KPMGInternational2023GlobalMiningandMetalsOutlookExecutiveinsightsondecarbonizationKPMG.com/miningKPMG.com/metalsForewordFortheminingandmetalsindustry,thechallengeisunique.Itmustquicklyincreaseproductiontosupplyglobalbusinesswiththematerialsitneedstoshifttoacarbon-freefuture.Yetitmustdosowithoutharmingtheenvironment,whilerestructuringitsownoperationssothattheyconsumelesscarbon.Thistransformationwilldependpartlyontheminingandmetalsexecutiveswecontactedtocompilethisreportandonthereadersofit–plusthousandsofotherslikethem.Asleadersoftheircompanies,theirresponsibilityistoguidetheindustryontoamoresustainablepathandtoconvinceaskepticalaudiencethattheyaredoingsoinasustainablefashion.Asoneindustryleaderexplainsinthisreport,therehasneverbeengreaterdemandformetalsandminerals,butit’sneverbeenhardertodevelopnewmines.Thesamechallengecanbesaidformakersofsteelandothermaterialsthatneedtoinvestrapidlyinnewprocessesthatwillcutcarbonemissions.KPMGInternationalcompiledthisreporttoprovideinsightsonthesechallengesandtheopportunitiesitpresents.Wewouldliketoextendspecialthankstoourexternalcontributorsofthereport,TomO’Leary,ManagingDirectorandChiefExecutiveOfficerofIlukaResources,DaleHenderson,ChiefExecutiveOfficerofPilbaraMineralsandRohiteshDhawan,PresidentandChiefExecutiveOfficeroftheInternationalCouncilonMining&Metals.Theirexpertisewasabletoprovideadditionalcoloranddepthtothefindingsofthisreport.“Our2023Outlookreportshowsmetalsandminingcompanyexecutivesunderstandthattosucceedinreconcilingambitiousgrowthtargetswithstringentcarbon-reductionobjectives,theywillhavetodesigntheiroperatingmodeltoaccommodatebothobjectives.”TrevorHartGlobalHeadofMiningKPMGInternational“Thedrivetodecarbonizeisredrawingthemapofthemetalsandminingindustry.Metalsmanufacturersneedtoshifttheirbusinessmodelstowardanew,globalenvironmentthatreflectsthetruecostofcarbonreduction.”UgoPlataniaGlobalHeadofMetalsKPMGInternationalTheminingandmetalsindustryhasplayedapivotalrolethroughhistory,speedingthetransitionfromBronzeAgetoIronAgeandthroughtheIndustrialRevolution.Nowitmustplayasimilarlycrucialroleinaglobalrevolutionnolessmomentousthantheothersbeforeit.Ifwearetostandareasonablechanceofslowing,andultimatelyreversing,climatechange,theworldeconomymustbecomecarbon-free.2023GlobalMiningandMetalsOutlook2©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.ExecutivesummaryTheminingandmetalsindustryappearsconfidentthatitcanmeetthetremendousincreasesinthedemandformineralsthatwillenableclean-energytechnologies.Optimistsoutnumberpessimistsby12to1,butby6to1amongproducersofmaterialscriticaltoanet-zerofuture,suchaslithiumandcopper.Miningandmetalsexecutivesareconfidenttheindustrycanincreaseproductionwithoutcompromisingitsownobjectivesforanet-zerofutureandrespondtoenvironmental,socialandgovernance(ESG)concerns.Theratioofoptimiststopessimistsisnearly10toone.Iftheindustryistoachieveitsnet-zeroandESGobjectives,itmustintegratethemintoenterprisestrategy.Butonly28percenthavealreadydoneso,and34percentsaytheircompanyhasonlyjustbegunthis.Onereasonwhyexecutivesareconfidentaboutthefutureisthattheyregarddecarbonizationplansasagrowthopportunityandnotmerelyacostofdoingbusiness.Thespecificopportunityoverthenextfiveyearsistotransformthecarbonfootprintoftheiroperationsthroughtechnologyinvestments.Therapidprogressminingcompaniesarealreadymakingtoreducecarbonemissionsisencouragingthemtoinvestmoreineffortstodecarbonize.Thesurveyshowsthatimprovingenergyconsumptionefficiencyisthehighestpriorityfortacklingtheenvironmentalchallengesfromminingandmetalsprocessing.Whileminingandmetalscompaniesinvestheavilyinreducingtheircarbonfootprint,theyarealsofocusingonESGgoals.Executivesconsiderthatthehighestpriorityfortacklingthesocialimpactofminingandmetalsprocessingistoprovideit’sworkforcewithhealthcare,paidleaveandretirementbenefits.Leadersintheindustryareawarethattheymustplayacrucialroleinthiscarbontransformation.ThesurveyshowsthatthemosteffectivemeasuretohelpcompaniesmeettheirESGobjectivesistoensurethattheCEOandtheBoardofDirectorsarecommittedtothesegoals.Amaindriverofthechangesthatcharacterizethisnewphaseoftheminingandmetalsindustryhasbeentheintroductionofnewtechnologiesandinnovations.Technologicalchangesareseenasthemostimportantfactoraffectingexecutives’five-yeardemandprojections.ToughergovernmentscrutinyofESGandnet-zeroperformanceisregardedbyexecutivesasthebiggestrisktooperationsinthenextfiveyears-almost50percentsayso.Bycontrast,around25percentsayclimaterisktooperationsisverysignificant.Thedrivetodecarbonizeisredrawingthemapoftheminingandmetalsindustry.Almostaquarterareplanningtoincreasetheirgeographicalfootprintsignificantlyandafurther41percentplantodosobyasmallamount.Theminingandmetalsindustrywillplayacrucialroleinenablingtheglobaleconomytoshifttoacarbon-freefuture.Tofindoutmoreaboutitsplanstosupplytheworldwith“green”materials,KPMGInternationalsurveyedmorethan400C-suiteexecutivesandboardmembersfromacrosstheglobeabouttheirexpectations.Amongthemainfindings:2023GlobalMiningandMetalsOutlook3©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Contents2023GlobalMiningandMetalsOutlook4©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.0510131619252832300721ConclusionEnteringanewphaseInsearchofgreenstrategiesAbigopportunityFreedomfromcarbonAfocusonESGgoalsLeadersneededRaisingthebarGeographicaljigsawContactusTheimportanceoftechnologyEnteringa©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Astheglobaleconomypivotstowardacarbon-freefuture,onebigquestioniswhetherminingandmetalscompanieswillbeabletosupplythegrowingquantitiesofmaterialsneededforsuchthingsaswindturbines,solarpanelsandelectricvehiclestosupportthetransitiontoanet-zeroworld.AstheInternationalEnergyAgencynotes1,mineralrequirementsforcleanenergytechnologieswouldneedtoquadrupleby2040toreachtheParisAgreementgoalofatemperatureriseofwellbelow2degreescentigrade.“Anevenfastertransition,tohitnet-zerogloballyby2050,wouldrequiresixtimesmoremineralinputsin2040thantoday,”saystheIEA.Whilemanyanxiouslywaitfortheanswertothisquestion,theminingandmetalsindustryappearsconfidentthatitwillbeabletomeetthesedemandprojections,accordingtoaglobalsurveybyKPMGInternationalofmorethan400C-levelexecutivesselectedtorepresentarangeofminingandmetalproductionactivities,rangingfromsteeltocoaltolithium.Optimistsoutnumberpessimistsbynearly12to1,butby6to1amongproducersofmaterialscriticaltoanet-zerofuture,suchaslithiumandcopper.Tofindoutwhyexecutivesoverallareoptimisticandhowtheybelievetheycanachievethesegoals,KPMGInternationalundertookadetailedanalysisofthesurveydataandinterviewedtwochiefexecutiveofficersofkeycompaniesproducingcriticalminerals.Wealsoreliedupontheinsightsofseveralsubjectmatterexpertswithdeepexperiencewithintheindustry.KPMGInternationalspoketoRohiteshDhawan,PresidentandChiefExecutiveOfficeroftheInternationalCouncilonMining&Metals(ICMM),whosememberscompriseathirdoftheglobalindustry.Fromhispositionasspokespersonfortheglobalindustry’sroleinarangeofissues,Dhawanunderstandsitscrucialroleatthispointinhistory.