2027年矿业与金属行业十大商业风险与机遇1

Top10businessrisksand

opportunitiesforminingandmetalsin2027

■■■

Thebetterthequestion.Thebettertheanswer.Thebettertheworldworks.

03

Executivesummary

05

Contents

Operationalcomplexity

Capital

12

Supplychain

16

Risingcosts

20

Geopolitics

24

Carbonagenda

28

Sustainability

32

Changingbusinessmodels

Cybersecurity

Licensetooperate

Undertheradar

Endnotes

Contacts

Top10businessrisksandopportunitiesforminingandmetalsin2027

Executivesummary

Executivesummary

operationalcomplexity

Capital

Supplychain

Risingcosts

Geopolitics

Carbonagenda

sustainability

chanoingbusinessmo⁰es

Upfrom2026

Downfrom2026

Sameas2026

Newfor2027

In2027,miningcompaniesfacegrowingdisruption

anduncertainty,evenascommoditypricesstay

relativelystrongandtheoutlookforgrowthispositive.

Thisdisruptionmeansriskappetite,particularly

aroundlong-terminvestment,isweakeningjustastheindustryneedstocommitcapitaltonewsupplyrequiredtomeetfuturedemand.Agingassets

andorebodytransitionsmakeproductionmore

expensiveandhardertomaintain.Government

interventionandtraderestrictionschangethe

availabilityandcostofcriticalinputs,capitaland

markets.Whilehighcommoditypriceshelpsoftentheblowfromrisingstructuralcosts,thisprotectionisuneven,andincreasinglyconnectedoperationsarerevealingnewpointsofvulnerability.

Thesepressuresarereflectedinthisyear'sriskranking.Operationalcomplexityremainsthe

sector'sleadingrisk,withcapitalrisingtosecond

placeandsupplychainre-enteringatnumberthree.Geopoliticsandrisingcostscompleteatopfive

dominatedbyissuesaffectingperformancetoday.Meanwhile,cybersecurityisalsonewtothetop10asincreasinglyconnectedoperationsandartificialintelligence(Al)-driveninnovationexpandtheattacksurfaceandpotentialimplications.

Butminerscannotsimplyfocusonrespondingto

today'sdisruption.Howcompaniesmanagekey

issuesthathavefallenofftheriskradar-workforce,productivity,resilience,digitalandinnovation-willdeterminehowwelltheyabsorbfutureshocksandsustainperformance.

Top10businessrisksandopportunitiesforminingandmetalsin2027

Executivesummary

Depletionisincreasingoperationalcomplexity

Operationalcomplexity’stopspotontheradar

highlightsthegrowingdifficultyofmanaging

depletiononmatureoperations.Conventional

reservestatementsdonotfullycapturethe

constraintsthatemergeasminesage.Fewerminingfacesmaybecapableofdeliveringtherequired

gradeandorecharacteristicswithoutblending,

whilemorevariablefeed,aginginfrastructure

andtighterprocessingcapacitycanprogressively

reducethechoicesavailabletooperators.Disruptioncausedbyweather,outages,logisticsorgeopoliticaleventsbecomeshardertoabsorbwhenoperators

havelimitedabilitytoswitchminingareas,adjustblends,orrerouteproduction.

Surveyrespondentsidentifyregulatorycompliancedelaysandreserve-gradevariabilityasthemost

significantconstraintsonthroughput.Delays

inapprovals,environmentalrequirementsand

complianceactivitiescanrestrictaccesstoore,

infrastructureupgradesanddevelopmentwork

neededtomaintainthroughputovertime.Materialhandling,labor,permitting,processingcapacity,

transportandequipmentreliabilityfollowclosely,andhighlightthatthiscomplexissuerequiresmorethanasingleintervention.

Maintainingproductionasoperationsmature

requireseitherlong-termconsiderationsduringdesignortimelyinvestmentinupgrades,

infrastructureandmine-lifeextensions.However,fewminershavetheopportunitytopursueeitheroptiongivencurrentcapitalmarketexpectations.Boards

needtoassessnotonlywhetheranassetretains

reserves,butwhetheritretainssufficientoperatingflexibilitytodeliverthemeconomicallyandreliably.

