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毕马威:2023年全球矿业及金属行业展望报告(英文版)(32页).pdf

1、KPMG International2023 Global Mining and Metals OutlookExecutive insights ondecarbonizationKPMG.com/miningKPMG.com/metalsForewordFor the mining and metals industry,the challenge is unique.It must quickly increase production to supply global business with the materials it needs to shift to a carbon-f

2、ree future.Yet it must do so without harming the environment,while restructuring its own operations so that they consume less carbon.This transformation will depend partly on the mining and metals executives we contacted to compile this report and on the readers of it plus thousands of others like t

3、hem.As leaders of their companies,their responsibility is to guide the industry onto a more sustainable path and to convince a skeptical audience that they are doing so in a sustainable fashion.As one industry leader explains in this report,there has never been greater demand for metals and minerals

4、,but its never been harder to develop new mines.The same challenge can be said for makers of steel and other materials that need to invest rapidly in new processes that will cut carbon emissions.KPMG International compiled this report to provide insights on these challenges and the opportunities itp

5、resents.We would like to extend special thanks to our external contributors of the report,Tom OLeary,Managing Director and Chief Executive Officer of Iluka Resources,Dale Henderson,Chief Executive Officer of Pilbara Minerals and Rohitesh Dhawan,President and Chief Executive Officer of the Internatio

6、nal Council on Mining&Metals.Their expertise was able to provide additional color and depth to the findings of this report.“Our 2023 Outlook report shows metals and mining company executives understand that to succeed in reconciling ambitious growth targets with stringent carbon-reduction objectives

7、,they will have to design their operating model to accommodate bothobjectives.”Trevor Hart Global Head of Mining KPMG International“The drive to decarbonize is redrawing the map of the metals and mining industry.Metals manufacturers need to shift their business models toward a new,global environment

8、 that reflects the true cost of carbon reduction.”Ugo Platania Global Head of MetalsKPMG InternationalThe mining and metals industry has played a pivotal role through history,speeding the transition from Bronze Age to Iron Age and through the Industrial Revolution.Now it must play a similarly crucia

9、l role in a global revolution no less momentous than the others before it.If we are to stand a reasonable chance of slowing,and ultimately reversing,climate change,the world economy must become carbon-free.2023 Global Mining and Metals Outlook2 2023 Copyright owned by one or more of the KPMG Interna

10、tional entities.KPMG International entities provide no services to clients.All rights reserved.Executive summaryThe mining and metals industry appears confident that it can meet the tremendous increases in the demand for minerals that will enable clean-energy technologies.Optimists outnumber pessimi

11、sts by 12 to 1,but by 6 to 1 among producers of materials critical to a net-zero future,such as lithium and copper.Mining and metals executives are confident the industry can increase production without compromising its own objectives for a net-zero future and respond to environmental,social and gov

12、ernance(ESG)concerns.The ratio of optimists to pessimists is nearly 10 to one.If the industry is to achieve its net-zero and ESG objectives,it must integrate them into enterprise strategy.But only 28 percent have already done so,and 34 percent say their company has only just begun this.One reason wh

13、y executives are confident about the future is that they regard decarbonization plans as a growth opportunity and not merely a cost of doing business.The specific opportunity over the next five years is to transform the carbon footprint of their operations through technology investments.The rapid pr

14、ogress mining companies are already making to reduce carbon emissions is encouraging them to invest more in efforts to decarbonize.The survey shows that improving energy consumption efficiency is the highest priority for tackling the environmental challenges from mining and metals processing.While m

15、ining and metals companies invest heavily in reducing their carbon footprint,they are also focusing on ESG goals.Executives consider that the highest priority for tackling the social impact of mining and metals processing is to provide its workforce with healthcare,paid leave and retirement benefits

16、.Leaders in the industry are aware that they must play a crucial role in this carbon transformation.The survey shows that the most effective measure to help companies meet their ESG objectives is to ensure that the CEO and the Board of Directors are committed to these goals.A main driver of the chan

17、ges that characterize this new phase of the mining and metals industry has been the introduction of new technologies and innovations.Technological changes are seen as the most important factor affecting executives five-year demand projections.Tougher government scrutiny of ESG and net-zero performan

18、ce is regarded by executives as the biggest risk to operations in the next five years-almost 50 percent say so.By contrast,around 25 percent say climate risk to operations is very significant.The drive to decarbonize is redrawing the map of the mining and metals industry.Almost a quarter are plannin

19、g to increase their geographical footprint significantly and a further 41 percent plan to do so by a small amount.The mining and metals industry will play a crucial role in enabling the global economy to shift to a carbon-free future.To find out more about its plans to supply the world with“green”ma

20、terials,KPMG International surveyed more than 400 C-suite executives and board members from across the globe about their expectations.Among the main findings:2023 Global Mining and Metals Outlook3 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities prov

21、ide no services to clients.All rights reserved.Contents2023 Global Mining and Metals Outlook4 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.0510131619252832300721Entering a new phaseIn search of g

