Navigating Global Challenges and Opportunities

Heightened levels of economic and geopolitical uncertainty shook commodity markets and impacted business activities, and continue to do so. Pressure from stakeholders to better the efficiency of existing assets and to act collaboratively with peers, suppliers, and competitors to tackle environmental and social challenges remained high, with the unwavering expectation that companies would apply the highest environmental, social, and governance (ESG) standards throughout.

These are just a few of the complex demands that the industry faces in 2024. To prevail will not be easy, but for companies that act now to lean into change and prepare for ongoing volatility, work collaboratively to speed up project permitting, invest in exploration, and address skills shortages, there is greater opportunity to succeed.

This year, Deloitte Global’s ‘Tracking the trends’ report looks at ways that mining and metals organisations can rise to the challenge and gain advantages in 10 key areas.

Trend 1 – Putting purpose at the heart of mining and metals: Creating social momentum

Mining and metals companies have worked hard over the past decade to change the narrative surrounding their businesses. However, as operations expand to meet rising demand for critical metals and minerals, companies will need to put even greater effort into building trust. Part of the answer could lie in enhancing the organisation’s ‘purpose’.

A clear purpose articulates why the organisation exists, what problems it is here to solve, and who or what it wants to be to each person and player it engages with. Purpose-led companies aim to go beyond making money to become agents of human idealism and societal progress. When people care about a company and the change it is bringing about in the world, that company becomes more valuable and advantaged.

Canadian startup, Common Good Mining, is a good example of a purpose-led mining company. Its experts are developing a new approach to mining that maximises returns for stakeholders, shareholders, and the environment.

Mining and metals providers are already influential forces for economic development in many regions and, if they can harness the power of purposes, they have the chance to drive social development and environmental restoration too.

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