The mining industry is delivering a solid financial performance despite grappling with rising geopolitical pressures, energy transition demands and structural investment gaps.

However, despite this performance, future success requires extending beyond traditional geological advantages and addressing policy, capital and productivity challenges.

This is according to PwC’s latest global mining report, ‘Mine 2026: Ambition to Action’, which showed that the world’s top 40 mining companies experienced a strong financial year in 2025, with revenues having increased by 3.3% to $909-billion and net profits having increased to $120-billion, supported by higher commodity prices and disciplined cost management.

Presenting key findings from the report on June 25, PwC South Africa energy, utilities and resources leader Andries Rossouw pointed out that the top 40 global mining companies are looking to convert ambition into action.

This requires governments creating frameworks that support stable investment and profitability.

“Achieving sustainable growth will require coordinated action across governments, investors, and mining companies,” PwC South Africa energy, utilities and resource assurance partner Vuyiswa Khutlang says.

To meet burgeoning demand for critical minerals, companies must increase production while improving efficiency and resilience, the report emphasises.

In South Africa, Rossouw said, the government is aiming to capitalise on the country’s mineral potential by creating the conditions that favour investment, beneficiation and industrial scaling. The country’s strategy is currently more diagnostic than demonstrative, he pointed out.

Rossouw highlighted key trends as including productivity and technology, with AI adoption set to drive considerable gains for mining companies.

The firm’s analysis posits that companies leading in AI adoption can achieve performance benefits up to 7.2 times greater than peers.

PwC identifies three critical levers shaping the future of mining, namely policy in motion, capital in motion and productivity through technology.

For the first, this requires companies and countries capitalising on resource endowments by making projects investable through policy stability, access to capital and processing capability.

“Geology determines where mining can happen, but policy, capital and capability determine who captures value,” Rossouw explained.

As alluded to, 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, according to PwC.

For the second, there is a need to close the investment gap, through measures such as innovative financing structures, public-private partnerships and mechanisms such as offtake agreements and price guarantees.

Mining development capital stood at about $55-billion, a small percentage of the $3.3-trillion invested in global energy systems yearly.

For the third, 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, the report reveals.

The report also shows uneven performance across commodities. Precious metals and copper drove profitability and led market gains, while copper recorded strong earnings growth, and coal revenues declined despite improved margins.

Mergers and acquisitions remain active but selective, with deal values exceeding $70-billion, focused on future-facing commodities such as lithium and copper.

PwC forecasts continued momentum this year, including revenue rising to $1.04-trillion and net profit increasing to $184-billion.

Success in the next phase of mining will be hinged on the ability to align policy, capital and technology, combined with resource availability, the report avers.

“Mining companies, governments, and investors must collaborate to convert ambition into action,” the report notes, emphasising that disciplined execution and innovation will determine who captures value in a rapidly evolving global landscape.