“We’reenteringanewphasethatwe’veneverhadbefore.Theworldisnowfullyinvestedinourindustryinawayitwasnotpreviously.Thismeansthatthethingsthatgotusherearen’tthethingsthatwilltakeustothenextphaseinourrelationshipwithsociety.Itrequiresustoengagedifferently,”hesays.¹Theroleofcriticalmineralsincleanenergytransitions,IEA,May2021EnteringanewphaseDemandformaterialsusedinthetransitiontoagreenerplanetwillhavetorisedramaticallyoverthenext10-20years.Overall,howconfidentareyouthatthemetalsandminingindustrycanmeettheincreasingdemand?5%53%26%14%2%VeryconfidentConfidentNeutralNotconfidentNotatallconfident79%7%highconfidencelowconfidence14%neutralviewSource:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook6©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Insearchof©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Theminingandmetalsindustryasawhole,especiallywithregardstocriticalminerals,isenteringunchartedwaters.OneexecutivewhorelishestheprospectisWesternAustralia-basedDaleHenderson,theCEOofPilbaraMinerals,thelargestindependenthard-rocklithiumoperationintheworld.Hiscompany’sproductisacrucialingredientinelectricvehiclebatteries.“Giventhatit’sarelativelynewindustry,there’snoplaybooktofollow,”saysHenderson.“Butbythinkingdeeplyandcarefullyaroundthislandscape,there’sabigopportunitytogetitright.That’scertainlywhereIamspendingmytime.It’sbeenacrazyjourneyforourbusiness,butit’sexciting.”EquallyconfidentisTomO’Leary,ManagingDirectorandChiefExecutiveOfficerofIlukaResources.By2027hiscompanyispositionedtoproducethe“overwhelmingmajority”ofheavyrareearthsglobally,outsideofChina,inparticulardysprosiumandterbium,whichareusedinelectricvehiclesandinthedefenseindustry.“Theexpectationiswidelyacknowledgedintheindustrythatthereisagoingtobeashortfallinglobalsupplyintotheearly2030s,though,andwe’llbelookingtomeetsomeofthatshortfall,”O’Learysays.Behindtheoptimismintheindustry,however,aretwoother,relatedquestions.•Cantheminingandmetalsindustryincreaseproductionwithoutcompromisingitsownobjectivesforanet-zerofutureandrespondtoESGconcerns?•Howdoestheindustryintegratetheseobjectivesintoenterprisestrategy?Thesematters,whichwereassessedinthesurvey,willbeexaminedinmoredetailinthisreport,butitshouldbenotedatthestartthatpartsoftheindustryaresomewhatlessconfidentregardingthesetwoquestions.Onthefirstquestion,theminingandmetalsindustryasawholeisconfidentitcanreconcilerapidoutputgrowthwithsustainabilitygoals.Theratioofoptimiststopessimistsis10to1.Butthereisalowerratioamongproducersofmaterialscriticaltoanet-zerofuture.Theseincludesuppliersofchromium,cobalt,copper,lithium,manganese,nickel,siliconandrareearths.InsearchofgreenstrategiesHowconfidentareyouthatthemetalsandminingindustrycanmeetgrowingglobaldemandwithoutcompromisingitsownESGandnet-zeroobjectives?Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook8©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Amajorityofthemarealsoconfidentofgrowingfastina‘green’way,buttheratioisnarrower:6to1.Onthesecondquestion,34percentsaytheircompanyhasonlyjustbeguntointegrateitsESGandnet-zeroobjectivesintoalong-termstrategy.Only28percenthavealreadydoneso.