22、reen strategiesA big opportunityFreedom from carbonA focus on ESG goalsLeaders neededThe importance of technologyRaising the barGeographical jigsawConclusionContact usEntering a2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to c

23、lients.All rights reserved.As the global economy pivots toward a carbon-free future,one big question is whether mining and metals companies will be able to supply the growing quantities of materials needed for such things as wind turbines,solar panels and electric vehicles to support the transition

24、to a net-zero world.As the International Energy Agency notes1,mineral requirements for clean energy technologies would need to quadruple by 2040 to reach the Paris Agreement goal of a temperature rise of well below 2 degrees centigrade.“An even faster transition,to hit net-zero globally by 2050,woul

25、d require six times more mineral inputs in 2040 than today,”says the IEA.While many anxiously wait for the answer to this question,the mining and metals industry appears confident that it will be able to meet these demand projections,according to a global survey by KPMG International of more than 40

26、0 C-level executives selected to represent a range of mining and metal production activities,ranging from steel to coal to lithium.Optimists outnumber pessimists by nearly 12 to 1,but by 6 to 1 among producers of materials critical to a net-zero future,such as lithium and copper.To find out why exec

27、utives overall are optimistic and how they believe they can achieve these goals,KPMG International undertook a detailed analysis of the survey data and interviewed two chief executive officers of key companies producing critical minerals.We also relied upon the insights of several subject matter exp

28、erts with deep experience within the industry.KPMG International spoke to Rohitesh Dhawan,President and Chief Executive Officer of the International Council on Mining&Metals(ICMM),whose members comprise a third of the global industry.From his position as spokesperson for the global industrys role in

29、 a range of issues,Dhawan understands its crucial role at this pointin history.“Were entering a new phase that weve never had before.The world is now fully invested in our industry in a way it was not previously.This means that the things that got us here arent the things that will take us to the ne

30、xt phase in our relationship with society.It requires us to engage differently,”he says.The role of critical minerals in clean energy transitions,IEA,May 2021Entering a new phaseDemand for materials used in the transition to a greener planet will have to rise dramatically over thenext10-20 years.Ove

31、rall,how confident are you that the metals and mining industry can meet the increasing demand?5%53%26%14%2%Very confidentConfidentNeutralNot confidentNot at all confident79%7%high confidencelow confidence14%neutral viewSource:KPMG International 2023 Global Mining&Metals Outlook-Survey Results2023 Gl

32、obal Mining and Metals Outlook6 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.In search of2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide

33、 no services to clients.All rights reserved.The mining and metals industry as a whole,especially with regards to critical minerals,is entering uncharted waters.One executive who relishes the prospect is Western Australia-based Dale Henderson,the CEO of Pilbara Minerals,the largest independent hard-r

34、ock lithium operation in the world.His companys product is a crucial ingredient in electric vehicle batteries.“Given that its a relatively new industry,theres no playbook to follow,”says Henderson.“But by thinking deeply and carefully around this landscape,theres a big opportunity to get it right.Th

35、ats certainly where I am spending my time.Its been a crazy journey for our business,but its exciting.”Equally confident is Tom OLeary,Managing Director and Chief Executive Officer of Iluka Resources.By 2027 his company is positioned to produce the“overwhelming majority”of heavy rare earths globally,

36、outside of China,in particular dysprosium and terbium,which are used in electric vehicles and in the defense industry.“The expectation is widely acknowledged in the industry that there is a going to be a shortfall in global supply into the early 2030s,though,and well be looking to meet some of that

37、shortfall,”OLeary says.Behind the optimism in the industry,however,are two other,related questions.Can the mining and metals industry increase production without compromising its own objectives for a net-zero future and respond to ESG concerns?How does the industry integrate these objectives into en

38、terprise strategy?These matters,which were assessed in the survey,will be examined in more detail in this report,but it should be noted at the start that parts of the industry are somewhat less confident regarding these two questions.On the first question,the mining and metals industry as a whole is

39、 confident it can reconcile rapid output growth with sustainability goals.The ratio of optimists to pessimists is 10 to 1.But there is a lower ratio among producers of materials critical to a net-zero future.These include suppliers of chromium,cobalt,copper,lithium,manganese,nickel,silicon and rare

40、earths.In search of green strategiesHow confident are you that the metals and mining industry can meet growing global demand without compromising its own ESG and net-zero objectives?Source:KPMG International 2023 Global Mining&Metals Outlook-Survey Results2023 Global Mining and Metals Outlook8 2023

41、Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.A majority of them are also confident of growing fast in a green way,but the ratio is narrower:6 to 1.On the second question,34 percent say their company h

42、as only just begun to integrate its ESG and net-zero objectives into a long-term strategy.Only 28 percent have already done so.“If they are to succeed in reconciling ambitious growth targets with stringent carbon reduction objectives,mining and metals companies will have to design their operating mo

