The U.S. is running out of miners.More than half the nation's mining workforce, about 221,000 workers, is expected to retire by 2029, according to the Society for Mining, Metallurgy & Exploration, and the number of candidates willing to fill those slots is shrinking.
"Our workforce is aging," said Bold Baatar, chief executive of copper at Rio Tinto. "There is a lot of baby boomers that will be looking to retire or are already retiring, and we're continuing to rely on their expertise."
At the same time, demand for rare earth minerals such as lithium, cobalt and copper, critical components used to make batteries for electric vehicles and smartphones, is on the rise.
Globally, at least 384 new mines will need to be built to meet demand for electric vehicles by 2035, according to Benchmark Mineral Intelligence.
To better understand the role miners play in the transition to green energy, CNBC got a behind-the-scenes look at Rio Tinto's copper mining operation in Utah.
More than half the nation's mining workforce, about 221,000 workers, is expected to retire by 2029, according to the Society for Mining, Metallurgy & Exploration, and the number of candidates willing to fill those slots is shrinking. “Our workforce is aging,” said Bold Baatar, chief executive of copper at Rio Tinto
Rio Tinto
Rio Tinto Group is a British-Australian multinational company that is the world's second largest metals and mining corporation (behind BHP). It was founded in 1873 when a group of investors purchased a mine complex on the Rio Tinto, in Huelva, Spain, from the Spanish government.
https://en.wikipedia.org › wiki › Rio_Tinto_(corporation)
In fact, the decline of Americans' labor force participation is nothing new—fewer and fewer Americans have been participating in the labor force for decades, resulting in a smaller workforce that is expected to continue shrinking for years to come.
The mining industry plays a crucial role in the global economy, supplying essential resources for various sectors. However, it also faces significant challenges related to sustainability, demand uncertainty, technological disruption, workforce skills, and operational costs.
In the US, talent scarcity is on the rise. As of 2024, US labor shortage currently sits at 70%, five percentage points below the global average. That means that 7 in 10 employers are unable to find suitable employees for their job vacancies.
Mining is an inherently invasive process that can cause damage to a landscape in an area much larger than the mining site itself. The effects of this damage can continue years after a mine has shut down, including the addition to greenhouse gasses, death of flora and fauna, and erosion of land and habitat.
A lack of public education about — and exposure to — construction and trades is a major cause of the labor shortage. A 2017 Builder story found that only 3% of people aged 18-25 wanted to work in construction.
But behind the gaudy job numbers, a labor market that was still soaring a year ago has become less hospitable to job seekers. Companies are warier about hiring amid high interest rates and wages. Workers are vying with more job candidates for fewer openings, forcing them to send in more applications.
In a 2022 analysis of Census data by the San Francisco Fed, nearly 40% of prime-working-age men cited disability or illness as the reason they weren't working. In more recent decades, addiction rates tied to the opioid epidemic have also sidelined some men from the workforce.
We expect GDP growth in year-over-year terms to dip to around 1.5% by the end of 2024. Slowing GDP growth in 2024 will compel firms to slow hiring in order to avoid deteriorating profits. As economic growth reaccelerates over 2025-26, we expect a resumption of the labor market recovery to follow.
A trio of factors: Layoff spillover, AI and market re-correction. Some experts say that companies and workers are having a hard time meeting each others' needs right now. But Goldstein pinpoints three specific factors fueling the job search drag.
Environmental effects of mining can occur at local, regional, and global scales through direct and indirect mining practices. Mining can cause erosion, sinkholes, loss of biodiversity, or the contamination of soil, groundwater, and surface water by chemicals emitted from mining processes.
Many companies had to downsize or close, millions retired early, and the average employee sought more freedom and flexibility in their working schedules. All of this resulted in a lower labor force participation rate where less Americans were working.
U.S. industries have become increasingly concentrated in the 21st century, leaving fewer employers in local labor markets. This is not good for workers. The simplest example is a town with one company in the business of producing widgets.
Address: Suite 609 315 Lupita Unions, Ronnieburgh, MI 62697
Phone: +2424755286529
Job: District Education Designer
Hobby: Yoga, Gunsmithing, Singing, 3D printing, Nordic skating, Soapmaking, Juggling
Introduction: My name is Moshe Kshlerin, I am a gleaming, attractive, outstanding, pleasant, delightful, outstanding, famous person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
