A PwC report reveals that the world’s top 40 mining companies experienced a strong financial year in 2025, with revenues rising 3.3% to $909 billion and net profits increasing to $120 billion, supported by higher commodity prices and disciplined cost management..
Image: Supplied
South Africa’s approach to attracting the investment required to mine strategic minerals necessary for the energy transition appears more diagnostic in nature, and well-meaning plans are not being implemented effectively, said PwC Africa energy, utilities and resources leader Andries Rossouw.
He spoke Thursday in a presentation at the release of PwC’s Global Mine Report 2026, which assessed industry trends among the top 40 global mining companies. The report shows that new mining investment in critical minerals such as copper and lithium is essential, and currently far from enough, given their requirements for the global energy transition and growth of data centres.
He said mining attracts relatively low investment globally. For instance, mining development capital stood at about $55 billion in 2025, a fraction of the $3.3 trillion invested in global energy systems annually. The global mining sector is also under mounting pressure from energy security concerns, fragmented geopolitics, and growing societal expectations. Often, many large mining groups are able to fund their own new developments, but in South Africa currently, other funders are often needed on new mine development projects.
The future success of the sector will depend on extending beyond traditional geological advantages and addressing policy, capital, and productivity challenges, he said.
Rossouw stated that South Africa wants to attract new mining investment by, for instance, putting an exploration fund in place that is difficult to access, while the government is also trying to improve infrastructure and make mining easier through the introduction of the new digital mining cadastral system, which has only so far been implemented in the Western Cape.
In Brazil, to attract investment, incentives are in place for downstream conversion of critical minerals, with a focus on coordinating mining permit activities and creating a trustworthy environmental, social, and governance policy framework. Brazil also has a guarantee fund to reduce investment risks for sustainable mining.
Rossouw noted that Canada has so far attracted substantial new investment in critical minerals mining. The Canadian government has implemented incentives to make exploration “available to all,” alongside other targeted tax incentives and government-backed infrastructure development for mining, while research is also being funded into new mining techniques and mineral processing.
“The level of incentivisation in Canada is high,” said Rossouw.
In Australia, the focus is on providing fiscal and financial incentives to support mid-stream processing of critical minerals, with tax incentives, loans, and guarantees in place for the mining of critical minerals, as well as government-backed infrastructure development.
He said the top 40 global mining companies (by market capitalisation) had demonstrated significant resilience, with total revenues up 3,3% to $909bn in 2025, EBITDA (earnings before interest, taxes, depreciation, and amortisation) rising 23% to $248bn, and net profit gaining 23% to reach $120bn.
The performance across mined commodities however was uneven. Precious metals and copper drove profitability and led market gains, with copper recording strong earnings growth, while coal revenues declined despite improved margins.
Mergers and acquisitions remained active but selective, with deal values exceeding $70bn focused mainly on future-facing commodities such as lithium and copper.
He said productivity is emerging as a central strategic priority, with AI and digital technologies offering transformative potential. However, mining currently ranks lowest among sectors in AI readiness, limiting its ability to capture efficiency gains.
PwC’s analysis showed that companies leading in AI adoption could achieve performance benefits up to 7.2 times greater than peers.
“Governments must implement stable regulatory frameworks and investment incentives to ensure mining projects are viable and competitive. Policy clarity, permitting efficiency, and midstream processing capabilities will determine long-term value capture,” said Rossouw.
“To meet surging demand for critical minerals, companies must increase production while improving efficiency and resilience. Achieving sustainable growth will require coordinated action across governments, investors, and mining companies,” said PwC South African energy, utilities and resource assurance partner, Vuyiswa Khutlang.
BUSINESS REPORT