“Iftheyaretosucceedinreconcilingambitiousgrowthtargetswithstringentcarbonreductionobjectives,miningandmetalscompanieswillhavetodesigntheiroperatingmodeltoaccommodatebothobjectives.Achievingnet-zerocarbonemissionsby2040or2050mayseemalongwayoff,buttheresearchanddevelopmenteffort,theleadtimesandcapitalrequiredmeansthatcompaniesmustnowbeginintegratingthemintoenterprisestrategy,”saysTrevorHart,GlobalMiningLeader,KPMGInternational.WhatarethekeyfactorsaffectingyourlevelofconfidencethatthemetalsandminingindustrycanmeetgrowingglobaldemandwithoutcompromisingitsownESGandnet-zeroobjectives?OurESGandnet-zeroobjectivestakefullyintoaccountourcompany’sforecastsofthefuturegrowthinsupply45%MycompanyhasdeliberatelysetESGandnet-zeroobjectivesthatarelessstringentthanourpeerssothatwewon’thavetocompromiseonhittingproductiontargets41%MycompanyhasonlyjustbeguntointegrateitsESGandnet-zeroobjectivesintothelong-termenterprisestrategy34%MycompanyhasintegrateditsESGandnet-zeroobjectivesintolong-termenterprisestrategy28%ItisdifficulttomeasuretheprogressmycompanyismakingtowardsESGandnet-zerotargets26%MycompanylacksthelaborandmoneytoimplementESGandnet-zerogoals9%Wearenotusingappropriatetechnologicaltoolstoreachourgoals4%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook9©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Abig©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Anoverwhelmingmajorityofexecutivesareconfidentinthegrowthprospectsfortheircompanyandtheindustryasawhole,accordingtothesurvey.AbigopportunityProducersofcriticalmineralsareinaparticularlysweetspot.“Withthemarketpredictingasignificantdeficitinlithiumsupplyrelativetodemandoverthenext10years,thispresentsachallengefortheworld,butamassiveopportunityforus,”saysPilbaraMinerals’DaleHenderson.“Wehaveastronglevelofconfidencethat,throughourstrategy,wecandeliverintothat,so,forus,thegameplanisprettysimple:Putthefootdownandmaximizethevalueoftheresourcesasrapidlyaswecan,“addsHenderson.Onereasonwhyminingandmetalsexecutivesareconfidentaboutthefutureisthattheyregarddecarbonizationplansasagrowthopportunity,andnotmerelyacostofdoingbusiness.Thespecificopportunityoverthenextfiveyearsistotransformthecarbonfootprintoftheiroperationsthroughtechnologyinvestments.Transformingthecost-efficiencyofoperationsthroughtechnologyinvestmentscomesaclosesecond(43percentto41percent).Morethanathirdplantotransformtheiroperationsbymeansofacquisitionsanddivestments.Pleaseindicateyourlevelofconfidenceintermsofgrowthprospectsoverthenexttwoyears.Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook11©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Whatdoyouregardasyourcompany’sbiggestbusinessopportunitiesoverthenextfiveyears?Transformthecarbonfootprintofouroperationsthroughtechnologyinvestments43%Transformthecost-efficiencyofouroperationsthroughtechnologyinvestments41%Transformouroperationsbymeansofacquisitionsanddivestments36%Accessnewcustomersandmarkets28%Significantlychangethegeographicallocationofouroperatingassets23%Drasticallyreduceourcoststhroughenhancingproductivityinitiatives12%Significantlychangeourcompany’sportfolioofproductstowardcommodities&metals(suchascopperandlithium)usedtoacceleratethetransitiontocleanerenergysources9%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults“Fundamentally,reconcilinggreengoalsandfastgrowthisnotatrade-off,it’sawin-winsituation,”saysAmitBarghava,Partner,BusinessConsulting,MiningandMetalsLead,KPMGinIndia.