Capitalhasbecomeachoiceaboutpartners,structure

andcontrol

Capital’smoveuptheradarreflectsthemorecomplexallocationchallengefacingminers.Commodity

outlooksarediverging,developmentcostsarerisingandcompaniesarebecomingmoreselectiveabout

whichassetsdeservescarcemanagementand

financialcapacity.Companiesaretakingadisciplinedapproachtoportfoliostrategyastheydecideto

invest,divest,partnerorretainexposurethroughalternativestructures.

Thequestionisnolongersimplywhetherfundingis

available,butwhichsourceisbestmatchedtothe

project’srisks,strategicrequirementsandgeopoliticalcontext.Originalequipmentmanufacturer(OEM)

andcustomerfinancecanlinkfundingtoequipment,supplyorofftake;sovereignandgovernment-backedcapitalmaysupportstrategicallyimportantprojects;whilejointventures(JVs),royaltiesandstreaming

canshareriskorreducebalancesheetdemands.

Theseoptionsbroadenaccesstocapital,

butinvolvedifferenttrade-offsacrosscost,

ownership,controlandfutureflexibility.Financialflexibilitywillincreasinglydependonselecting

partnersdeliberately,maintainingmorethanonefinancingrouteandunderstandingthecontrol

exchangedforcapital.

Supplychainsmovefromefficiencytocontinuity

Supplychain’sentrytothetopthreeisnosurprise.Increasedconflict,traderestrictionsandthe

concentrationofproductionandprocessingthreatentodisruptboththeflowofcriticalinputsintominesandtheconversionofproductionintomaterials.

Companiesarealreadyadapting,includingthroughtechnologythatenhancessupplychainvisibility

(53%ofrespondents)andincreasedinventories

orstockpiles(52%).Yetonlyone-thirdreport

diversifyingtheirsupplierbase,andone-quarterarepursuingstrategicsupplierpartnerships.

Thepriorityisnotresilienceatanycost.Itis

understandingwhichinputs,suppliers,processing

facilitiesandroutestomarketcouldstopproductionordelaysales,thendeterminingwhereashiftfromjust-in-timetojust-in-casecapabilitiesisjustified.

Responsiblesourcingmustremainpartofthis

response,asemergencyprocurementcanreplaceonedisruptionwithnewcompliance,provenanceorgeopoliticalexposure.

Cybersecuritybecomesanoperationalrisk

Cybersecurity’sentryintothetop10reflectsits

growingrelevancetosafeandreliableproduction

anditscomplexitytomanage.EYresearchfindsthatminingisoneofthelowestrankedsectorsforcybervisibilityandcontrols—only18%ofrespondents

reportfullvisibilityacrossindustrialcontrolsystems,while11%reportfullcybersecuritycontrols.

Exposureisconcentratedintheoperational

technologiesthatrunpits,plants,processingand

logistics.ButtheproblemisexpandingwithgrowingadoptionofAItools(oftenwithoutconsistent

oversight),moreconnectedassetsanduseofthird-partysystems.

Cyberresilienceisnolongeranissueconfinedto

thetechnologyfunction.Boardsneedclarityonthesystemsandprocessesthatmustcontinueduringanincident,thecontrolsprotectingoperationalandAI-enabledassets,andaccountabilityatbothsiteand

executivelevel.

The2027riskrankingreflectsanindustryunder

immediatepressure.Thechallengeforminersisto

respondtotoday’sdisruptionwithoutallowingshort-termresponsestoweakenlong-termcapability.

Competitiveadvantagewillcomefromcombiningoperatingdiscipline,financialflexibility,supply

chainvisibilityandcyberresiliencewithcontinuedinvestmentinpeople,productivity,digitaland

innovation.

