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Critical alignment

Aussie Mine 2024
Aussie Mine

Aussie Mine analyses the current state of Australia’s mid-tier 50 mining companies (MT50), as well as the opportunities and challenges ahead for the mining industry.

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There is a clear link between decarbonising the global economy and opportunities for Australian mining companies. However, the industry is facing increasingly complex challenges, and the expectations of mining companies are the highest they’ve ever been. 

To accelerate and maximise investment in resources we need critical alignment of:

  • Mining company strategies
  • Financial markets prepared to invest and lend
  • Governments focused on long-term, genuine support
  • Partnerships with customers
  • End customers willing to pay a fair but higher price for better ESG products
  • Communities supportive of increased mining activities
  • International cooperation

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Explore the key findings and what critical alignment could look like

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Highlights

M a r k e t c a p i t a l i s a t i o n M T 5 0 o v e r v i e w E a r n i n g s N e t c a s h M a r k e t c a p i t a l i s a t i o n S h a r e h o l d e r r e t u r n s G o l d C o a l R e t u r n o n e q u i t y F i n a nc i n g c a s h f l o w s C a p e x R e v e n u e D e a l s O p e r a t i n g c a s h f l o w s G e a r i n g M a r k e t v a l u e C h a n g e s i n m a r k e t v a l u e C r i t i c a l m i n e r a l s c o m p a n i e s a n d c o m m o d i t y m i x 3 4 % 2 0 2 3 2 0 2 4 2 0 2 3 2 0 2 3 2 0 2 4 2 0 2 4 2 8 % N u m b e r V a l u e N u m b e r o f n o n - pr o d u c e r s E B I T D A t o t a l C o n s i s t e n t w i t h 2 0 2 3 $ 1 3 9 b n l o w e r l o w e r 3 7 % l o w e r 9 9 % h i g h e r T o p 1 0 4 2 % $ 1 8 b n $ 0 . 1 b n $ 1 4 . 7 b n $ 27 b n ~ 3 2 0 % $ 2 4 . 4 b n U p f r o m 1 6 % i n 2 0 2 3 O n e - t h i r d o f 2 0 2 3 $ 5 2 . 2 b n E B I T D A m a r gi n d o w n f r o m 4 9 % v o l u m e s u p 8 1 % in c r e a s e o v e r t h r e e y e a r s u p f r o m $ 7 . 5 b n i n 2 0 2 1 5 4 % 4 7 % 1 0 % l o w e r $ 1 3 . 7 b n 4 0 % 2 0 % 3 4 % 6 6 % 7 2 % 4 0 % 4 9 % 3 6 % 2 2 1 6 5 2 % 3 7 % G o l d C r i t i c a l m i n e r a l s C o a l I r o n o r e O t h e r G o l d C r i t i c a l m i n e r a l s C o a l I r o n o r e O t h e r 1 9 1 6 5 3 7 2 9 % l o w e r $ 3 . 8 b n 7 . 5 % N e t d e b t i s s u e d i n f l o w h i g h e r t h a n 2 0 2 3 $ 8 . 9 b n N e t f inan c i n g c a s h i n f l o w s h i g h e r t h a n 2 0 2 3 $ 1 3 . 4 b n O f t o t a l c a s h f r o m op e r a ti o n s 2019 2018 2017 2016 2015 2014 2020 2021 2022 2023 2024
Gearing Up from 16% in 2023 20% One-third of 2023 7.5% Market value Top 10 54% Gold 49% Of total cash from operations 40% 36% MT50 overview 34% 2023 2024 28% Number of non-producers 66% 72% Market capitalisation Consistent with 2023 $139b Critical minerals companies and commodity mix 2023 2023 2024 2024 Number Value 22 16 52% 37% Gold Coal Iron ore Other 19 16 5 3 7 Earnings EBITDA total lower 37% $18bn EBITDA margin down from 49% 34% Revenue $52.2bn 10% Operating cash flows $13.7bn 40% Net cash 99% $0.1bn Capex 42% $14.7b Deals $27bn 81% Market capitalisation Gold Critical minerals Coal Iron ore Other 2019 2018 2017 2016 2015 2014 2020 2021 2022 2023 2024 Changes in market value ~320% $24.4bn increase over three years up from $7.5bn in 2021 Shareholder returns 29% lower $3.8bn Coal 47% Return on equity Financing cash flows Net debt issued inflow higher than 2023 $8.9bn Net financing cash inflows higher than 2023 $13.4b lower lower lower higher volumes up

Aussie Mine 2024

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Marc Upcroft

Marc Upcroft

Partner, Assurance, Australian Mining Leader, PwC Australia

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Justin Eve

Partner, Assurance, PwC Australia

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Guy Chandler

Partner, Advisory, Energy Utilities & Resources Industry Leader, PwC Australia

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Daniel Winters

Director, Assurance, PwC Australia

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Amy Lomas

Partner, Advisory, Partner and Chief Economist, PwC Australia

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Danielle Vangou

Senior Manager, Assurance, PwC Australia

Tel: +61 448 171 133

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