Report highlights expected risks for miners
EY identifies operational complexity as a top consideration for businesses in 2026.
Top 10 Business Risks and Opportunities in Mining and Metals 2026, a report by EY, finds operational complexity to be the number one risk for miners in the year ahead.
Sources of risk for the mining industry have shifted from external pressures to fundamental operational and management considerations.
This includes reported bottlenecks due to declining ore grades and ageing assets, as well as deteriorating discipline in maintenance.
Miners are also limiting shareholder returns and prioritising brownfield expansion according to the report, joint ventures and streaming agreements, despite the weighted average cost of capital having risen to 8-10%.
Another key insight is that alignment between planning and execution is as low as 30% in some operations, which undermines production predictability and investor confidence.
While the report finds miners’ top risk to be operational complexity, broader external pressures such as geopolitical uncertainty, increasing costs, and shrinking sustainability commitments continue to influence strategy decisions.
These external and operational factors could put pressure on the long-term supply of critical minerals.
