安永（EY）：2026年采矿及金属行业十大业务风险与机遇（英文版）（34页）.pdf

1、How to recognize opportunity when others see riskTop 10 business risks and opportunities for mining and metals in 20262Top 10 business risks and opportunities for mining and metals in 2026Last years report showed a shift in miners focus from external issues,primarily ESG-related pressures,to longer-

2、term strategic risks,such as capital,reserve and resource depletion,and new projects.We interpreted this move as a reaction to increasing demand,supply gaps,issues around traditional capital and a growing focus on sustainability.198765432 20252026License to operateWorkforceGeopoliticsDigital and inn

3、ovation Changing modelsCapitalRising costs and productivityOperational complexityUp from 2025Same as 2025Down from 2025New for 2026Resources/reserves businessSustainability10As the mining and metals sector enters 2026,organizations are navigating a climate of instability created by factors including

4、 ongoing wars in Europe and the Middle East,the election of Donald Trump to a second term and increased geopolitical tension.This uncertainty is reducing risk appetite,creating a cautious,short-term mindset that prioritizes cost reduction and capital preservation.Miners face a new era of operational

5、 risk,persistent cost pressures and an evolving global landscape just as the urgent need to supply materials for energy transition,defense and new data centers reshapes risks and opportunities in the sector.For those willing to take on the risk,opportunities await.However,companies will need to ensu

6、re their approaches remain both strategic and operationally robust amid uncertainty and the intense focus on cost reduction.Operational complexity is now the top challengeOperational complexity,a key topic of discussion in executive meetings,is now the No.1 risk and opportunity.Declining ore grades,