Mine 2025

High costs and rising investment are eating into the top 40 global mining companies’ profits, but strategic opportunities are emerging

Johannesburg, 26 June 2025 – The global mining sector endured a challenging year in 2024, with top 40 performers—excluding gold-focused firms—seeing revenues fall by 3% and earnings before interest, taxes, depreciation and amortisation (EBITDA) down by 10%.

While most of the industry grappled with rising costs and tightening margins, record gold prices meant that gold revenues increased by 15%, while gold EBITDA rose to 32% as a result of operating leverage. The rising costs and narrowing margins placed pressure on much of the industry, pushing overall EBITDA margins down to 22%, compared to 24% in 2023.

PwC’s newly launched Mine 2025: Concentrating on the future report focused on the role that mining plays in expanding and interlocking domains of human activity. We examine the ways that value is being put into motion, as megatrends—and the responses to them—dictate developments in supply, demand and investment. We also examine how the domains of growth identified in our Value in Motion thought leadership are creating opportunities for the mining industry.

Concentration risk arises from the natural endowment of mineral resources that cannot be changed and the enabling environments created by countries. As a result, over the years, we’ve seen a rise in the concentration of both reserves and production—as well as the development of substantial mismatches between the two. The concentration of mining and processing in a small number of geographies creates the risk that global supply and prices will be affected by location-specific challenges such as natural disasters, wars, social unrest, political or regulatory changes, and infrastructure failures. Countries have adopted various strategies to secure supply and leverage the value of key commodities.

If mining companies are to create value for stakeholders in the emerging world of domains, they need to future-proof their businesses. The growth of these domains also offers potential for mining companies to become involved in other industries that help mines operate more effectively. These efforts often result in economic development initiatives that provide benefits to the climate—and to broader society. 

“Beyond the domains of growth, key trends such as population growth, the energy transition, environmental impact, tech innovation and AI, access to funds as well as policy and regulation are expected to shape the future of the industry,” says Rossouw. “However, as we forge ahead, one thing is certain: collaboration will be essential—in 2025, in 2030 and in 2035.”