43、del to accommodate both objectives.Achieving net-zero carbon emissions by 2040 or 2050 may seem a long way off,but the research and development effort,the lead times and capital required means that companies must now begin integrating them into enterprise strategy,”says Trevor Hart,Global Mining Lea

44、der,KPMG International.What are the key factors affecting your level of confidence that the metals and mining industry can meet growing global demand without compromising its own ESG and net-zero objectives?Our ESG and net-zero objectives take fully into account our companys forecasts of the future

45、growth in supply45%My company has deliberately set ESG and net-zero objectives that are less stringent than our peers so that we wont have to compromise on hitting production targets41%My company has only just begun to integrate its ESG and net-zero objectives into the long-term enterprise strategy3

46、4%My company has integrated its ESG and net-zero objectives into long-term enterprise strategy28%It is difficult to measure the progress my company is making towards ESG and net-zero targets26%My company lacks the labor and money to implement ESG and net-zero goals9%We are not using appropriate tech

47、nological tools to reach our goals4%Source:KPMG International 2023 Global Mining&Metals Outlook-Survey Results2023 Global Mining and Metals Outlook9 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.A

48、 big2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.An overwhelming majority of executives are confident in the growth prospects for their company and the industry as a whole,according to the survey

49、.A big opportunity Producers of critical minerals are in a particularly sweet spot.“With the market predicting a significant deficit in lithium supply relative to demand over the next 10 years,this presents a challenge for the world,but a massive opportunity for us,”says Pilbara Minerals Dale Hender

50、son.“We have a strong level of confidence that,through our strategy,we can deliver into that,so,for us,the game plan is pretty simple:Put the foot down and maximize the value of the resources as rapidly as we can,“adds Henderson.One reason why mining and metals executives are confident about the fut

51、ure is that they regard decarbonization plans as a growth opportunity,and not merely a cost of doing business.The specific opportunity over the next five years is to transform the carbon footprint of their operations through technology investments.Transforming the cost-efficiency of operations throu

52、gh technology investments comes a close second(43 percent to 41 percent).More than a third plan to transform their operations by means of acquisitions and divestments.Please indicate your level of confidence in terms of growth prospects over the next two years.Source:KPMG International 2023 Global M

53、ining&Metals Outlook-Survey Results2023 Global Mining and Metals Outlook11 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.What do you regard as your companys biggest business opportunities over the

54、 next five years?Transform the carbon footprint of our operations through technology investments43%Transform the cost-efficiency of our operations through technology investments41%Transform our operations by means of acquisitions and divestments36%Access new customers and markets28%Significantly cha

55、nge the geographical location of our operating assets23%Drastically reduce our costs through enhancing productivity initiatives12%Significantly change our companys portfolio of products toward commodities&metals(such as copper and lithium)used to accelerate the transition to cleaner energy sources9%

56、Source:KPMG International 2023 Global Mining&Metals Outlook-Survey Results“Fundamentally,reconciling green goals and fast growth is not a trade-off,its a win-win situation,”says Amit Barghava,Partner,Business Consulting,Mining and Metals Lead,KPMG in India.“If a company optimizes its processes,it ca

57、n reduce fossil fuels and its a clear ESG driver.Critical strategic decisions such as capital expansion or operational remodeling have to have an ESG dimension.We see that,in terms of positioning in the sector,companies that are ESG leaders will be the winners in the future.”2023 Global Mining and M

58、etals Outlook12 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Freedom from2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to

59、clients.All rights reserved.The survey shows that improving energy consumption efficiency is the highest priority for tackling the environmental effects of mining and metal processing(41 percent).It is seen as twice as important as improving water and waste management.“When you consider that renewab

60、le energy is so cost-competitive in most parts of the world,there is a very clear pathway to achieve zero Scope 2 emissions from suppliers of energy soon for those who arent already there yet,”says Dhawan.Scope 1(direct,greenhouse gas)emissions are more challenging because the main contributor to mi

61、ning emissions is diesel.There are about 28,000 trucks in mining operations globally and the vast majority run on diesel.“Weare starting to get much better availability of zero-emission mine-haul trucks,using a combination of batteries and hydrogen technology,”Dhawan says.The rapid progress mining c

62、ompanies are already making to reduce carbon emissions is encouraging them to invest more in efforts to decarbonize.Freedom from carbonWhich do you consider the highest priorities for tackling the environmental impact of mineral and metalprocessing?Curbing carbon emissions through improvements in th

63、e efficiency of current types of energy consumption41%Exploring alternative low-emission technologies(such as closed-loop carbon recycling for steel)36%Solutions to decarbonize fleet and logistics33%Curbing carbon emissions by switching to lower carbon fuels(such as hydrogen for steel production)30%

64、Lowering the environmental impact of mining techniques29%Improving waste management21%Improving water management16%Rehabilitating areas where mines and metal processing plants have closed9%Shutting down illegal mining5%Source:KPMG International 2023 Global Mining&Metals Outlook-Survey Results2023 Gl

