Amidst the global mining downturn, gold bucks the trend and maintains growth.
In 2024, the top 40 global mining companies (excluding gold-focused companies) saw revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) decline by 3% and 10%, respectively. Global mining revenue reached US$689 billion, a 1% year-on-year increase; EBITDA was US$193 billion, a 5% year-on-year decrease; and net profit reached US$92 billion, a 1% year-on-year increase.
Record gold prices drove a 15% increase in gold-related revenue and a significant 32% jump in EBITDA. However, rising costs reduced the EBITDA margin from 24% in 2023 to 22%. Increased capital expenditures and shareholder dividends from gold-related mining continued to boost the overall mining industry average.
PwC research indicates that existing industries will transcend traditional boundaries and form new growth areas in the future. Beyond providing raw materials, mining will be closely connected to the following six major areas of human life. As the mining value chain becomes more diverse and dynamic, the role and opportunities of the mining industry will also expand.
Mining companies are no longer limited to traditional mining operations but are actively participating in other related industries through cross-sector collaboration and investment to create greater value, particularly in the energy and infrastructure sectors. For example, iron ore supplier Fortescue announced in April 2024 that it would form a joint venture with Morocco’s state-owned OCP Group to establish a green energy center in Morocco; and China’s Zijin Mining Group is building solar and wind power generation facilities in its mines and smelters.
