Around the world, mining and metals companies are redefining how they create and share value. Nations are seeking to balance industrial and defence strategies with energy security and many communities are calling on mining companies to contribute meaningfully to local wellbeing and planetary health. And this is unfolding against a backdrop of accelerating technological change and rising extreme weather risks. The 2026 edition of ‘Tracking the trends’ explores how mining and metals companies, alongside governments, customers, technology providers, and communities, could work more closely to create lasting value.1 The report suggests that the industry’s future may be shaped less by competition between individual players and more by cooperation across ecosystems, with trust, agility, and a shared vision becoming important sources of advantage.
Trend 1: The strategic role of critical minerals in national security
Critical minerals have moved into the realm of national security. Once viewed primarily as inputs for clean energy technologies, they are increasingly seen as strategic assets tied to industrial competitiveness, defence capability, and geopolitical influence. For mining and metals companies, this shift could redefine their role. Producers are no longer just suppliers to global markets; they are becoming strategic collaborators to governments seeking secure, diversified supply chains. In some jurisdictions, this is already influencing corporate strategy. For example, a major Indian lead-zinc producer recently announced plans to diversify its product portfolio to include metals such as neodymium, tungsten, and potash over the coming decade, explicitly reflecting national and global security priorities.2
Alignment with national security strategies may open access to new forms of support, including incentives, long-term offtake agreements, and faster permitting pathways. However, it can also introduce new risks. Heightened political exposure may draw companies into geopolitical competition, while pressure to accelerate development timelines could strain exploration pipelines and capital allocation decisions. Navigating this environment is likely to require stronger government engagement capabilities, more sophisticated risk management, and a clear articulation of how security objectives align with sustainability and community commitments.
Trend 2: Future-proofing portfolios for long-term value growth
In today’s market, mining and metals companies face a delicate balancing act – managing assets for near term cash generation while also making strategic choices that will shape their long term competitiveness. Success now likely depends not just on the value of individual assets, but on selecting the right mix of commodities, geographies, and customers to position organisations for sustained future growth. In light of this, portfolio management could become more dynamic and multidimensional. Some leaders are weighing exposure to energy-transition minerals, optionality across development stages, carbon intensity, and downstream value capture opportunities alongside traditional financial metrics. This shift is increasing the importance of capabilities, such as execution in mergers and acquisitions (M&A), customer segmentation, carbon tracking, and more. Some companies are likely already using portfolio strategy to move closer to downstream value creation. Vale, for instance, is using its high-grade iron ore advantage to support downstream low-carbon steel solutions. Through a 2024 agreement with European hydrogen company Green Energy Park, the company is assessing the feasibility of green hydrogen production to support a future low-carbon steel ‘mega hub’ in Brazil.3 Examples like this highlight how portfolio decisions are often increasingly linked to customer goals and industrial collaborations, rather than extraction alone.
This is a preview of an article that was originally published in the Jan/Feb 2026 issue of Global Mining Review. Subscribe to Global Mining Review for free to read this article in full and many more here.