65、obal Mining and Metals Outlook14 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.The makers of trucks and the mining industry have collaborated to speed up the shift,so by 2027,“We should have zero-

66、emission vehicles available at scale.It shows the power of bringing the whole industry together with the truck OEMs to solve the challenge,”addsDhawan.With regard to Scope 3 emissions,elsewhere in the value chain,a third ofexecutives say their company plans to eliminate them by 2040 and another 39 p

67、ercent believe it will be done by2050.For bulk commodities,such as iron ore,metallurgical coal and thermal coal,Scope 3 represents the overwhelming majority of the total climate impact of the commodity.In the case of iron ore,it can be up to 90 percent,but the prospects are bright.“Im really encoura

68、ged that leading mining companies are starting to see Scope 3 as an opportunity,as well as a risk,”Dhawan says.“Were moving to a world in which we are interested in the end product.I,as the miner,have a common responsibility with you as the steelmaker,but our responsibilities are differentiated by t

69、he fact that youre in charge of the technology that you use and Imin charge of the product I supply you with.Were both better off if we find a way to take carbon out of the production process,”adds Dhawan.One mining company,for example is developing a new product,iron ore briquettes,that reduces the

70、 need for sintering,thus saving up to 10 percent of emissions from steel production.Others are supplying higher quality steelmaking coal that leads to as much as a 30 percent reduction of carbon intensity.Many metals companies are as confident as mining companies about the speed of progress.Saurabh

71、Bhatnagar,Partner Industry 4.0 and Innovation,KPMG in India,cites four factors:Fast improvements in technologies to minimize and sequester carbon emissions.Increased use of hydrogen in making steel,especially in Western Europe and China.Rapidly growing availability of renewable energy sources.Govern

72、ment incentives to collect and reprocess metal scrap,which,naturally,does not depend on oxidization to be processed.Bhargava points out that the challenge to meet Scope 3 emissions targets for metals companies is similar to what it would be for a consumer goods manufacturer or a chemicals company.Bu

73、t unlike a maker of household detergent that is reliant on plastic containers or cardboard boxes steel,copper,and aluminum will remain recyclable indefinitely.“Most firms that are under pressure to be net zero are on a journey of learnunderstandinternalizeplanexperiment to find new ways of getting t

74、o net zero,”says Barghava.In India,the worlds second largest steel producer,producers are at a very early stage of learning.“When firms integrate,they must take a short-term and a long-term view.They will start by investing in areas where the gains are quick and easy.In Europe,they are a bit further

75、 ahead,but they are still doing it incrementally.Many are not sure as to what their strategy should be,since net zero is still 30 years away.”Miners of critical minerals,such as rare earths,are balancing decarbonization and rapid output growth.“We see that our core role in the global push to decarbo

76、nize is to facilitate others drive to net zero through the production of rare earths,”saysTom OLeary of Iluka Resources.“We are continuing to apply research and development money to refine and metalize critical minerals in ways that are most attractive from a carbon perspective,but many of those pro

77、cesses cannot be done in a zero-carbon way at the moment,”OLearysays.“Australias objective of decarbonization is a sound one,not just from a jobs and development perspective,but from a diversification of supply chain and environmental perspective,to see those minerals processed in a manner that meet

78、s high Western standards of environmental outcomes and ESG more generally,”OLeary says.2023 Global Mining and Metals Outlook15 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.A focus on2023 Copyrigh

79、t owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.While mining and metals companies invest heavily in reducing their carbon footprint,they are also focusing on ESG goals.The way forwardRohitesh Dhawan is the Chief

80、 Executive Officer of the International Council on Mining&Metals(ICMM),whose members comprise a third of the global industry.KPMG International interviewed Dhawan to ask about the progress which ICMM has made in implementing its mining principles,including zero harm,nature preservation and restorati

81、on,alongside net-zero carbon emissions.He said that the mining and metals industry simply has notmade sufficient progress in the area of zero harm.“In 2021 alone,43of our colleagues in ICMM member companies went to work and did not come home.That is a stain on our collective conscience.We simply hav

82、e to do better.”In the area of carbon emissions,progress has been impressive.“When you consider that renewable energy is cost-competitive,there is a clear pathway to achieve zero scope emissions for companies who arent already there yet,”he says.“We are starting to achieve better availability of zer

83、o-emission mine-haul trucks,using a combination of battery and hydrogen technology.”The makers of trucks and the mining industry have collaborated to speed up the shift by 2027:“We should have zero-emission vehicles available at scale,”he says.Mining firms are tackling many of the environmental impa

84、cts of their operations.The ICMM,for example,has been working with the UN and the Principles for Responsible Investment,guided by an independent expert panel,to develop a global standard for managing tailings safely.ICMMs Dhawan has been pushing for the industry“to engender greater trust as a respon

85、sible contributor on all things related to sustainability.Were in this strange world where weve never had greater demand for metals and minerals,but its never been harder to open new mines.”The ICMMs discussions with the UN and the Principles for Responsible Investment have been challenging.“The pro