4

Top10businessrisksandopportunitiesforminingandmetalsin2027

三：OperationalcomplexityCapitalSupplychainRisingcostsGeopoliticsCarbonagendaSustainabilityChangingbusinessmodelsCybersecurityLicensetooperate

Operationalcomplexity

Maintainingoptionalityasminesdeplete

operationalcomplexity

Capital

Supplychain

Risingcosts

Geopolitics

Carbonagenda

sustainability

ngjingbusinessmodg

cybersecurity

Licenseto

operate

10

Top10businessisksandopportunitesforminingandmetalsin2027

Mininghasalwaysbeen

complex.Butoperatorsare

findingitevenharderto

managegradetransitions,

mine-lifeextensions,plant

tie-ins,majormaintenance

andexternaldisruption

whilemaintainingproduction,

Operationalcomplexity

Capital

Supplychain

Risingcosts

Geopolitics

Carbonagenda

Sustainability

Changingbusinessmodels

Cybersecurity

Licensetooperate

Reservedepletionamplifiesoperationalcomplexity

Conventionalreservestatementscanmaskthegrowingcomplexityofmining.Costs,marginandinfrastructureconstraintscanchangeoverthelifeofamine,whileshiftinglabor,supplychainandeconomic

conditionsoftenchallengetheassumptionsunderpinningthereserve.Reserve-gradevariabilityisrankedby29%ofrespondentsasthe

mostsignificantissueimpactingthroughput,makingitsecondonly

toregulatorycompliancedelays.Thechallengesofmaterialhandling,laboravailability,processingcapacity,transportandlogistics,and

plantandequipmentreliabilityfollowcloselywith24%-26%.

Asreservesdepleteandbecomemorecomplex,operationalflexibilitycandecline.Evenifadditionalminingfacesaredeveloped,fewermaybeeconomicallyattractiveorcapableofsupplyingtherequiredgradeandorecharacteristicswithoutblending.Asaresult,disruptions

causedbyweather,outages,logisticsandgeopoliticaleventscan

forceoperatorstoreviewlessoptimalminingsequences,feedblendsorprocessingroutes.EINino,forexample,isintensifyingweather-relateddisruptionacrosswater,operationsandlogistics.Mature

assetswithfeweroperatingalternativesmayhavelesscapacitytoabsorbtheseshockswithoutaffectingproduction.¹

Depletionreducesoptionalityacrossthevaluechain

AreaLeadingindicatorsofdecliningoptionality

Mine

Numberofschedule-readyminingfaces;developmentorstripping

backlog;schedulecompliance;increasinghauldistance;geotechnicalexclusions

Feed

Stockpiledaysbyoretype;grade,hardnessandmineralogyvariability;numberoffeasibleblends;increaseddilutionorrehandling

Processing

Throughputvariability;recoveryandconcentrate-gradevariability;changinggrinding-energyrequirements;shiftingplantbottlenecks;greatersensitivitytofeedcharacteristicsandblendcomposition

Infrastructure

Decliningavailablecapacity;relianceonsinglecriticalassets;maintenancebacklog;unplanneddowntime;growingqueuesor

bottlenecks

Product

Greaterproductqualityvariability;risingpenaltiesordowngrades;additionalre-blending;finished-productinventorybelowbufferlevels

Source:EYanalysisbasedonMcCarthy(2015);Millar&Wraith(2022);Brennanetal.(2022);Swanson(2026)

Top10businessrisksandopportunitiesforminingandmetalsin2027

Top10businessrisksandopportunitiesforminingandmetalsin2027

:

CapitalS

upplychainRisingcostsGeopoliticsCarbonagendaSustainabilityChangingbusinessmodelsCybersecurityLicensetooperate

Today'soperatingdecisionscanalsoacceleratethislossofoptionality.Prioritizinghigher-marginoreorchangingcutoffgradestoprotect

near-termperformancealmostalwaysleaveslower-qualityorharder-to-blendmaterialforlater.Mineplanningthereforeneedstoassess

notonlytheremainingreserve,buthowproductionchoiceswillaffectfutureoperatingflexibility.Missedtonnes,costvarianceorchangestoguidancecanweakenconfidenceinforecastsandcapitalplans.