“Ifacompanyoptimizesitsprocesses,itcanreducefossilfuelsandit’saclearESGdriver.CriticalstrategicdecisionssuchascapitalexpansionoroperationalremodelinghavetohaveanESGdimension.Weseethat,intermsofpositioninginthesector,companiesthatareESGleaderswillbethewinnersinthefuture.”2023GlobalMiningandMetalsOutlook12©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Freedomfrom©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Thesurveyshowsthatimprovingenergyconsumptionefficiencyisthehighestpriorityfortacklingtheenvironmentaleffectsofminingandmetalprocessing(41percent).Itisseenastwiceasimportantasimprovingwaterandwastemanagement.“Whenyouconsiderthatrenewableenergyissocost-competitiveinmostpartsoftheworld,thereisaveryclearpathwaytoachievezeroScope2emissions[fromsuppliersofenergy]soonforthosewhoaren’talreadythereyet,”saysDhawan.Scope1(direct,greenhousegas)emissionsaremorechallengingbecausethemaincontributortominingemissionsisdiesel.Thereareabout28,000trucksinminingoperationsgloballyandthevastmajorityrunondiesel.“Wearestartingtogetmuchbetteravailabilityofzero-emissionmine-haultrucks,usingacombinationofbatteriesandhydrogentechnology,”Dhawansays.Therapidprogressminingcompaniesarealreadymakingtoreducecarbonemissionsisencouragingthemtoinvestmoreineffortstodecarbonize.FreedomfromcarbonWhichdoyouconsiderthehighestprioritiesfortacklingtheenvironmentalimpactofmineralandmetalprocessing?Curbingcarbonemissionsthroughimprovementsintheefficiencyofcurrenttypesofenergyconsumption41%Exploringalternativelow-emissiontechnologies(suchasclosed-loopcarbonrecyclingforsteel)36%Solutionstodecarbonizefleetandlogistics33%Curbingcarbonemissionsbyswitchingtolowercarbonfuels(suchashydrogenforsteelproduction)30%Loweringtheenvironmentalimpactofminingtechniques29%Improvingwastemanagement21%Improvingwatermanagement16%Rehabilitatingareaswhereminesandmetalprocessingplantshaveclosed9%Shuttingdownillegalmining5%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook14©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Themakersoftrucksandtheminingindustryhavecollaboratedtospeeduptheshift,soby2027,“Weshouldhavezero-emissionvehiclesavailableatscale.ItshowsthepowerofbringingthewholeindustrytogetherwiththetruckOEMstosolvethechallenge,”addsDhawan.WithregardtoScope3emissions,elsewhereinthevaluechain,athirdofexecutivessaytheircompanyplanstoeliminatethemby2040andanother39percentbelieveitwillbedoneby2050.Forbulkcommodities,suchasironore,metallurgicalcoalandthermalcoal,Scope3representstheoverwhelmingmajorityofthetotalclimateimpactofthecommodity.Inthecaseofironore,itcanbeupto90percent,buttheprospectsarebright.“I’mreallyencouragedthatleadingminingcompaniesarestartingtoseeScope3asanopportunity,aswellasarisk,”Dhawansays.“We’removingtoaworldinwhichweareinterestedintheendproduct.I,astheminer,haveacommonresponsibilitywithyouasthesteelmaker,butourresponsibilitiesaredifferentiatedbythefactthatyou’reinchargeofthetechnologythatyouuseandI’minchargeoftheproductIsupplyyouwith.We’rebothbetteroffifwefindawaytotakecarbonoutoftheproductionprocess,”addsDhawan.Oneminingcompany,forexampleisdevelopinganewproduct,ironorebriquettes,thatreducestheneedforsintering,thussavingupto10percentofemissionsfromsteelproduction.Othersaresupplyinghigherqualitysteelmakingcoalthatleadstoasmuchasa30percentreductionofcarbonintensity.Manymetalscompaniesareasconfidentasminingcompaniesaboutthespeedofprogress.SaurabhBhatnagar,PartnerIndustry4.0andInnovation,KPMGinIndia,citesfourfactors:•Fastimprovementsintechnologiestominimizeandsequestercarbonemissions.