2026年采矿及金属行业十大业务风险与机遇

Top 10 business risks and opportunitiesfor mining and metals in 2026 Last year’s report showed a shift in miners’ focus from external issues, primarily ESG-relatedpressures, to longer-term strategic risks, such as capital, reserve and resource depletion, and newprojects. We interpreted this move as a reaction to increasing demand, supply gaps, issues aroundtraditional capital and a growing focus on sustainability. As the mining and metals sector enters 2026, organizations are navigating a climate of instability created by factors including ongoing wars inEurope and the Middle East, the election of Donald Trump to a second term and increased geopolitical tension. This uncertainty is reducing riskappetite, creating a cautious, short-term mindset that prioritizes cost reduction and capital preservation. Miners face a new era of operationalrisk, persistent cost pressures and an evolving global landscape — just as the urgent need to supply materials for energy transition, defense andnew data centers reshapes risks and opportunities in the sector. For those willing to take on the risk, opportunities await. However, companies will need to ensure their approaches remain both strategic andoperationally robust amid uncertainty and the intense focus on cost reduction. Operational complexity is now the top challenge Operational complexity, a key topic of discussion in executive meetings, is now the No. 1 risk and opportunity. Declining ore grades, deeperand more complex orebodies and aging assets make reliable output harder to achieve. Regulatory delays, labor shortages and infrastructurebottlenecks are equally weighted as production constraints and exacerbated by rising production costs. Restoring predictability — and investorconfidence — requires a focus on maintenance discipline and alignment between planning and execution. Rising costs and productivity pressures demand urgent action Rising costs and productivity have moved up the ranking from No. 6 to No. 2 this year. Higher prices in some commodities have boostedrevenuebut masked underlying productivity losses. Energy and labor costs, royalties and trade tariffs — combined with structural challengessuch as declining ore grades and sustainability obligations — put pressure on margins. Digital and innovation are critical enablers, offeringintegrated, data-driven operations and automation to unlock cost savings and improve productivity. Capital allocation definitively shifts toward future-facing minerals andgrowth strategies Companies are increasing capital expenditure and reducing shareholder returns in the ongoing shift towardgrowth-focused strategies. The industry continues to favor brownfield over greenfield exploration, reflectinglonger development cycles hampered by regulation, sustainability and permitting. Miners are exploring jointventures (JVs) and partnerships to create long-term value while retaining cash to capitalize on opportunities. Of course, achieving growth is not simple. While the majority of transactions are smaller, the announcementof the Anglo American–Teck merger underscores how strategic imperatives, especially in the copper sector,can still drive significant industry transactions. This deal, which is set to establish one of the world’s top fivecopper producers, could be a pivotal moment for industry consolidation and portfolio optimization as minersaim to secure essential minerals and metals. However, large deals such as this are complex. Companies need toconvince shareholders of the accretive value while also winning regulatory approval at a time when every countryseeks more control over critical minerals. Successful growth strategies include both buy and build components. Geopolitics remain relevant despite a lower risk ranking Geopolitics may have dominated headlines, but it has dropped to No. 7. We believe this is because miners haveaccepted that assets — and to some extent, markets — are where they are. However, companies should remainvigilant to the impact of geopolitical uncertainty, particularly the medium- to long-term implications of tariffs andtrade disruption. Building robust relationships with local governments and communities is critical. Workforce and digital have returned to the radar this year, ranking No. 6 and No. 8 respectively. The sectoris struggling to attract a diverse workforce amid a tightening labor market. Digital is also in focus as minersaddress an urgent need to transform operations for cost, productivity, safety and sustainability gains. Artificialintelligence (AI) is the next frontier, but successful investment requires tighter alignment with business prioritiesand a clear business case. Significant transformation of the sector is gaining pace, requiring moreinnovation, collaboration and agility. This is not the time to stand still — it’stime to reimagine mining. Diverse factors create multiple bottlenecks 1. Operational complexity The mission to improve mining production is complex, as outli