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

This report highlights the changing landscape of the sector mining and metals over the years. In 2007, the report focused on declining prices and the need for cost reduction, consolidation, and capital management. However, the sector experienced a supercycle and risks shifted to include resource nationalism, skills shortage, a tightening economy, and rising inflation. In 2016, another downturn occurred, leading to uncertainty about continuing the report. But in 2017, the focus shifted to digital transformation as a disrupter, although its impact on the mining sector was minimal initially. In recent years, social issues have emerged as the most disruptive factor. Last year's report listed environmental, social, and governance (ESG) concerns as the top risks, highlighting miners' focus on different business models. The combination of social and environmental issues with digital transformation has prompted sector-wide changes, including shifts in portfolios, risk appetite, regional differences, and even nationalization. As the mining and metals sector approaches 2023, it faces the opportunity to analyze where optimal value can be found and redefine business models to capture that value. Successful companies that adapt to these changes will future-proof their business models, navigate disruptions, adapt to changing commercial relationships, and gain a competitive advantage.