安永：2023年全球采矿及金属行业十大业务风险与机遇专题报告( 英文 56页)

Top 10 business risks and opportunities for mining and metals in 2023

Executive Summary

Boom, bust, digital transformation and climate change

Fifteen years of the EY Top 10 business risks and opportunities for mining and metals

When our first report was released in 2007, the sector was quite different from what it 

is today. That year’s report reflected the sector’s declining prices, with cost reduction considerations, consolidation and capital management named as top risks amid a sharp focus on ensuring future growth. Just a few years later, we emerged into the supercycle, and risks changed as other factors came to the fore — including resource nationalism, a global skills shortage, a tightening economy and rising inflation. It was a period where the mining sector looked for growth at any cost. 

The cycle turned again and, in 2016, we hit another downturn. At the time, we nearly decided to discontinue the report. It seemed as if there would be one set of risks for the good times and one set for the bad times. But, in 2017, things changed again. Our 10th report reflected miners’ focus on digital transformation, which appeared as a genuine disrupter. There were questions as to who the Kodak or the Uber of the mining sector might be. But it turned out not to affect the mining sector too much. At least not at first.

It was the emergence of social issues over the past few years that proved truly disruptive. Last year’s list of risks was topped by environmental, social and governance (ESG), reflecting miners’ new focus on considering different business models. In fact, ESG-related issues made up the entire top three risks of last year’s report — each with a significant, distinctive impact that made it impossible to treat them as one risk. The combination of these social and environmental issues with digital transformation is driving sector-wide transformation, prompting changes to portfolios and risk appetite, creating regional differences and some nationalization. As we head into 2023, the mining and metals sector is responding with more fundamental shifts to business and operating models. 

This presents a rare opportunity for miners to analyze where optimal value can be found — and to redefine business models to capture that value. Companies that do this successfully will future-proof their business model to better deal with disruption and changing commercial relationships, and ultimately win competitive advantage.

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