Ultimately,optionalitylossreducesproductionpredictability.Missedtonnes,costvarianceorchangestoguidancecanweakenconfidenceinforecastsandcapitalplans.Investorsmayreviseexpectationsforfuturecashgenerationandapplyahigherriskdiscounttofuture

production,potentiallyamplifyingthevaluationimpactbeyondtheimmediateproductionorearningsmiss.

Delayingcriticalupgradescanconstrainfutureperformance

Asoperationsmature,plantsandinfrastructuredesignedforthe

originalsectionoftheorebodymaybecomeconstraintsasmining

movesintodeeperormorecomplexzones.Differenthardness,gradeormetallurgicalcharacteristicscanrequireadditionalgrinding,

increaseprocessingcomplexityandreducerecovery.

Sometimesorebodytransitionscallforanewapproachentirely.

Forexample,withincopperoperations,movingfromoxideto

deepersulfideoremeansshiftingfromleachingandelectrowinningtocrushing,grinding,concentrationandsmelting.Thisrequires

differentplants,newskillsandadditionalcapital.

Thishelpsexplainwhycapitalisincreasinglybeingdirectedto

maintainingproduction.Teck'sHighlandValleyCopperwillrequireuptoCAD$2.4b(aroundUS$1.7b)ofcapitalinvestmenttoextenditslifeto2046,withinvestmentspanningstripping,fleet,powerandsystemupgradesandincreasedtailingstorage.²

Brownfieldinvestmentisalsobecomingmorecapital-intensive.ArecentreviewfoundthattheaveragecapitalofLatinAmericanbrownfieldcopperprojectsincreasedby~65%between2010

and2024.³Morechallengingoperatingconditionsarebehindtherise,alongsidehigherinputcosts,tightlaborandsupplychains,andbroadertechnical,safety,environmentalandstakeholder

requirements.

Capitalshouldbecommittedbeforeproductionperformance

deterioratestoavoiddisruptingoutput.Thevalueofprotectingfutureoperatingchoices,aswellasprojectreturns,shouldbeconsideredaspartofcapitaldiscipline.

Executiveresponse:

■Managedepletionacrosstheportfolio:Assesswhetherproductionandcashflowcanbesustainedasmultipleassetsundergograde

transitions,majormaintenance,infrastructureupgradesandmine-life-extensionworkatthesametime.

■Strengthenoperatingdiscipline:Useamanagementoperatingsystemtohelpalignplanninghorizons,exposetrade-offsandmanageconstraintsacrossthewholevaluechain.

■Lookbeyondimmediateproblems:Useroot-causeanalysisto

identifythecauseofproductionissuesbutalsoexplorewhytheoperationlackedalternativeroutes,feedsources,capacitybuffersorrecoveryplans.Thishelpsdistinguishisolatedfailuresfrom

systemicweaknessescreatedoramplifiedbydepletion.

■Targettechnologyatunderlyingconstraints:Wheretechnologymateriallychangeshowanoperationfunctions,incorporate

itintoinfrastructure,workforceandoperatingrequirementsfromtheoutset.Antofagasta'sAgileDecisionAssistantshowshowtechnologycanimproveend-to-endvisibilityandmanagebottlenecksfromminetoport.4

Competitiveadvantagewill

comefromcombiningorebodyknowledge,operatingdisciplineandtargetedtechnology

toenablemorechoiceand

respondfasterwhenconditionschange.

三：OperationalcomplexityCapitalSupplychainRisingcostsGeopoliticsCarbonagendaSustainbilityChangingbusinessmodelsCybersecuritytooperate

Capital

们

Capitalisbecomingmoreselectivemodityandjurisdliction

operationalcomplexity

Capital

8

Top10businessrisksandopportunitiesforminingandmetalsin202

Commoditydivergenceand

portfolio-ledcapitalallocation

Commoditycyclesarebecomingincreasinglydivergent,withthelong-termstructuraldynamicsvaryingsignificantlyacrosscommodities.