86、cess of negotiation was infinitely more complex than if the industry had done it on its own,but it also made it significantly more trusted,”Dhawan says.The ICMMs goal is“to engender greater trust in the mining industry in being responsible on sustainability,not just climate.Once the industry has gai

87、ned the trust of stakeholders”,he comments,“the ultimate outcome is that the world gets the metals and minerals that it needs,and those materials are supplied in the most responsible way possible.”At the same time,the industry is focusing much attention on the letter S in the three-letter acronym.“E

88、SG goals are becoming more of a fundamentally people-driven agenda,”observes Bhargava of KPMG Internationals focus on these,particularly regarding stakeholders such as employees and local communities.Executives in the survey A focus on ESG goalsconsider that the highest priority for tackling the soc

89、ial impact of mining and metals processing is to provide workers with healthcare,paid leave and retirement benefits.The focus on people extends toward the communities that surround the mines and metals factories.“Our priority is to continue to ensure that we maintain strong local connections whereve

90、r were operating and ensure that we are meeting the objectives of our local stakeholders,”says OLeary of Iluka.Offering non-salary benefits is seen by executives as an important way ofattracting and retaining workers.“The most practical challenge for us is labor shortages,”says Henderson of Pilbara

91、Minerals.“Were not alone in this regard.Theindustry is thriving,so theres no shortage of jobs and opportunities for people,particularly those who are skilled and happy to work on a remote site.2023 Global Mining and Metals Outlook17 2023 Copyright owned by one or more of the KPMG International entit

92、ies.KPMG International entities provide no services to clients.All rights reserved.Which do you consider the highest priorities for tackling the social impact of the development of mineral and metals processing?Providing non-salary benefits such as healthcare benefits,paid leave and pensions44%Impro

93、ving worker safety33%Paying a living wage32%Preventing all forms of harassment of the workforce(eg,bullying,sexual harassment,etc)29%Preventing human rights abuses and modern forms of slavery27%Tolerating or encouraging the unionization of the workforce26%Working closely with local communities to mi

94、nimize the negative social impact and maximize the social benefits24%Preventing corrupt practices17%Working with local communities to maximize the social benefits(eg,funding schools,community centers,etc)10%Positive traditional owner arrangements,such as indigenous co-ownership9%Source:KPMG Internat

95、ional 2023 Global Mining&Metals Outlook-Survey ResultsBut,in our view,its solvable and our company has done pretty well through a competitive offering and that lithium glow.Being in the lithium industry is a real strength.Some of the younger generation are a bit more altruistic in their outlook.The

96、lithium industry is future-facing,and it helps being on the right side of this carbon-reduction push,”adds Henderson.Some believe that mining and metals companies need to pay greater heed to citizens at large,not just local communities.“The general public has become a very significant force in persu

97、ading companies to take a more responsible approach to the environment,”says Bhargava of KPMG in India.“In India when you set up a new steel plant,the communities have to be partnered and assured there will be no deterioration in air,water,and soil.This trend will become more pronounced because the

98、younger generation seems to be more aware and passionate about the protection of the environment,”adds Bhargava.Henderson of Pilbara Minerals is aware of the issue.“I think mining is equated as being old school,maybe representing some of the old biases,”he says.“However,with the strong shift towards

99、 more sustainable practices and the innovation in the industry,we are making progress,but I think theres always more work to be done.”2023 Global Mining and Metals Outlook18 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clie

100、nts.All rights reserved.Leaders2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Leaders neededThe survey shows that among the most effective measures to help companies meet their ESG objectives is to

101、 ensure that the CEO and the board of directors are committed to these goals,and that they have appropriate governance structures that enable the realization of these objectives.“Corporate leaders have the mandate and the responsibility to align their strategy with key stakeholders,including governm

102、ents,customers,technology providers and suppliers and companies in their ecosystem,”says Bhargava of KPMG in India.“This is critical and requires a very clear roadmap.They also need to structure executive and employee incentives so that they align with ESG initiatives.”There is another aspect of the

103、 human element within ESG,namely the importance of capable leadership.In addition,he says,they need to take the lead in building the companys capabilities.“There is going to be a talent war in shaping and executing ESG agendas,”he predicts.If decarbonization is to be integrated into enterprise strat

104、egy,it will require the full support of the leadership.Executives in the survey say the most effective ways to meet net-zero objectives are both to ensure that corporate leaders are committed to net-zero objectives and to communicate clearly and fully to stakeholders about the progress to meet them.

