In brief

• Capital is the No. 1 risk, with miners balancing growth and capital discipline to satisfy soaring demand for energy transition minerals.
• Miners have elevated environmental stewardship above a broader approach to ESG, with a laser focus on waste, water and nature positive.
• Resource and reserve depletion debuts at No. 4, amid soaring demand, rising exploration costs and a lack of new discoveries.

The energy transition continues to disrupt the mining and metals sector and again permeates the top 10 business risks and opportunities radar. Even those once opposed to mining now realize that a green energy transition depends upon a greater supply of minerals and metals.

But before it can meet surging demand, the sector must first overcome a trifecta of challenges: achieving sustainable mining while managing capital discipline and meeting higher stakeholder expectations. Maximizing value is top of mind for miners, reflected in efforts to reposition portfolios and tap into multiple financing sources to accelerate growth. Two additions to the top 10 — resource and reserve depletion, and new projects — highlight rising strategic risks.

Top 10 risks and opportunities for mining and metals companies in 2025

Four risks fell out of the top 10 in this latest survey — governance, cyber, digital and workforce — with these omissions raising some alarm bells. For many companies, the risks and opportunities presented by cyber and digital are now integral to business as usual, not warranting particular attention. But the de-prioritization of governance was unexpected and perhaps worrying, given miners are progressing new projects in countries with potentially weaker regulatory oversight. And the loss of workforce from the radar is particularly concerning when the sector faces significant challenges in attracting and retaining the talent that will underpin its future.

Rapid transformation is now urgent. This means that 2025 must be a year of action for miners. It’s time to review and adapt current business models, consider new ones, and push ahead with the partnerships and innovation that will enable the sector to meet demand in a sustainable, optimal way.