Thisdivergenceisdrivingastrongerfocusonportfoliooptimizationandmakingportfoliostrategyamorecriticalcomponentofcapitalallocation,M&Aactivityandcommodityexposuremanagement.

Increasingly,divestmentsareseenasamechanismtoreleasecapitalfromlower-priorityprojectstofundstrategiccapitalinvestments.

Smaller,moredisciplineddevelopmentportfolios

Ascapitalbecomesconstrainedanddevelopmentcostsrise,miningcompaniesareadoptingamoredisciplinedapproachtoportfolio

managementbyprioritizingassetswiththestrongeststrategicandeconomicpotential.Companiesarereassessingthevalueofretaininglower-priorityassetsandreallocatingcapitaltowardopportunities

withaclearerpathwaytodevelopmentandvaluecreation.It'sashiftthat'sdrivinggreaterportfoliorationalization,selectivedivestmentsandalternativefundingstructures,whilealsoreducingcapitaltiedupinmaintainingundevelopedassetsthatmaynotalignwithfuturegrowthpriorities.

Thecapitalstackisbecomingmorestrategic

Miningcompaniesareincreasinglypursuinggrowththrough

partnerships,portfoliorestructuringandalternativefinancingratherthantraditionaldebt,equityorlargeacquisitions.Surveyresults

highlightgrowinginterestinOEMfinance,sovereignwealthfundsandgovernment-backedcapital.

Whichofthefollowingsourcesofcapitalareyouactivelypursuing?

44%

OEMfinance

39%

39%

39%

Sovereignwealthfundsstrategicinvestment

Government-backedpartnering

Commodity-backedfinancing

36%

33%

32%

32%

31%

Exportcreditfinance

JVsandstrategicalliances

Customerfinance

Royaltyorproduction-basedfinancing

Privateequity

Respondentscouldselectallthatapply.

Source:EYMiningandMetalsRisksandopportunitiesSurvey2027.

Capital

SupplychainRisingcosts

GeopoliticsCarbonagendaSustainabilityChangingbusinessmodelsCybersecurityLicensetooperate

Operationalcomplexity

Asthesectonincreasingly

todrivegrowthandrating,

theroleofcapitalasan

enablerofchangeismore

criticalthanever.The

challengeforcompaniesnowislessaboutaccessingcapitalbutmoreaboutsecuring

therightformontermsthatdrivegrowth,returnsandflexibility.

Top10businessrisksandopportunitiesforminingandmetalsin2027

OperationalcomplexityCapitalSupplychainRisingcostsGeopoliticsCarbonagendaSustainabilityChangingbusinessmodelsCybersecurityLicensetooperate

Capitalstrategyisbecomingasmuchaboutchoosingtherightstructureandpartnersassecuringfundingitself.PilbaraMinerals’US$100m

interest-freeprepaymentandprice-floorstructure5showshow

customer-linkedcapitalcansupportdevelopmentwhileretainingupsideexposure.BHP’sUS$4.3bstreamingtransactionwithWheatonPreciousMetals6highlightsthescaleofnon-dilutivecapitalnowavailable.

JVs,minorityinvestmentsandsharedinfrastructurecanalsoreduceup-frontfundingrequirementsandspreadexecutionrisk.Minerscantailorthestacktosuiteachproject,partnerandmarket.

Bankabilitydependsonpartnerandpolicyalignment

Fundabilityisbecomingmoredependentonminers’abilitytoalignwithgovernments,customersandstrategicpartners.Governmentfundingismovingdeeperintotheminingcapitalstack,fromgrantsandloans

toequity,offtakeagreementsandproject-levelinvestmentinnationallyimportantresources,processingcapacityandinfrastructure.TheUK

NationalWealthFundinvestmentofupto£71m(aroundUS$95m)inTungstenWestisoneexample.7

Butminersneedtoconsidertheconditionsthatcomewiththiscapital.Localprocessingrequirements,stateparticipation,offtakeexpectationsordeliverymilestonescanchangeprojectscope,increaseup-front

capitalneedsandaddexecutionrisk.