105、Those outside the industry need to understand the new relevance and strategic importance of mining and metals companies to the global economy.“Provided the industry continues to engage candidly with our stakeholders and industry participants and do so truthfully and pragmatically,then,as we advance

106、further through this process of electrification,its going to become more and more evident for stakeholders and the public the necessity of certain critical minerals,”says OLeary.Which of the following measures will be most effective in helping your company to meet its net-zeroobjectives?Ensure our c

107、ompany communicates clearly and fully to our stakeholders about our net-zero objective and our progress to meet it46%Ensure that the CEO and the Board of Directors are committed to our net-zero objective45%Ensure we have the right metrics to measure progress in meeting our net-zero objective37%Devel

108、op a strategy to invest in new technologies that will directly lead toward our net-zero objective31%Ensure our net-zero objectives are integrated into the overall corporate strategy26%Hire new personnel with the skills to implement our companys net-zero strategy6%Source:KPMG International 2023 Globa

109、l Mining&Metals Outlook-Survey Results2023 Global Mining and Metals Outlook20 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.The importance of2023 Copyright owned by one or more of the KPMG Interna

110、tional entities.KPMG International entities provide no services to clients.All rights reserved.A main driver of the changes that characterize this new phase of the mining and metals industry has been the introduction of new technologies and innovations.Technological changes are seen as the most impo

111、rtant factor affecting executives five-year demand projections.Technologies are emphasized somewhat less regarding supply projections.For mining companies,advances in exploration and extraction technology,AI,5G networks,and IoT are the technologies that will have the most impact on mineral supplies.

112、The importance of technology How is Digitalization Transforming the Face of Mining Industry?TechSci Research,May 2022 “Carbon Border Adjustment Mechanism,”Taxation and Customs Union,European Commission,December 2022 What are the most important factors affecting your companys range of demand projecti

113、ons over the next fiveyearsTechnological changes54%Government policies49%Customer preferences and/or sentiment31%Energy transition24%Recycling practices22%Geopolitical challenges13%Source:KPMG International 2023 Global Mining&Metals Outlook-Survey ResultsApart from zero-emission mine-haul trucks,min

114、ing companies are deploying technologies such as unmanned aerial vehicles to monitor assets;wireless sensor technologies to track processes and mine safety;and private 5G networks to help conduct preventative maintenance.For metals companies,AI and data analytics are likely to have the biggest impac

115、t,the survey says.“We need to demystify the technology by breaking it down into four types,”says KPMG in Indias Bhargava:1.Digital technologies to ensure production processes achieve thebest possible outcome.2.Circular technologies to extract metals from waste(Bhargava is advising a large metals com

116、pany which is collaborating with up to 25 technology partners around theworld).3.Carbon-capture technologies.4.Disruptive technologies such ashydrogen that either reduce orobviate the need for carbon.Bhatnagar adds a fifth:applying technology to use the energy in off-gases more efficiently,which is

117、especially important in India.Bhatnagar says,“It is almost impossible to open a new steel factory making metals using traditional technologies.The only way to obtain a license to operate is if a company can prove that the factory will have a significantly smaller carbon footprint or it is producing

118、materials that are critical to national security,such as rare earths and lithium.”2023 Global Mining and Metals Outlook22 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.European metals companies fa

119、ce a different challenge.In December 2022,EU ministers finalized a carbon border adjustment mechanism.This took the form of a tax designed to ensure that carbon-intensive industries such as steel,which must comply with strict emissions standards,are not undermined by competitors from outside the EU

120、that have weaker emissions rules.“The EU aims to create a level playing field for metal manufacturers,particularly concerning their environmental footprint,which will likely influence the competitive market dynamics in Europe.As market participants worldwide progress toward their net-zero goals,they

121、 must individually and collectively consider these shifting dynamics and adapt accordingly,”says Ugo Platania,Global Metals Leader,KPMG International.Markus Zeimes,Head of Metals,KPMG in Germany,says there will be massive technological changes among the European steel companies over the next few yea

122、rs as they reduce their carbon emissions.The largest such firm in Germany is aiming to use hydrogen-based direct reduction to remove the oxygen from iron ore.“The German steel industry is heavily investing in new technologies to become greener.Producing steel based on the use of hydrogen is one way

123、to do so,”Zeimes says.“The energy requirements of new technologies are immense.Cost and availability of renewable energy,therefore,are crucial for a successful conversion of the steel industry to approach zero carbon emissions.We currently see that strategic partnerships securing future hydrogen and

124、 energy demand are gaining more importance.”Which two technologies are likely to have the most impact on increasing mineral supplies over the next fiveyears?5G networks26%Internet of Things24%Advances in exploration techniques and technology24%New extraction technologies24%Artificial intelligence23%

125、Data analytics22%Advances in exploration technology19%Autonomous mining16%Technologies that enhance recovery from mine waste and low-grade ores8%Better ore pre-treatment7%Source:KPMG International 2023 Global Mining&Metals Outlook-Survey Results2023 Global Mining and Metals Outlook23 2023 Copyright

126、owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Which two technologies are likely to have the most impact on increasing metal supplies over the next fiveyears?Artificial intelligence48%Data analytics42%5G networks

127、31%Technologies that enhance recovery from recycled materials21%Internet of Things18%Autonomous steel production(such as autonomous vehicles)17%Satellite imaging15%Source:KPMG International 2023 Global Mining&Metals Outlook-Survey ResultsWhat are the most important factors affecting your companys ra