•Increaseduseofhydrogeninmakingsteel,especiallyinWesternEuropeandChina.•Rapidlygrowingavailabilityofrenewableenergysources.•Governmentincentivestocollectandreprocessmetalscrap,which,naturally,doesnotdependonoxidizationtobeprocessed.BhargavapointsoutthatthechallengetomeetScope3emissionstargetsformetalscompaniesissimilartowhatitwouldbeforaconsumergoodsmanufacturerorachemicalscompany.But–unlikeamakerofhouseholddetergentthatisreliantonplasticcontainersorcardboardboxes–steel,copper,andaluminumwillremainrecyclableindefinitely.“Mostfirmsthatareunderpressuretobenetzeroareonajourneyof‘learn–understand–internalize–plan–experiment’tofindnewwaysofgettingtonetzero,”saysBarghava.InIndia,theworld’ssecondlargeststeelproducer,producersareataveryearlystageoflearning.“Whenfirmsintegrate,theymusttakeashort-termandalong-termview.Theywillstartbyinvestinginareaswherethegainsarequickandeasy.InEurope,theyareabitfurtherahead,buttheyarestilldoingitincrementally.Manyarenotsureastowhattheirstrategyshouldbe,sincenetzeroisstill30yearsaway.”Minersofcriticalminerals,suchasrareearths,arebalancingdecarbonizationandrapidoutputgrowth.“Weseethatourcoreroleintheglobalpushtodecarbonizeistofacilitateothers’drivetonetzerothroughtheproductionofrareearths,”saysTomO’LearyofIlukaResources.“Wearecontinuingtoapplyresearchanddevelopmentmoneytorefineandmetalizecriticalmineralsinwaysthataremostattractivefromacarbonperspective,butmanyofthoseprocessescannotbedoneinazero-carbonwayatthemoment,”O’Learysays.“Australia’sobjectiveofdecarbonizationisasoundone,notjustfromajobsanddevelopmentperspective,butfromadiversificationofsupplychainandenvironmentalperspective,toseethosemineralsprocessedinamannerthatmeetshighWesternstandardsofenvironmentaloutcomesandESGmoregenerally,”O’Learysays.2023GlobalMiningandMetalsOutlook15©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Afocuson©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Whileminingandmetalscompaniesinvestheavilyinreducingtheircarbonfootprint,theyarealsofocusingonESGgoals.ThewayforwardRohiteshDhawanistheChiefExecutiveOfficeroftheInternationalCouncilonMining&Metals(ICMM),whosememberscompriseathirdoftheglobalindustry.KPMGInternationalinterviewedDhawantoaskabouttheprogresswhichICMMhasmadeinimplementingitsminingprinciples,includingzeroharm,naturepreservationandrestoration,alongsidenet-zerocarbonemissions.Hesaidthattheminingandmetalsindustrysimplyhasnotmadesufficientprogressintheareaofzeroharm.“In2021alone,43ofourcolleaguesinICMMmembercompanieswenttoworkanddidnotcomehome.Thatisastainonourcollectiveconscience.Wesimplyhavetodobetter.”Intheareaofcarbonemissions,progresshasbeenimpressive.“Whenyouconsiderthatrenewableenergyiscost-competitive,thereisaclearpathwaytoachievezeroscopeemissionsforcompanieswhoaren’talreadythereyet,”hesays.“Wearestartingtoachievebetteravailabilityofzero-emissionmine-haultrucks,usingacombinationofbatteryandhydrogentechnology.”Themakersoftrucksandtheminingindustryhavecollaboratedtospeeduptheshiftby2027:“Weshouldhavezero-emissionvehiclesavailableatscale,”hesays.Miningfirmsaretacklingmanyoftheenvironmentalimpactsoftheiroperations.TheICMM,forexample,hasbeenworkingwiththeUNandthePrinciplesforResponsibleInvestment,guidedbyanindependentexpertpanel,todevelopaglobalstandardformanagingtailingssafely.ICMM’sDhawanhasbeenpushingfortheindustry“toengendergreatertrustasaresponsiblecontributoronallthingsrelatedtosustainability.We’reinthisstrangeworldwherewe’veneverhadgreaterdemandformetalsandminerals,butit’sneverbeenhardertoopennewmines.”TheICMM’sdiscussionswiththeUNandthePrinciplesforResponsibleInvestmenthavebeenchallenging.