Growthbeyondtheminecreatesnewcapitaldemands

Capitalrequirementsareextendingbeyondfundingminesand

processingfacilities.Minersareexpandingintomarketing,tradingandproductoptimization,activitieswhichcanrequiresignificantworkingcapital,inventoryfundingandliquidity.

Formanycompanies,thequestioniswhethertheyhavethefinancial

capacitytosupportamoremarket-facingbusiness.It’sachallengethatisoftenmorecomplexthanfundingtraditionalupstreamoperations.

Aswellasmoreliquidity,companiesneedstrongertreasury

capabilitiesaswellastheflexibilitytomanageinventoryandmargin-

callrequirements.Newcommercialcapabilitiescancertainlyenhance

valuecapture—KumbaIronOrehasachievedrealizedprices12%abovebenchmark8—butminersmayneedtosecurenewformsofcapitalanddevelopanotherleveloffinancingdiscipline.

Whichofthefollowingcapitalallocationoptionsareyouconsidering?

Integraterecycling,reprocessing,orwaste-to-valueopportunities

30%

29%

29%

28%

26%

VerticalintegrationthroughacquisitionMarketing-ortrading-ledplatformcapabilities IncreasecashholdingsonbalancesheetHorizontalintegrationthroughacquisition

25%

23%

20%

Paydowndebt Spin-offnoncoreassetsReturncashtoshareholders

20%

19%

18%

17%

16%

Sharebuy-backs GreenfieldexplorationGreenfielddevelopmentBrownfielddevelopmentBrownfieldexploration

Respondentscouldselectthetopthree.

Source:EYMiningandMetalsRisksandOpportunitiesSurvey2027.

10

Top10businessrisksandopportunitiesforminingandmetalsin2027

Top10businessrisksandopportunitiesforminingandmetalsin2027

三：

OperationalcomplexityCapitalSupplychainRisingcostsGeopoliticsCarbonagendaSustainabilityChangingbusinessmodelsCybersecurityLicensetooperate

Financialflexibilityisnowacompetitiveadvantage

Capitalremainsavailable,butitisbecomingmoreselectiveby

commodityandjurisdiction,andmoreexpensive.Investorsare

optingforstrategicallyimportantcommoditieswithstronger

structuraldemandandregionsofferinggreaterpolicycertainty,strategicsupportandmarketaccess.Evenlarge,diversified

minersarefacinghigherprojectcostsandgreaterscrutinyovercapitalallocation,whilesmallerdevelopersareincreasingly

Financialflexibility

willincreasinglycome

fromallocatingcapital

selectivelyandchoosingpartnersdeliberately

toadaptascommodity

outlooks,policysettingsandprojectriskschange.

relyingonofftake,royalty,streaming,government-backedor

customer-linkedcapital.Asaresult,accesstocapitalisbecominglessimportantthanaccesstotherightmixofcapital.

Asdeliveryriskbecomesmorematerialtocapitalallocation,

financialflexibilityiscritical.Maintainingliquidity,balancesheetcapacityandmultiplefinancingroutesallowscompaniesto

resequenceprojects,shareriskandpreservestrategicexposurewhenconditionschange.

Executiveresponse:

■Aligncapitalwithportfoliopriorities:Directinvestmenttowardcommoditiesandassetswiththestrongeststrategicandeconomicpotential,whileusingdivestmentsandcapitalrecyclingtopreserveflexibility.

■Buildtherightcapitalstack:Matcheachprojectwiththemostappropriatemixofinternalfunding,partnerships,customer-linkedcapital,governmentsupport,streamingorotherstructures,basedonrisk,returnsandcontrol.

■Assessthestrategicconditionsattachedtocapital:Consider

howlocalizationrequirements,ownershipparticipation,offtake

commitmentsanddeliverymilestonescouldinfluenceprojectscope,executionriskandfuturestrategicchoices.