128、nge of supply projections over the next fiveyears?Government policies55%Customer preferences44%Technological changes42%Recycling practices31%Geopolitical challenges18%Source:KPMG International 2023 Global Mining&Metals Outlook-Survey Results2023 Global Mining and Metals Outlook24 2023 Copyright owne

129、d by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Raising the2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Raising

130、the barTougher government scrutiny of ESG and net-zero performance is regarded by executives in the survey as the biggest risk to operations in the next five years.Almost half(48 percent)say so.By contrast,only a quarter say climate risk is very significant.The carbon border adjustment mechanism hig

131、hlights the important role played by governments in moving toward a carbon-free future.What are the most significant risks you expect for your companys operations in the next five years?Tougher government regulatory scrutiny or compliance burden of ESG and net-zero performance48%Declining resource q

132、uality35%Rising operating costs29%High geographical concentration of production29%Long project development lead times29%Tougher investor scrutiny of ESG and net-zero performance25%Higher exposure to climate risks,such as water stress or extreme weather events24%Political instability/nationalization

133、in a host country19%Trade war8%Inability to raise capital funds3%Source:KPMG International 2023 Global Mining&Metals Outlook-Survey Results2023 Global Mining and Metals Outlook26 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to

134、 clients.All rights reserved.Bhatnagar of KPMG in India points out though,that as of now,there are long-term net-zero goals,not compliance requirements.“In the next five years,governments in key countries will seek to understand and observe the visible steps being taken by mining and metals companie

135、s to show their commitment to net-zero goals by 2050 in Europe and by 2070 in India.”In response,says Bhargava,“This is a perfect time for companies to start to work on measuring and verifying emissions as accurately as possible.To prepare for the carbon border adjustment mechanism,they should start

136、 carrying documents showing the carbon content of their metals.”The survey shows that government policies are the biggest factor affecting supply projections and that the improved quality and availability of national geological surveys and data is seen as the most important government measure for en

137、suring a smooth minerals supply over the next few years.In the case of Iluka,the company received a A$1.25 billion non-recourse loan from the Australian Federal Government for the development of the countrys first integrated rare-earth metals refinery in Western Australia.“The objective of the gover

138、nment was not merely to enable Iluka to process our own deposits of rare earths,it was really to enable the development of a rare earths industry in Australia and that objective is being achieved.The government was facilitating the diversification of the supply chain for rare earths from the current

139、 concentration in China,”says OLeary.Which is the most important of the following government measures for ensuring smooth minerals supply?Improved quality and availability of national geological surveys and data62%Streamlined permitting procedures44%Clear,stable policies(including taxes)to promote r

140、esponsible mining and metal manufacture41%Financing support to de-risk projects31%Raise public awareness of the contributions such projects play in the energy transition10%Source:KPMG International 2023 Global Mining&Metals Outlook-Survey Results2023 Global Mining and Metals Outlook27 2023 Copyright

141、 owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Geographical2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Ge

142、ographical jigsaw“The cost of carbon intensity will,in future,be baked into investment decisions and will change the cost dynamics,”observes Bhatnagar.“To be future-ready,some steel producers will try to diversify to the Middle East where there are plentiful supplies of natural gas and then move to

143、hydrogen-based direct-reduction steel furnaces.”These sentiments are borne out by the survey.Almost a quarter (24 percent)are planning to increase their geographical footprint significantly and a further 41 percent plan to do so by a small amount.The drive to decarbonize is redrawing the map of the

144、mining and metals industry.There is also the question of the impact of USChina rivalry on supply chains,particularly of critical minerals.“The geopolitical piece is definitely on the radar,”says Pilbara Minerals Henderson.“At the business-to-business level,we dont have any cause for concern.Its alwa

145、ys been a healthy relationship,but of course we watch the geopolitical utterings between the US and China.I dont foresee China making any detrimental move to increase the distance between Australia and China,in respective of raw materials,particularly within the lithium supply chain,because it would

146、 hurt them massively.Their industries are very dependent on Australia,and we have a very co-dependent relationship.”Henderson adds,“We are thinking about strategies to manage the geopolitical dimension.From the inception of the business,we have a strategy of being diversified,because it makes busine

147、ss sense.”Pilbara has made one diversification move by forming a joint venture with Korean steelmaker POSCO to develop a lithium hydroxide conversion facility in South Korea.“Were balancing the fact that the whole lithium industry pretty much looks to China for the processing of raw materials,so we

148、cant sever that tie,nor do we want to.We continue to diversify into other markets,although we cant pivot elsewhere too quickly,”says Henderson.Henderson adds,“The expansions we are executing will deliver a considerable step-up from current production levels and enable us to further integrate down th

149、e supply chain.The combination of our scale,downstream integration and innovation efforts will further support our objective to be a leader in sustainable battery materials.”Over the next five years are you planning to increase the number of countries in which you operate or explore in or,in the cas

