KPMG Global Metals and Mining Outlook 2024

About this report

In the face of rapid change and growing challenges, the metals and mining industries stand at a crucial juncture.

KPMG's 2024 Global Metals and Mining Outlook offers key insights into how industry leaders can navigate the complexities of decarbonisation, achieve operational excellence, and drive sustainable growth.

More than 450 C-level mining and metals executives provide their perspectives on the industry's most pressing challenges and opportunities, from accelerating technology investments to overcoming skills shortages.

Discover the latest strategies, opportunities, and trends shaping the future of mining and metals industries.

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2024 Global Metals and Mining Outlook

Strategies for decarbonization and operational excellence

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Key findings from the report

61%

of executives are more confident than they were two years ago about their company's growth prospects
57%

of executives say the most effective way of meeting their company’s decarbonisation goals is to integrate them into the overall corporate strategy
47%

of executives say skills shortages are the most important challenge that must be overcome when implementing the latest technologies
66%

of executives say that output prices have become more volatile, heightening business risks

Transforming operations and carbon usage in mining and metals

As mining and metals companies pursue the objective of attaining net-zero carbon emissions by 2050, transforming operations and transforming carbon usage must become increasingly intertwined.

KPMG's report found that, over the next five years, executives in the mining and metals industry see the biggest business opportunities in transforming their companies' carbon footprint and enhancing cost efficiency of operations through technology investments.

By embedding carbon reduction goals into every aspect of the business, companies can unlock new growth opportunities and reduce costs through improved operational efficiency.

This year’s KPMG Global Mining and Metals report shares the thinking of over 450 industry executives and personal reflections of 6 mining leaders. It delves into critical areas such as decarbonisation, Australia’s innovative efforts in this space, increasing market pressures, technology development, and the human element. The report presents a thorough analysis across a number of key questions, offering KPMG’s insights, key messages and guidance on how we can help Australian mining businesses navigate these challenges and drive sustainable growth.

Trevor Hart

Global Mining Leader | Partner, Audit & Assurance

KPMG Australia

Key points for Australian mining and metals leaders

In Australia, workforce planning for major mining companies in remote locations is a priority. As is the increasing use of new technologies. If mining companies are to maximise their investments in the latest technologies, the workforce needs the necessary skills.

To attract skilled workers, mining companies must identify key skill requirements and develop strategies to appeal to these professionals effectively. Many mining and metals companies are finding that improved ESG practices and investing in a workplace culture focused on safety and purpose are helping to attract skilled workers to the industry.

Other key learnings from the report include:

Redesign processes

How to transform operations by redesigning processes to reduce carbon usage and increase efficiency.
Advanced technologies

How advanced technologies, including artificial intelligence and machine learning, can help drive operational transformation and reduce carbon emissions.
Adapt to withstand volatility and disruptions

Understand how to adapt to unprecedented price volatility and supply chain disruptions while maintaining confidence in their growth prospects.
Talent retention

Strategies that companies use to attract and retain the talent needed to drive their sustainability and digital transformation agendas.
Impacts of change

How geopolitical shifts, regulatory changes, and market dynamics are impacting the mining and metals sector.