The uncertainty is led from the top, with BHP Billiton having virtually no social presence and Rio Tinto also carrying out a bare bones strategy.

This ambivalence has opened the door for firms in the lower tiers. Socialised Investors managing director David Coe told ILN sister publication MiningNews.Net some small to mid-cap miners were starting to take the initiative.

“The light bulb moment is starting to happen for more and more companies, but there are still a lot of people, particularly in senior management, that aren’t sure how to use social media,” he said.

Things are also picking up in the wider industry. Global Copywriting founder Sarah Mitchell said while things were moving slowly, attitudes in the business world were changing year by year.

“Even three years ago I was seeing major companies that felt like they could ignore social networking,” she told MiningNews.Net.

“I don’t think that’s true anymore. Still, it’s a long road between recognition that something needs to be done and actual implementation.”

While more companies are considering the potential for social media to join their marketing plans, Coe said the medium’s big opportunity was the chance to address investors.

“The traditional approach has been about selling something to the end user and trying to showcase a product, but that doesn’t work for a miner. For the most part these companies are trying to target investors,” he said.

While Rio and BHP have no trouble attracting interest in their announcements, updates from the smaller players can sometimes go unnoticed. Coe said social media gave these miners a chance to amplify their message without help from advertising or the news media.

“There are only about 200 companies on the ASX that get regular publicity,” he said.

“The problem for the rest of them is that when they make an announcement it is usually ignored.

“Social media has changed the game for these companies because it has allowed them to communicate directly with investors.”

Republic Gold, a small explorer listed on the Australian Stock Exchange, is a real-world example of this new kind of investor relations.

Republic is exploring the Greenstone belt in Mozambique and last year its neighbour, Auroch Minerals, went into a trading halt pending the release of new drilling results.

Coe said Republic used the opportunity to alert its social media followers, many of which were investors and analysts.

“What would normally happen is the neighbour goes into a trading halt and no one knows or understands its implications,” he said.

“But when those results came out Auroch said they were exciting, and its share price jumped more than 6%.

“Republic jumped 50% because its investors were primed and ready for the results.”

Outside the stock market Mitchell said social media gave companies the chance to foster relations with the broader community.

“There is so much education that can be done, especially about environmental concerns,” she said.

“It’s also a great place to discuss and promote corporate social responsibility programs and community sponsorship. And there’s a big opportunity for recruitment, especially for professional hires like engineers and geologists.”

Despite the opportunities many companies have given social media a wide berth, and Mitchell said the risk of brand damage usually kept companies out of the space.

“Public opinion about mining is volatile and often not very well informed,” she said.

“The activists and special interest groups were early adopters of social networking and they’re extremely proficient on multiple channels such as Facebook and Twitter.”

Mitchell said while fears over brand damage weren’t baseless, they were challenges that had always faced mining companies.

“Resources companies have been dealing with public opinion for a long time,” she said.

“They know how to manage their detractors and I see no reason why they shouldn’t view social media as just another communications channel.”

Looking at the broader picture, the ASX has also upped its focus on the medium, with guidance note eight last year telling companies they had to be aware of what was said on social media and respond if necessary.

The announcement marked another move forward for social media, and Coe said the industry could expect more changes over the years ahead.

“It’s hard to pick what’s going to happen, but developments in the US can be used as a rough guide,” he said.

“One big move over there is that the Federal Communications Commission has allowed companies to use social media to make material announcements.

“When the FCC starts allowing companies to use social first, and the New York Stock Exchange is handing out social media tips to listed companies, the pressure is on Australia to modernise.”

That pressure is likely to grow over the coming years, and with social networks now laying claim to much broader demographics, Mitchell said the medium’s power continued to grow.

“Too many businesses have written it off as something for kids when, in fact, sites like Facebook are seeing a shift in demographics towards older users,” she said.

“LinkedIn and Twitter have always had a healthy base of educated, mature users, and I think that presents opportunity for any business.”