150、e of metals companies,buy the minerals from?Yes,by a small amount41%Yes,by a significant amount24%We do not plan any increase26%No,we plan to decrease the number of countries9%Source:KPMG International 2023 Global Mining&Metals Outlook-Survey Results2023 Global Mining and Metals Outlook29 2023 Copyr

151、ight owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.ConclusionAll stakeholders want to build a global economy that is more sustainable,but the question remains:Are they willing to make the sacrifices needed to ac

152、hieve a net-zero future?The survey and interviews show executives are tremendously confident of the future,but many outside the industry are skeptical.Factual evidence and rigorous research are essential forsuccess.Ultimately,this optimal blend must lead to more effective decision-making.Executives

153、face the difficult task of aligning the interests of governments,the public,their workers and investors to take the mining and metals industry where it needs to go,while ensuring the business is financially sustainable.The world will not achieve a net-zero carbon state unless companies can make a re

154、turn indoing so.This survey and report analyze one of the greatest conundrums facing global business:how to pivot rapidly toward carbon-free solutions without harming the environment,while,at the same time,developing a strategy that aligns the interests of shareholders,workers,communities,consumers

155、and governments.2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.30 2023 Global Mining and Metals OutlookSurvey demographicsIn March 2023,on behalf of KPMG International,Vantage Research conducted an

156、 online survey of 434 mining and metals executives,all of whom are in the C-suite or are board members.Forty-two percent are in the Americas(Canada 13 percent and the US 10 percent),30 percent are in APAC(16 percent in Australia)and 27 percent in EMEA.Most of the mining and metals companies are larg

157、e:36 percent haveannual revenues of US$1 billion to US$10 billion and 33 percent are in the US$11 billion to US$25 billion range.To assess their product breakdown,the survey asked executives to choose from a list of 20 minerals and metals.The results were widely distributed among the commodities,wit

158、h 33percent selecting copper,20 percent aluminumand 18 percent steel.There is a similarly wide distribution of job functions in the C-suite,with 31 percent in general management and 29 percent responsible for the supply chain.Twenty-eight percent are chief financial officers and 20 percent are chief

159、 executive officers.434Mining and metals executives,all of whom are in the C-suite or are board members42%The Americas(Canada 13 percent and the U.S.A 10 percent)30%APAC(16 percent in Australia)27%In EMEAAnnual revenues of US$1 billion to US$10 billionAnnual revenues of US$11 billion to US$25 billio

160、n36%33%Most of the mining and metals companies are large:33%Copper20%Aluminum18%SteelChosen minerals by executivesC-suite job functions31%General management (inc Heads of)29%Supply chain28%Chief financial officers20%Chief executive officers2023 Global Mining and Metals Outlook31 2023 Copyright owned

161、 by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Contact usTrevor HartGlobal Head of Mining,KPMG I.auNick HarridgeMining&Metals Lead,KPMG A.auHeather CheesemanMining Lead,KPMG in Canadahcheesemankpmg.caNiladri Bhattacha

162、rjeeMining Lead,KPMG in IPatrick ChuMining Lead,KPMG CKashmira BhanaMining Lead,KPMG in South Africakashmira.bhanakpmg.co.zaBernardo MoreiraMining Lead,KPMG in B.brVic NaathenMining&Metals Lead KPMG in the UKVictor.NaathenKPMG.co.ukUgo PlataniaGlobal Head of Metals,KPMG Internationalugo.plataniakpmg

163、.luMarcus ZeimesMetals Lead,KPMG in GAmit BhargavaMetals Lead,KPMG in IFred Von EckardsteinMetals Lead,KPMG in South Africafred.voneckardsteinkpmg.co.saNorbert MeyringMetals Lead,KPMG CEric LoganMetals Lead,KPMG in USEduardo AlgadoMetals Lead,KPMG in M.auHerv Michelet Metals Lead KPMG in France hmic

164、heletkpmg.frMark DavisDirector-Business Development,KPMG Australia .auKPMG.com/miningKPMG.com/metalsThe views and opinions of external contributors expressed herein are those of the interviewees and do not necessarily represent the views and opinions of KPMG International Limited or any KPMG member

165、firm.KPMG International Limited is a private English company limited by guarantee and does not provide services to clients.No member firm has any authority to obligate or bind KPMG International or any other member firm vis-vis third parties,nor does KPMG International have any such authority to obl

166、igate or bind any member firm.The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.Although we endeavor to provide accurate and timely information,there can be no guarantee that such information is accurate as

167、 of the date it is received or that it will continue to be accurate in the future.No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.2023 Copyright owned by one or more of the KPMG International entities.KPMG Interna

168、tional entities provide no services to clients.All rights reserved.KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited(“KPMG International”),each of which is a separate legal entity.KPMG International Limited is a private English company limited by guarantee and does not provide services to clients.For more detail about our structure please visit KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.May 2023.1062228705EMP

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