Analytics
Industrial Digitalization Casebook for European Gold Miners
When a European gold mining company (under NDA) set out to modernize operations at one of its subsidiaries, it turned to Blank for answers. The goal? Identify global best practices in mine digitalization, and, crucially, decide which technologies were truly worth investing in.
At Blank, we’re no strangers to transformation in legacy industries. With our deep research capabilities and sharp prioritization frameworks, we helped the client shape a roadmap for digital change — grounded in both technological feasibility and operational ROI.
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Why Now Is the Golden Hour for Gold
In 2025 alone, prices have surged over 21%, setting a historic record of $3,200 per troy ounce this April. Last year saw a 27% rise, fueled by loose monetary policy and a global wave of central bank purchases.
While investor enthusiasm is palpable, its foundations are complex: fears of global volatility, currency devaluation, and a return of Trump-era tariffs are driving gold's reputation as a safe-haven asset. Whether this trend is a blip or a long-term shift remains to be seen — but one thing is clear: supply is struggling to keep pace.
Global gold production grew just 0.5% in 2024 to 3,661.2 tonnes — a modest rise compared to demand, which hit an all-time high. In this climate, digital transformation isn’t a luxury — it’s a necessity. From smarter resource planning to automation that boosts yield and safety, gold miners face a rare opportunity: modernize now or miss out on one of the most favorable market cycles in a generation.
How We Structured the Research
Defining the Starting Point →
Before advising on the future, we had to understand the present. We began by establishing a clear picture of the client’s current capabilities — a baseline "Point A" — and aligned on what a digitally mature mining operation should look like. Across the industry, only 29% of mining enterprises have digital coverage for most processes, while a full 33% cover only core workflows.
In precious metals extraction, digitalization priorities tend to cluster around five high-impact areas:
— Ore quality control (54%)
— Open-pit operations dispatching (41%)
— Blasting quality assessment (38%)
— Underground operations dispatching (36%)
— Driver performance tracking for haul trucks (36%)
Our diagnostics helped the client pinpoint where they stand today — and where the biggest gains could come from.
Benchmarking the Best →
To anchor our recommendations in real-world benchmarks, we analyzed over 25 companies — including 10 domestic players and 15 international leaders like Barrick Gold, Newmont, Kinross, Agnico Eagle, Newcrest, and Evolution Mining.
We assessed each across:
— Geography of operations and reserve volumes
— 2024 production output
— Adjusted EBITDA and capex
— Digital maturity (ERP, BI, RPA, SCADA, GIS, MES, TMS, BIM)
— R&D spending and innovation focus
— Use of proprietary software and integration strategies
A Digital Playbook for building goldmine of the future →
At the heart of the project was a comprehensive casebook of digital innovation tailored to gold mining. Together with the client, we identified a dozen thematic clusters to explore — from exploration to supply chain to health & safety.
For each, we surfaced international best practices and viable technologies that junior mining companies could realistically adopt.
Here’s a snapshot of the areas we explored:
— Exploration & Mining Operations
— Processing & Quality Control
— Supply Chain & Logistics
— Safety, ESG & Compliance
— Finance, HR & Sales
— Gold Tokenization
Methodology
Exploration of niche databases
Our team delved into a variety of venture databases to collect and analyze data on startups, funding rounds, and investor profiles. These databases included World Gold Council, World Bank, the United Nations data portal, Pitchbook, Tracxn, Crunchbase, Dealroom, etc.
Insights from industry experts
To validate our findings and gain a deeper understanding of the venture landscape, we consulted with industry experts. Their insights provided valuable perspectives and enhanced the accuracy of our research.
Analysis of market reports and additional sources
We performed a comprehensive market analysis to identify emerging trends, sector growth, and potential areas for disruption. To ensure a holistic view, we incorporated information from academic journals, governmental reports, annual financial and ESG reports of gold miners.