“Theprocessofnegotiationwasinfinitelymorecomplexthaniftheindustryhaddoneitonitsown,butitalsomadeitsignificantlymoretrusted,”Dhawansays.TheICMM’sgoalis“toengendergreatertrustintheminingindustryinbeingresponsibleonsustainability,notjustclimate.Oncetheindustryhasgainedthetrustofstakeholders”,hecomments,“theultimateoutcomeisthattheworldgetsthemetalsandmineralsthatitneeds,andthosematerialsaresuppliedinthemostresponsiblewaypossible.”Atthesametime,theindustryisfocusingmuchattentionontheletter‘S’inthethree-letteracronym.“ESGgoalsarebecomingmoreofafundamentallypeople-drivenagenda,”observesBhargavaofKPMGInternational’sfocusonthese,particularlyregardingstakeholderssuchasemployeesandlocalcommunities.ExecutivesinthesurveyAfocusonESGgoalsconsiderthatthehighestpriorityfortacklingthesocialimpactofminingandmetalsprocessingistoprovideworkerswithhealthcare,paidleaveandretirementbenefits.Thefocusonpeopleextendstowardthecommunitiesthatsurroundtheminesandmetalsfactories.“Ourpriorityistocontinuetoensurethatwemaintainstronglocalconnectionswhereverwe’reoperatingandensurethatwearemeetingtheobjectivesofourlocalstakeholders,”saysO’LearyofIluka.Offeringnon-salarybenefitsisseenbyexecutivesasanimportantwayofattractingandretainingworkers.“Themostpracticalchallengeforusislaborshortages,”saysHendersonofPilbaraMinerals.“We’renotaloneinthisregard.Theindustryisthriving,sothere’snoshortageofjobsandopportunitiesforpeople,particularlythosewhoareskilledandhappytoworkonaremotesite.2023GlobalMiningandMetalsOutlook17©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Whichdoyouconsiderthehighestprioritiesfortacklingthesocialimpactofthedevelopmentofmineralandmetalsprocessing?Providingnon-salarybenefitssuchashealthcarebenefits,paidleaveandpensions44%Improvingworkersafety33%Payingalivingwage32%Preventingallformsofharassmentoftheworkforce(eg,bullying,sexualharassment,etc)29%Preventinghumanrightsabusesandmodernformsofslavery27%Toleratingorencouragingtheunionizationoftheworkforce26%Workingcloselywithlocalcommunitiestominimizethenegativesocialimpactandmaximizethesocialbenefits24%Preventingcorruptpractices17%Workingwithlocalcommunitiestomaximizethesocialbenefits(eg,fundingschools,communitycenters,etc)10%Positivetraditionalownerarrangements,suchasindigenousco-ownership9%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResultsBut,inourview,it’ssolvableandourcompanyhasdoneprettywellthroughacompetitiveofferingandthatlithium‘glow’.Beinginthelithiumindustryisarealstrength.Someoftheyoungergenerationareabitmorealtruisticintheiroutlook.Thelithiumindustryisfuture-facing,andithelpsbeingontherightsideofthiscarbon-reductionpush,”addsHenderson.Somebelievethatminingandmetalscompaniesneedtopaygreaterheedtocitizensatlarge,notjustlocalcommunities.“Thegeneralpublichasbecomeaverysignificantforceinpersuadingcompaniestotakeamoreresponsibleapproachtotheenvironment,”saysBhargavaofKPMGinIndia.“InIndiawhenyousetupanewsteelplant,thecommunitieshavetobepartneredandassuredtherewillbenodeteriorationinair,water,andsoil.Thistrendwillbecomemorepronouncedbecausetheyoungergenerationseemstobemoreawareandpassionateabouttheprotectionoftheenvironment,”addsBhargava.HendersonofPilbaraMineralsisawareoftheissue.