Renaissance: defining the next era of metals and minerals

The poll results of the audience show an overwhelming consensus that a combination of critical minerals is needed much more than individual minerals. Therefore, an integrated resource strategy is preferred. This shift in thinking is crucial for managing the complexities of the energy transition, as different minerals will play unique roles across various technologies, such as batteries, electric vehicles (EVs) and renewables.

While the long-term fundamentals for clean energy technologies and critical minerals remain robust, the sector must navigate a slowdown in demand driven by macroeconomic uncertainties, capital constraints faced by junior to mid-tier metals and mining companies, and policy instability — particularly in regions like the US, where mine development timelines average 29 years.²

Despite these challenges, panelists noted significant opportunities for investment in resources such as graphite, a priority mineral for Canada, to transform resources into viable reserves. To capitalize on this potential, coordinated efforts between governments and businesses are essential in building diversified supply chains beyond China. A holistic approach to resource development, coupled with strategic capital investment, will be crucial in supporting the broad range of technologies required for a sustainable future.

Investing in local mining and technological innovation is expected to strengthen the supply chain

The rise in geopolitical tensions, most notably the US-China trade conflict, has reinforced the need for localized supply chains to reduce dependency on international sources and mitigate supply disruptions. In addition, many countries are adopting local beneficiation policies, such as in Namibia, Guinea, Chile, Argentina, Zimbabwe, among others, which emphasize refining raw materials domestically to enhance economic value.³

The distribution of the poll result indicates that the audience recognizes the importance of balancing multiple strategies to build resilient supply chains. The focus on local mining reflects a desire for self-sufficiency. Concurrently, technology innovation is seen as crucial for discovering new deposits, recycling materials, reprocessing mine tailings and reducing the dependency on critical minerals through substitution and thrifting. Investment in advanced geospatial mapping and exploration driven by artificial intelligence (AI) can improve the efficiency of new discoveries.

Metals and mining companies are also exploring how local partnerships can build long-term organizational and societal value. Options include partnering with communities to share revenue, investing in local infrastructure and education, supporting community-led renewable energy projects and partnering with local governments to confirm that a portion of mining revenues is directed to regional development funds.⁴

Adopting creative funding solutions, building strong public-private partnerships and advocating for more transparent and consistent regulation can help overcome current capital constraints and unlock new opportunities to strengthen the supply chain of critical minerals.

Access to capital continues to be a serious constraint and concern

While demand for critical minerals remains strong, capital constraints, particularly among junior and mid-tier metals and mining companies, is one of the major challenges. Government policies play a vital role in addressing these constraints, but the right incentives are needed to develop sustainable growth. Many countries are exploring tools, such as tax credits, subsidies for research and development, and public-private partnerships, to steer investment in critical mineral projects. Canada, for instance, provides a 30% tax credit to support the exploration of certain critical minerals.⁵

While tax incentives lead the policy conversation, robust environmental regulations are becoming a key element of critical mineral development. For instance, the Philippines requires metals and mining companies to submit a biodiversity assessment as part of the Environmental Impact Assessment (EIA) process before commencing exploration activities.⁶

However, there is also a consensus that temporary incentives, such as grants and subsidies, may not provide sustainable long-term support. Governments and private investors need to align on traditional funding mechanisms, such as loans, equity investments and offtake agreements, alongside trade agreements that promote secure and diversified supply chains. For instance, the Export-Import Bank of the United States (EXIM) supports the development of critical minerals through various financial mechanisms, such as export credit insurance, loan guarantees and working capital guarantees.⁷

Bilateral and multilateral partnerships, such as the Joint Statement of Intent between Australia and the United Kingdom, demonstrate how aligning environmental, social and labor standards can enhance access to critical minerals.⁸ Subsidies for R&D, although receiving fewer votes, are still considered an important policy tool. Driving transparency in regulations and adopting strong public-private partnerships will be critical to secure investment and support the responsible development of critical minerals.

The panel discussion emphasized the importance of the intersection of the workforce and environmental, social and governance (ESG) factors. Panelists stressed the need for upgrading policy and mentorship programs to cultivate management and leadership skills to make sure that the next generation of leaders is built.

