、nerals as well as nickel,cobalt,and copper,Australia will be a high-activity and opportunity market.Chile is a major producer of two high-demand critical materials copper and lithium.As the global mining industry rushes to ensure produc-tion levels that can meet forecasted exponential demand,Chile i

276、s likely to be a key market of continued investment.RISING STARSBrazil is a market to watch when it comes to critical raw materials with reserves in nickel,REE,and graphite,Brazil is likely to be a key growth market in the race to critical raw materials production.Swedish companies can leverage exis

277、ting platforms(e.g.,Swedish Mining Alliance)to enter the market.Despite its traditional reputation as a gold and PGM nation,South Africas leadership in manga-nese production and reserves puts it on the critical raw materials map.With a significant share of copper and REE production,the US is pivotin

278、g from its traditional fuel mineral focus and investing in becoming a critical raw materials production hub.With new regulations and incentives,the US offers Swedish companies an opportunity to capture opportu-nities in this established market and leverage the infrastructure of the worlds largest ec

279、onomy at a time of great momentum.PILLARS OF POLITICAL STABILITYWith geopolitical tensions running high across the globe,political stability and certainty are a key priority.Australia and Canadas stable political landscapes position the nations as highly attractive mining markets for investments.As

280、the global mining industry looks to decentralise the mineral supply chain,both Canada and Australia are likely to be hot targets.Swedish companies looking for opportunities for long-term and sustainable growth in a new market are likely to find success in these two pillars of stability.The potential

281、 is rising for Swedish equipment manufacturers,suppliers and technology experts in each of the mining markets explored in this report.Thefutureof mining will be shaped by four key priority areas:innovation,sustainability,political stability,and critical raw materials.Below is an outline of whySwedis

282、h companies should look into these markets for their next investment.BUSINESS SWEDEN CAN SUPPORT YOUBusiness Swedens team of mining experts have helped many Swedish companies acrossthe mining value chain to capture opportunities and maximise success in international markets.We can help you analyse n

283、ew market opportunities,reach out to potential partners,accelerate sales,develop go-to-market strategies,and build your presence overseas.With a unique mandate from the Swedish government and the business sector,our global team offers strategic advice and practical support in more than 40 markets wo

284、rldwide.ANDREAS SCHEIBENPFLUGHead of Materials&Industrialsandreas.scheibenpflug business-sweden.se THIS ANALYSIS WAS DEVELOPED BY:Lead authors Mikael Johansson,Global Program Manager Mining,Materials&IndustrialsPatricia Boeg-Jensen,Project ManagerContributors Artemida Bodounova,Simera Negeri(Canada)

285、Kudakwashe Koke(South Africa)Daniel Karlsson(Australia)Nicols Benkel(Chile)Beatriz Bonaventure(Brazil)Jacob Ali(USA)4329(MINING)2024BUSINESS SWEDENBox 240,SE-101 24 Stockholm,Sweden World Trade Center,Klarabergsviadukten 70 T+46 8 588 660 00infobusiness-sweden.se www.business-We help Swedish companies grow global sales and international companies invest and expand in Sweden.BUSINESS-SWEDEN.COM