Mine 2025: Concentrating on the future

PwC's 22nd Mine report, examines the performance of the world’s 40 largest mining companies, and the trends impacting the industry.

Mining is a catalyst for progress, powering all essential aspects of human life - movement, care, nourishment, construction, and energy. 

For Australia, the sector is uniquely positioned to lead in advancing global decarbonisation goals, but it must navigate critical alignment challenges to attract investment and manage business risks effectively. 

Globally, the sector and top 40 mining companies faced a challenging year - economic unpredictability, geopolitical conflicts, and changing trade patterns. Despite these challenges, gold achieved record price increases, demonstrating the industry's volatility and complexity. The record gold price for the year saw gold revenues increase by 15% and gold EBITDA by 31%, a result of operating leverage.  

With resilience and collaboration amongst mining companies, governments, and customers, the sector can drive progress, unlock new value, and shape the future of sustainable mining practices. 

This transformative approach will propel the industry forward, ensuring it remains a cornerstone of Australia's economic and environmental strategy.

Powering the global economy 

Mining is the backbone of the global economy, powering our daily lives—from transportation and healthcare to construction and energy. As industries transform, mining's role becomes even more crucial, opening opportunities for sustainable growth and innovation. By embracing responsible practices, the Australian sector can lead us into a future of global progress.

Sustainable disruption

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. Economic unpredictability, geopolitical conflicts, and changing trade patterns add to the challenge. In addressing alignment issues, Australia can spearhead sustainable transformation and cement its place in the global energy transition.

Gold disruption/surge amid falling profits 

Data shows us that 2024 was a challenging year for the world’s top 40 mining companies, except for those with a gold commodity focus:

• Revenues and EBITDA for the top 40 mining companies (excluding gold) was 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.

Aligning for success

Success in the sector hinges on a paradigm shift towards openness and collaboration, transcending traditional logic. To harness emerging opportunities and tackle evolving challenges, alignment is crucial—between mining companies, government, and customers. Through cooperation, we can accelerate transformation and unlock the sector's full potential.