三：

complexity

GeopoliticsCarbonagenda

Operational

Sustainability

SupplychainRisingcosts

Supplychain

Top10businessisksandoportunitesforminingandmetalsin2027

OrganisationforEconomicCo-operationandDevelopment(OECD)analysisindicatesthatexportrestrictionsonindustrialrawmaterialsin2024werearoundfivetimesasprevalentasin2009.9Meanwhileproductionandprocessingofmanycriticalinputsareincreasingly

concentratedinasmallnumberofcountriesandfacilities.For

miners,thiscreatespressurefrombothdirections:Theyrelyonfuel,chemicals,equipmentandconsumablestomaintainproduction,andontransport,processingandmarketaccesstoreachcustomers.

Criticalinputscanbecomecriticalvulnerabilities

Aroundhalfofglobalseabornesulfurtradepassesthroughthe

MiddleEast.10Conflictintheregionhasdisruptedmarketsforsulfurandsulfuricacid,leadingtohigherprocessingcostsorshortagesforcopperandHigh-PressureAcidLeach(HPAL)nickelminers.

Thishighlightshowhigh-valueproductioncandependonlow-valueinputsthatareconcentrated,hardtoreplaceandslowtorespondtohigherprices.

Producersarerespondingthroughacombinationoflong-term

supplyagreementsandstockpiling,diversificationofsupply

sourcesandinvestmentincaptiveproductionandrecovery

capacity.Thesemeasuresreducedexposuretomarketvolatilityandimprovedoperatingreliabilitywhensupplybecameconstrained.1Understandingwherecriticaldependenciesandvulnerabilitiessitisthereforeessentialtomanagingsupplychainrisk.

Visibilityenablesaproactiveapproachtodisruption

Howhasyourcompanymodifiedprocurementstrategiestoaddresssupplychainvulnerabilitiesinthepast12months?

RESILIENCEFUNCTION

Seetheexposure

Identifyriskandprovenance

Absorbthedisruption

Protecttheeconomics

Changethesupplyroute

Moveorbroadensourcing

Restructuredependency

PROCUREMENTRESPONSE

Visibilitytechnology

Traceabilityrequirements

Inventoryorstockpiling

Tradingandhedgingoptimization

Nearshoringorreshoring

Supplierdiversification

Strategicsupplierpartnerships

53%

51%

52%

45%

41%

33%

25%

Respondentscouldselectthetopthree.

Source:EYMiningandMetalsRisksandOpportunitiesSurvey2027.

OperationalcomplexityCapitalSupplychain

Risingcosts

GeopoliticsCarbonagendaSustainabilityChangingbusinessmodelsCybersecurityLicensetooperate

Supplychainriskhasreturnedtothetopthreeasgeopoliticalconflict,traderestrictions

andcompetitionforstrategicresourcesdisruptestablishedflows.Certaintyofsupplyofrawmaterialsisbecoming

astrategicadvantage,while

tariffsandmorerestricted

marketsareincreasingthe

importanceofsecuringlong-termcustomersandcapturingpremiumsforreliableor

differentiatedproducts.

Top10businessrisksandopportunitiesforminingandmetalsin2027

Capital

Sustainability

Changingbusinessmodels

OperationalcomplexitySupplychainRisingcostsGeopoliticsCarbonagendaCybersecurityLicensetooperate

Visibilityhelpsminersgetaheadofdisruption

Visibilitysupportsbothresilientprocurementandresponsiblesourcing.Aroundhalf(53%)ofsurveyrespondentssaidtheircompanies

hadinvestedinsupplychainvisibilitytechnology,while51%had

strengthenedsustainability,humanrightsortraceabilityrequirements.

Leadingpracticesinclude:

■Mappingbeyondtier1suppliers

■Segmentingsuppliersbyrisk

■Incorporatingtraceabilityandhumanrightsrequirementsintocontracts

■Strengtheningauditandremediat