Aligning talent strategy with purpose and sustainability

The key lever for attracting talent in the competitive M&M sector is a fundamental industry rebrand to shift public perception of mining, particularly among the next generation of talent. Companies can rethink talent strategies by aligning organizational purpose with employee values and embedding sustainability in operations. Panelists emphasized the importance of reimagining mining as a technology-driven, sustainable sector to appeal to younger generations who prioritize flexibility, purpose and ESG values in their careers.

The polling data highlights a dual challenge for the sector: recruiting new talent and retaining existing expertise. To stay competitive, metals and mining companies need to broaden their talent strategies, exploring new talent markets while addressing aging workforces in OECD countries. A robust succession planning approach that integrates structured knowledge transfer, technology-enabled upskilling and clear career pathways for talent transitioning from adjacent industries will be key to enhance the sector’s ability to attract and retain talent. Retention strategies should emphasize career development, continuous engagement and clear growth paths through internal rotations and certifications by leveraging skills mapping frameworks.

As automation and digitalization transform operations, companies can unlock workforce potential through targeted upskilling programs that align with technological advancements, preparing employees for evolving roles and responsibilities.

Leading a multigenerational workforce amid technological advancement and shifting work-life balance expectations

In today’s rapidly evolving workplace, the confluence of diverse generations introduces complexities in leadership, communication and work-life expectations. Panelists emphasized the importance of personalized management approaches, as a one-size-fits-all strategy no longer works. Organizations must develop tailored leadership strategies that align with generational preferences and cultivate inclusive work environments. Such a strategy requires adaptive leadership styles and communication strategies that accommodate both remote and on-site workers. Leaders should foster collaborative cultures by challenging ideas rather than individuals, making sure all voices are heard and building trust through empathy and respect for diverse perspectives.

Technology advancements and a skilled workforce will significantly influence future operations

Technology is playing an increasingly pivotal role in shaping the future of mining operations. With 36% of attendees highlighting AI and digital technologies as drivers of operational efficiency and predictive analytics, companies have an opportunity to integrate these tools strategically to enhance — not replace — the workforce. Future work will challenge traditional roles and drive new types of employee profiles and capabilities. To thrive in a digitally enabled environment, companies can focus on continuous upskilling and reskilling efforts, emphasizing both technical and soft skills.

As the labor market becomes increasingly diverse, M&M companies are adapting to a workforce that increasingly seeks flexibility in work arrangements, purpose-driven environments and corporate cultures that prioritize lifelong learning. As new projects are developed with sustainability, automation and electrification in mind, a different set of skills is required. This provides the ability to attract talent from outside the sector and from a more diverse pool of skills and abilities Furthermore, mental health and work-life balance are increasingly becoming nonnegotiable aspects of workplace culture, particularly in a sector known for its physically demanding roles. Providing support systems and inclusive environments that prioritize mental health can be a growth driver for long-term employee engagement and retention. Ultimately, a flexible working arrangement leads to a more engaged workforce, enhances productivity and drives improved operational outcomes.

Unlike other industries, the complexity of mining operations necessitates a patient, sustained approach to innovation, making it crucial for organizations to commit to a careful allocation of capital for continued improvement rather than relying on short-term gains. At the heart of innovation excellence lies the people — emphasizing their central role in achieving long-term success is critical for any organization.

Electrification and digital technologies lead the innovation agenda

Automation and electrification and AI and machine learning (ML) emerged as dominant themes, reinforcing the findings from our Top 10 M&M business risks and opportunities, where more than half (54%) of respondents anticipate increased investment in innovation in the next 12 months — with 15% expecting budgets to rise by 20% or more.

Electrification and automation through drones, autonomous vehicles and remote-controlled systems promise significant environmental and operational benefits. These technologies enhance reliability and safety while reducing carbon footprints. Panelists also highlighted the transformative role of AI and ML, which enable predictive analytics for real-time monitoring and early identification of potential disruptions.

As the demand for critical minerals grows to fuel the energy transition, circular mining offers an exciting frontier. Innovative recovery and recycling practices not only minimize waste but also unlock new revenue streams, advancing both profitability and sustainability.

To succeed, companies should foster a culture of innovation, supported by engaged leadership and underpinned by an end-to-end approach that embeds itself across all operations. Aligning vision, budget and strategy will help these initiatives deliver meaningful impact and unlock long-term value for clients.

Overcoming barriers to technology adoption: adjusting costs, complexity and culture for long-term success

Despite enthusiasm around innovation, the survey indicates that high initial costs and financial risks related to early-stage innovation are viewed as the most significant challenge for adopting new operational technologies. Technological complexity and integration issues were cited by 25% of respondents, further underscoring the challenges in implementing innovation in such a cyclical sector.

