PwC Australia has released its 2025 Global Mine report, providing a comprehensive analysis of the world’s Top 40 mining companies and highlighting the pivotal role Australian miners play in the global sector.
Australian companies BHP (ranked #1), Rio Tinto (#3), Fortescue Metals Group (#14), Northern Star Resources Limited (#31), and South32 Limited (#35) all feature prominently in the latest rankings.
The report finds that while Australia remains a global leader in reserves of cobalt (16%), lithium (23%), manganese (29%), and nickel (18%), production rates for these critical minerals are lagging behind their potential.
This gap, the report suggests, could limit Australia’s ability to capitalise on the growing demand for minerals essential to the global energy transition.
PwC Australia Global Mining and Metals Leader Franz Wentzel emphasised the need for a new approach to unlock these opportunities.
“Addressing the evolving challenges to take advantage of these opportunities will require a shift in thinking – from operating dominant logic towards a more open and collaborative approach,” he said.
“If this is achieved, the sector can drive progress, unlock new value and shape the future of sustainable practices, helping to propel the industry forward.”
The report reveals that 2024 was a difficult year for most mining companies, with revenues and EBITDA for the Top 40 (excluding gold) down 3 per cent and 10 per cent, respectively.
However, the record gold price provided a significant boost, with gold revenues rising by 15 per cent and gold EBITDA by 31vper cent due to operating leverage.
Wentzel noted the pressures facing the industry, stating: “Higher costs and rising investment requirements are eating into the top global mining companies’ profits, whilst economic unpredictability, geopolitical conflicts and changing trade patterns make for a challenging year.”
The report also highlights a decline in deal activity, with total transaction value dropping to US$53 billion across 739 commodities transactions and 245 energy transition deals, down from US$76 billion in 2023.
Notably, lithium deals contracted as concerns over scarcity eased.
Wentzel commented: “We expect to see further consolidation this year, particularly in gold and silver, as companies seek scale and resilience.
“In addition, mining companies are diversifying and expanding into new minerals or regions to reduce risk of concentration, which is particularly prevalent in Australia where lithium reserves are high.
“Technology-driven deals activity is also gaining traction, as companies seek to drive productivity and sustainability in mining,” he said.
Looking ahead, the report stresses that success in the mining sector will depend on greater alignment and collaboration between companies, government, and customers.
Wentzel concluded: “Australia stands at the forefront of global decarbonisation, with great potential for sustainable disruption.
“Yet, the sector falls short on the alignment needed to drive significant investments and manage the accompanying business risks,” he said.
“In addressing alignment issues, Australia can spearhead sustainable transformation and cement its place in the global energy transition.”
The full PwC Global Mine 2025 report is available for further details on these findings.
