The mining and metals sector is facing a new era of opportunity and unpredictability, according to a new survey from EY.
The EY Top 10 Business Risks and Opportunities survey polled 500 senior global mining executives, including 60 from Australia. It revealed a sharp pivot from external, strategic issues to a focus on short-term operational factors.
EY identified operational complexity as the biggest risk for mining going forward, a problem the survey defined as the collective challenges of complex orebodies, deeper mines, declining grades and greater variability in geometry, as well as issues arising around ageing assets and adverse weather.
“As mines age or are replaced, complexity will inevitably increase, an issue exacerbated by a need to control costs and improve productivity,” EY global mining and metals leader Paul Mitchell said. “But miners that use this moment as an opportunity to accelerate innovation, including through the utilisation of digital and AI, will position themselves for growth when certainty returns.”
Rising costs and productivity were listed as number two, highlighting persistently high energy and labour costs that the industry faces. The top five were then rounded out by capital, resources/reserves, and license to operate.
“Investors are backing a switch to growth. With big ticket [mergers and acquisitions] proving difficult, miners are instead focused on getting the most out of existing assets, enhancing productivity, capital discipline and technology adoption to meet demand and take advantage of higher commodity prices,” Mitchell said.
EY Regional Mining & Metals Leader (Oceania) Michael Rundus stated that continued digital transformation is key for Australia’s mining and minerals sector in 2026, which he said is laying the foundations for long-term growth.
“Australian mining executives highlighted digital transformation as the top capital allocation option, followed by transforming material sourcing,” Rundus said. “In Australia, AI investment is slightly higher than our global counterparts, with 55 per cent planning to increase AI investment, compared to 51 per cent of all global respondents.”
You can find the full EY Top 10 Business Risks and Opportunities survey here.
