2024 is ushering in a new set of challenges – as well as many opportunities – for the Australian mining sector. In our latest Australian Mining Risk Forecast, we look into the top-ranking risks for the mining and metals industry, based on the self-reported material risks of mining companies in the ASX 300.
This year climate change and other ESG concerns, together with how they may impact commodity prices, are at the forefront of mining executives’ minds. Our analysis reveals some notable shifts in the risks perceived by the industry as most relevant compared to previous years, reflecting the dynamic global and local environment.
Top mining industry challenges for 2024
The Australian Mining Risk Forecast 2024 reveals the 10 leading risks for the industry over the next year:
-
1Climate change
-
2Community relations and social licence to operate
-
3Commodity price risk
-
4Health, safety and security risks
-
5Environmental risks (including new regulations)
-
6Financial risks
-
7Operational risk
-
8Access to resources
-
9Regulatory and compliance change/burden
-
10Talent attraction and retention
Climate change and the future of the mining industry
Climate change has taken top spot as the biggest risk challenge for the mining industry, despite not making an appearance on the list last year. Australia’s ESG agenda is becoming increasingly prominent across all sectors, prompting executives to turn their focus to climate change risks. The quickly evolving regulatory landscape is creating a sense of urgency for the mining and minerals industry.
In many ways, Australasian mining companies are already ahead of the curve as their social licence to operate is connected to its impacts, not only on the environment but also on communities. However, this risk challenge presents a significant opportunity for the mining industry to set climate-related goals and develop strategies to reach decarbonisation targets.
About the Australian Mining Risk Forecast 2024
This year’s forecast is based on an examination of the self-reported material risks of designated mining companies in the ASX 300 rather than being survey-based, as has been the approach in the past. This has enabled a comparative analysis of different commodities, as well as of the differing risk perceptions between companies in the ASX 100 and 200 versus those in the ASX 200+ enabling us to report on insights relevant across the mining industry and providing an insight into the focus of the mining industry now and in the future.
Managing mining industry risks: how KPMG can help
KPMG’s Mining & Metals team has extensive industry experience helping mining and metals businesses accelerate growth and enhance performance.
As the industry faces an increasingly complex landscape, we can help you navigate unprecedented pressures and provide support for every area of your mining and metals business.
Download the full report
Extracting the key insights from Australian listed mining companies' reported material risks.
Download report (PDF 3MB)Get in touch
Reach out to our team or subscribe for Risk & Governance updates direct to your inbox.
