Top 10 business risks and opportunities for mining and metals in 2024Top 10 business risks and opportunities for mining and metals in 2024021109876543223487 20232024Climate changeDigital and innovationCosts and productivityGeopoliticsCyberNew business modelsLicense to operateWorkforceCapitalESGUp from 2023Same as 2023Down from 2023New for 20245109Executive summary This year’s ranking highlights the complex operating environment miners will face in 2024. Risks will be numerous but history proves the resilience and the inventiveness of the sector to turn these into opportunities. We expect to see more innovation, collaboration and agility over the next 12 months as mining and metals companies embrace the upside of change.“Paul Mitchell, EY Global Mining & Metals LeaderWe see several key themes playing out:Expectations of investors and stakeholders have been underestimated and continue to increase According to our survey respondents, scrutiny from all stakeholder groups is increasing, particularly around ESG issues. With these expectations anticipated to continue, miners will need to balance ESG priorities with other business goals, including productivity. A number of miners are now focused on achieving net-positive impact, with significant benefits for those that get it right, including improved access to capital, a healthier talent pipeline and stronger LTO. Risks today are highly complex, interlinked and impact each other Executives say that they have a better understanding of sustainability issues — but they cannot tackle all areas at once. With ESG becoming more complex and interlinked, addressing them requires an approach that thinks beyond meeting regulation and controlling costs. Leaders need assurance that investme...
