Mine 2024

Preparing for impact

July 01, 2024

Now in its 21st year, PwC's Global Mine report examines the performance of the world’s 40 largest mining companies, and the trends impacting the industry.

Mining is essential to transitioning to a low carbon economy, and the demand for many critical and strategic minerals will be challenging to meet. This requires substantial investment. Additionally, mining companies must invest in decarbonising their operations and meet the greater community expectations we have today.

But this complex transformation is occurring at a time when short-term profitability is being impacted by declining mineral prices and rising costs.

More companies are viewing strategic mergers and acquisitions as a catalyst for achieving the necessary transformation to thrive.

Australia's miners in the top 40

#1

BHP Group
Commodity focus - Diversified
2023 ranking - #1
#2

Rio Tinto Group
Commodity focus - Diversified
2023 ranking - #2
#7

Fortescue Metals Group Limited
Commodity focus - Iron Ore
2023 ranking - #9
#30

Northern Star Resources Limited
Commodity focus - Gold
2023 ranking - #35

#32

South32 Limited
Commodity focus - Diversified
2023 ranking - #28
#33

Mineral Resources Limited
Commodity focus - Diversified
2023 ranking - #31
#35

Pilbara Minerals Limited
Commodity focus - Lithium
2023 ranking - #38

Explore our key messages from this years report

The world's top mining companies are pivotal in the transition to a low-carbon future. Significant increases in the supply of minerals are needed for renewable energy technologies, electric vehicles, and infrastructure development. We simply won’t be able to achieve net zero without it.

Despite its crucial role, the mining industry's positive impacts are often misunderstood and underappreciated. After many years of trying, mining companies still have an urgent need to communicate better with all stakeholders in a clear and transparent way. The move in Australia for companies to provide audited sustainability reports may help with this.

The additional demands on the mining industry come at a time when short-term profits are falling due to declining mineral prices and rising costs. Technology, including automation and AI, will provide opportunities to boost productivity.

The value of completed deals in 2023 by the largest 40 global mining companies increased to over US$64 billion. However, the number of transactions decreased.

Critical and strategic minerals represented 40% of deals.

M&A transactions may present a strategic opportunity for some mining companies as part of their transformation agenda.