To address these hurdles, the following levers can be applied:

• Embracing a phased approach to technology implementation, such as piloting new solutions on a smaller scale, can effectively address cost and ROI concerns while minimizing risk.
• Collaborating with sector peers can drive knowledge sharing and provide insight into leading practices, accelerating adoption and de-risking technology investments.
• Ultimately, culture is everything. A shift in mindset and behavior is essential to align stakeholders across functions on the value of innovation. Leadership must champion a shared vision, verifying that every employee understands the role of technology in driving future success.

Empowering people and technology for productivity gains

Advanced technologies, employee skill-building and professional development emerged as the top focus areas for planned investment to achieve productivity gains. Insights from the panel highlighted a shared understanding: people are at the heart of every successful metals and mining operation, and empowering employees to effectively engage with new technologies is critical in unlocking sustainable productivity gains.

To unlock the full potential of innovation, organizations need to focus on both technology and workforce development:

• Prioritize workforce development through targeted training programs, particularly training the operation and maintenance of next-generation machines that have a higher degree of electronics, sensors and digital capabilities embedded in them. For instance, training employees on effectively operating underground tunnel positioning systems based on light detection and ranging (lidar) and advanced thermal imaging can result in greater productivity gains.
• Empower employees with access to AI and digital tools that improve decision-making and operational efficiency, enabling them to deliver value at all levels.
• Encourage a participatory approach to innovation, where ideas and feedback from employees at all levels are valued.

Many in the M&M sector have taken steps to move beyond compliance and demonstrate a deeper commitment to social value creation.

Local employment and transparent communication lead the way in building trust through meaningful community engagement

Establishing trust is fundamental for meeting stakeholder expectations and sustainable operations in the sector. Our survey indicates that prioritizing local employment and training programs is the most effective strategy to maintain good relationships with host communities. Regular and transparent stakeholder communication came second. These results highlight the importance of capacity building and direct engagement in strengthening community relations and securing long-term social acceptance.

Panelists highlighted initiatives such as the Originarias program in Chile, which focuses on empowering Indigenous women and partnering with the Indigenous community of Ollagüe in Chile, for land restoration. The data indicates that trust now requires more than transactional engagement — it demands transparent collaboration that includes community voices from project inception through life after mine.

An integrated approach is essential for articulating both financial and nonfinancial value to communities, governments and investors. Aligning with local priorities and embedding sustainability into core operations helps secure long-term social license to operate. Strengthening stakeholder engagement frameworks through active listening, addressing concerns and cocreating solutions fosters trust and drives shared value across the ecosystem.

Consumer and shareholder demand as another catalyst for responsible mining practices

Consumer expectations around sustainability are now a significant driver of change, with 66% of respondents indicating that demand either moderately or greatly influences companies to adopt responsible mining practices. This shift underscores the importance of ESG performance as a business imperative rather than a mere compliance requirement.

For our audience, consumers now expect greater transparency and ethical sourcing, prompting companies to adopt traceability solutions, such as blockchain platforms and certifications such as the Copper Mark assurance. Sector leaders that proactively align with these demands can secure market share, enhance reputation and strengthen trust with both consumers and regulators.

Investors and shareholders are placing greater emphasis on ESG performance, driving companies to integrate sustainability into their core operations.

Recent sector initiatives, such as the London Metal Exchange’s suspension or delisting of 10% of its listed brands, highlight how consumer pressure is driving structural changes in the sector.⁹ Companies embracing responsible stewardship and engaging with customers’ evolving preferences unlock new growth opportunities and solidify their competitive advantage.

Land degradation and climate change are the key issues in focus

The metals and mining sector’s operations have significant environmental impacts, with land degradation, habitat destruction and climate change identified as the most pressing issues. These impacts threaten biodiversity, as well as disrupt ecosystems and community trust, posing a direct risk to a company’s social license to operate.

Addressing these challenges requires metals and mining companies to go beyond regulatory compliance, focusing on innovative and forward-looking approaches. Companies can integrate circular economy principles, adopt reforestation and land rehabilitation practices, and implement real-time environmental monitoring technologies to mitigate impacts. Progressive metals and mining companies are already capturing value by reprocessing tailings and using marginal ores, minimizing waste and emissions.