The minerals and metals industry is a fundamental pillar of the global economy. The industry has played a pivotal role through history and will continue to do so as we embrace and facilitate the transition to a low carbon future. The outlook for growth is strong; however, the risks and opportunities that lie ahead for the industry have never been broader and more diverse.
While the demand for metals and minerals is rapidly growing, there is consensus amongst the industry that the ability to develop new mines is an increasing challenge, owing to stringent regulatory and compliance requirements, heightened expectations on environmental, social, and governance (ESG) performance, rapid technological advancements, and the competition to attract and retain skilled talent, to name a few. By addressing these challenges, mining and metals companies can define success for their organizations and the industry as a whole and seize the opportunities that lie ahead.
The data suggests there may be opportunity for mining businesses to adopt new models, given all the dynamic risks around them. Those that embrace transformation and change are most likely to achieve a profitable business model for the future.
Top 10 risks (0-3 years)
- Community relations and social license to operate
- Environmental risks, including new regulations
- Access to capital
- Permitting risk
- Geopolitical uncertainty
- Cyber and IT security risks
- Access to and retention of key talent
- Controlling operating costs
- Regulatory, reporting, compliance changes/burden
- Inflationary pressure
Top 10 risks (3+ years)
- Commodity price risk
- Community relations and social license to operate
- Geopolitical uncertainty
- Access to capital
- Regulatory, reporting, compliance changes/burden
- Access to and retention of key talent
- Ability to replace reserves
- Climate change and natural disasters
- Cyber and IT security risks
- Tailings and waste management
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KPMG in Canada understands the crucial role the mining sector plays in shaping our future. We believe the industry is well-positioned to make a significant impact. We're here to support you in addressing these challenges and working towards a sustainable and responsible future, together.
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