Mentions of artificial intelligence within the filings of companies in the mining industry rose 48% between the second and third quarters of 2021. In total, the frequency of sentences related to artificial intelligence between October 2020 and September 2021 was 188% higher than in 2016 when GlobalData, from which our data for this article is taken, first began to track the key issues referred to in company filings.
When companies in the mining industry publish annual and quarterly reports, ESG reports, and other filings, GlobalData analyses the text and identifies individual sentences that relate to disruptive forces facing companies in the coming years. Artificial intelligence is one of these topics – companies that excel and invest in these areas are thought to be better prepared for the future business landscape and better equipped to survive unforeseen challenges.
To assess whether artificial intelligence is featuring more in the summaries and strategies of companies in the mining industry, two measures were calculated. Firstly, we looked at the percentage of companies that have mentioned artificial intelligence at least once in filings during the past 12 months – this was 43%, compared to 22% in 2016. Secondly, we calculated the percentage of total analysed sentences that referred to artificial intelligence.
Of the 10 biggest employers in the mining industry, Nippon Steel was the company that referred to artificial intelligence the most between October 2020 and September 2021. GlobalData identified 23 artificial intelligence-related sentences in the Japan-based company's filings – 0.3% of all sentences. Mitsubishi mentioned artificial intelligence the second most – the issue was referred to in 0.16% of sentences in the company's filings.
Across all companies in the mining industry, the filing published in the third quarter of 2021 that exhibited the greatest focus on artificial intelligence came from Metalurgica Gerdau. Of the document's 1,030 sentences, nine (0.9%) referred to artificial intelligence.
This analysis provides an approximate indication of which companies are focusing on artificial intelligence and how important the issue is considered within the mining industry, but it also has limitations and should be interpreted carefully. For example, a company mentioning artificial intelligence more regularly is not necessarily proof that they are utilising new techniques or prioritising the issue, nor does it indicate whether the company's ventures into artificial intelligence have been successes or failures.
GlobalData also categorises artificial intelligence mentions by a series of subthemes. Of these subthemes, the most commonly referred to topic in the third quarter of 2021 was "smart robots", which made up 44% of all artificial intelligence subtheme mentions by companies in the mining industry.