Mine 2023: The era of reinvention
Now in its 20th year, PwC's Global Mine report examines the performance of the world’s 40 largest mining companies, and the trends impacting the industry.
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The world’s biggest miners must find a new formula for success. The era of critical minerals is here, and it means miners can no longer depend on yesterday’s portfolios and practices to create value.
Three imperatives are going to define their future. The emergence of government as a new player means strategic alliances, policies and funding programs will change the mining business. Decarbonisation is and urgent task that can offer new opportunities of cost savings and partnerships. However, it must be achieved in tandem with increasing the output of critical minerals. The workforce challenge means mining companies must broaden their appeal if they are to expand. Tech talent will be essential as mining gets more digitised.
Put it all together, and it’s clear that the era of critical minerals must be an era of reinvention.
Australia's miners in the top 40
Critical minerals: A new player steps in
The era of critical minerals has arrived—bringing opportunities for miners, along with concerns about the supply shortfalls that could occur amid booming demand. As national governments have moved to secure access, they have reconfigured the competitive landscape. Now, miners must reckon with a whole new set of industry dynamics.
Decarbonization: A fresh source of value
Even as they increase output of critical minerals to support the energy transition, miners know they must reduce their carbon emissions to avoid risks like market barriers, fines, and loss of social license to operate. But decarbonization can also help miners create value. By accelerating their decarbonization plans and extending them to their supply chains, mining companies can realize cost savings, partnership opportunities and favorable financing terms.
Talent: Preparing for the future
Employers globally view the talent shortage as one of their most pressing issues. But for mining companies, it’s becoming an almost existential challenge. How can miners attract the talent they need to deliver on future strategic objectives while many young workers do not see the industry as attractive? The Top 40 need to rethink their workforce strategies to appeal to a new generation of future employees.
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