ESG and commodity price uncertainty top risks for ASX miners
Climate change has seized the spotlight as the primary risk confronting the Australian mining industry in 2024, despite its absence from last year’s rankings.
According to the latest mining risk forecast by KPMG, the shift underscores Australia’s growing emphasis on environmental, social and governance (ESG) issues.
KPMG Australia risk consulting partner Caron Sugars notes a heightened awareness among industry stakeholders of the potential impact of climate change on future operations.
Alongside climate change concerns, factors such as the 2050 net-zero target and evolving regulatory frameworks contribute to the complexity of compliance and sustainability.
ESG challenges, including community relations and social licence to operate, have returned to the forefront of mining executive’s concerns, securing the second position on the KPMG list. Commodity price uncertainty follows closely as the third-largest risk, a shift from the previous year where it held the top spot.
While talent attraction and retention remain important, they have dropped to tenth position in the risk analysis.
Surprisingly, cyber and IT security risks have not made it into the top ten, despite the expanding cybersecurity threat landscape. The World Economic Forum’s ‘Global Risks’ report for 2024 identifies cyber insecurity as a significant risk over both short- and long-term horizons.
KPMG suggests that mining organisations may be integrating cybersecurity risks into broader approaches to digital innovation and supply chain management, viewing them as part of a spectrum of operational risks that require collective management.
The KPMG ‘Australian Mining Risks Forecast 2024’ is based on an examination of the self-reported material risks of designated mining companies in the ASX300.
Comments
Research Reports
Projects
Showroom
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
