NEW YORK, NY, USA, 30 JANUARY 2024—Released today, the 16th annual edition of Deloitte Global’s mining and metals report, Tracking the trends 2024, explores key trends facing mining and metals companies and how the sector is navigating a complex matrix of challenges, opportunities, expectations and demands. Each trend draws on the experience of Deloitte’s worldwide network of mining and metals professionals, offering insights about how the industry is addressing critical matters such as supply shortages, environmental, social and governance (ESG), emerging technology and the uncertainty of today’s global economy.
“Navigating the volatility in the geopolitical sphere as well as in commodity markets will not be easy for mining and metals companies in the coming months. But given that the sector touches the lives of people the world over, it is imperative that companies work to meet the challenges that lie ahead as well as actively build purpose-led organisations that fulfil their responsibilities to society.”
says Ian Sanders, Global Mining & Metals sector leader, Deloitte Global
Right now, stakeholders are hard-pressed to secure their supply chains as shortages in certain critical metals loom—metals that are vital to the energy transition. With supply alternatives such as urban mining, still in their infancy, downstream companies and even governments are striking deals with miners and metals providers in a reshuffle that has seen some traditional value chains realign over the past 12 months.
Organisations also remain under pressure to better the efficiency of existing assets and operations by embracing generative artificial intelligence (Gen AI), leveraging third party delivery models with specialised back-office capabilities and unlocking new value in assets. At the same time, mining and metals companies should continue to meet ESG expectations in day-to-day operations.
Collaborating with industry peers, suppliers and competitors can help companies better tackle these pressing matters. And with strong business strategies in place and 2050 sustainability targets as the North Star, now is the time for the mining and metals industry to accelerate growth.
Deloitte Global has identified ten trends that could affect the industry over the next 12 to 18 months. Each of these trends has a role to play in guiding companies to achieve their objectives as they seek to capture and convey the value the industry generates.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms and their related entities (collectively, the “Deloitte organisation”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, Financial Advisory and Risk Advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide make an impact that matters at www.deloitte.com.
Press contact(s):