Innovation plays a critical role in the mining industry as a tool to improve the efficiency of its processes, reduce costs, but also to meet the increasing social and environmental concerns among communities and authorities. Technological progress has also been crucial to allow the exploitation of new deposits in more complex scenarios: lower ore grades, extreme weather conditions, deeper deposits, harder rock mass and high-stress environments. This thesis discusses the importance of innovation for the mining industry and describes the mechanisms by which it is carried out. Includes a review of some of the latest technological developments and current trends. The digital transformation process the industry is going through is analysed, along with other relevant trends that are likely to shape the mining of the future. Additionally, a case study is presented to illustrate the technical and economic implications of developing a step change innovation project.