Global Mine Report 2025: Navigating challenges and seizing opportunities amid gold surge

Friday, 27 June 2025

AUSTRALIA – PwC Australia’s latest Global Mine report has found the local mining sector is positioned to lead in advancing global decarbonisation goals, if it can successfully align key public and private sector stakeholders to attract investment and manage business risks effectively.

The report, which examines the performance of the world’s top 40 largest mining companies, found Australia remains a leader in cobalt (16%), lithium (23%), manganese (29%) and nickel (18%) reserves, however, in many cases, production rates are not keeping pace.

PwC Australia Global Mining and Metals Leader Franz Wentzel said to realise these opportunities, closer alignment between mining companies, governments and customers is required.

“Addressing the evolving challenges to take advantage of these opportunities will require a shift in thinking - from operating dominant logic towards a more open and collaborative approach,” he said.

“If this is achieved, the sector can drive progress, unlock new value and shape the future of sustainable practices, helping to propel the industry forward.”

Gold’s strength masks sector decreases

Among the world's 2024 top 40 mining companies are Australian organisations BHP (ranked #1), Rio Tinto (#3), Fortescue Metals Group (#14), Northern Star Resources Limited (#31) and South32 Limited (#35). The report reveals that 2024 was a challenging year globally for mining companies, except for those with a gold commodity focus:

Revenues and EBITDA for the top 40 mining companies (excluding gold) were down 3% and 10% respectively. 

The record gold price for the year meant that gold revenues increased by 15% and gold EBITDA by 31% as a result of operating leverage.

“Higher costs and rising investment requirements are eating into the top global mining companies’ profits, whilst economic unpredictability, geopolitical conflicts and changing trade patterns make for a challenging year,” Mr Wentzel said.

Deal activity softens

The value and volume of deals both fell in 2024, with energy transition minerals accounting for a smaller share of activity than in years past. Total transaction value fell to US $53 billion, with 739 commodities transactions and 245 energy transition deals. This is down from US$76 billion in 2023 (618 commodities transactions and 428 energy transition deals). Lithium deals in particular contracted, as fears over scarcity abated.

“We expect to see further consolidation this year, particularly in gold and silver, as companies seek scale and resilience. In addition, mining companies are diversifying and expanding into new minerals or regions to reduce risk of concentration, which is particularly prevalent in Australia where lithium reserves are high. Technology-driven deals activity is also gaining traction, as companies seek to drive productivity and sustainability in mining,” he said.

The 2025 outlook

The report finds success in the mining sector hinges on the industry’s ability to collaborate across all key stakeholder groups.

“Australia stands at the forefront of global decarbonisation, with great potential for sustainable disruption. Yet, the sector falls short on the alignment needed to drive significant investments and manage the accompanying business risks,” he said.

“In addressing alignment issues, Australia can spearhead sustainable transformation and cement its place in the global energy transition.”

You can read Mine 2025 report here.