“Ithinkminingisequatedasbeing‘oldschool’,mayberepresentingsomeoftheoldbiases,”hesays.“However,withthestrongshifttowardsmoresustainablepracticesandtheinnovationintheindustry,wearemakingprogress,butIthinkthere’salwaysmoreworktobedone.”2023GlobalMiningandMetalsOutlook18©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Leaders©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.LeadersneededThesurveyshowsthatamongthemosteffectivemeasurestohelpcompaniesmeettheirESGobjectivesistoensurethattheCEOandtheboardofdirectorsarecommittedtothesegoals,andthattheyhaveappropriategovernancestructuresthatenabletherealizationoftheseobjectives.“Corporateleadershavethemandateandtheresponsibilitytoaligntheirstrategywithkeystakeholders,includinggovernments,customers,technologyprovidersandsuppliersandcompaniesintheirecosystem,”saysBhargavaofKPMGinIndia.“Thisiscriticalandrequiresaveryclearroadmap.TheyalsoneedtostructureexecutiveandemployeeincentivessothattheyalignwithESGinitiatives.”ThereisanotheraspectofthehumanelementwithinESG,namelytheimportanceofcapableleadership.Inaddition,hesays,theyneedtotaketheleadinbuildingthecompany’scapabilities.“ThereisgoingtobeatalentwarinshapingandexecutingESGagendas,”hepredicts.Ifdecarbonizationistobeintegratedintoenterprisestrategy,itwillrequirethefullsupportoftheleadership.Executivesinthesurveysaythemosteffectivewaystomeetnet-zeroobjectivesarebothtoensurethatcorporateleadersarecommittedtonet-zeroobjectivesandtocommunicateclearlyandfullytostakeholdersabouttheprogresstomeetthem.Thoseoutsidetheindustryneedtounderstandthenewrelevanceandstrategicimportanceofminingandmetalscompaniestotheglobaleconomy.“Providedtheindustrycontinuestoengagecandidlywithourstakeholdersandindustryparticipantsanddosotruthfullyandpragmatically,then,asweadvancefurtherthroughthisprocessofelectrification,it’sgoingtobecomemoreandmoreevidentforstakeholdersandthepublicthenecessityofcertaincriticalminerals,”saysO’Leary.Whichofthefollowingmeasureswillbemosteffectiveinhelpingyourcompanytomeetitsnet-zeroobjectives?Ensureourcompanycommunicatesclearlyandfullytoourstakeholdersaboutournet-zeroobjectiveandourprogresstomeetit46%EnsurethattheCEOandtheBoardofDirectorsarecommittedtoournet-zeroobjective45%Ensurewehavetherightmetricstomeasureprogressinmeetingournet-zeroobjective37%Developastrategytoinvestinnewtechnologiesthatwilldirectlyleadtowardournet-zeroobjective31%Ensureournet-zeroobjectivesareintegratedintotheoverallcorporatestrategy26%Hirenewpersonnelwiththeskillstoimplementourcompany’snet-zerostrategy6%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook20©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Theimportanceof©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Amaindriverofthechangesthatcharacterizethisnewphaseoftheminingandmetalsindustryhasbeentheintroductionofnewtechnologiesandinnovations.Technologicalchangesareseenasthemostimportantfactoraffectingexecutives’five-yeardemandprojections.Technologiesareemphasizedsomewhatlessregardingsupplyprojections.Forminingcompanies,advancesinexplorationandextractiontechnology,AI,5Gnetworks,andIoTarethetechnologiesthatwillhavethemostimpactonmineralsupplies.Theimportanceoftechnology²HowisDigitalizationTransformingtheFaceofMiningIndustry?TechSciResearch,May2022³“CarbonBorderAdjustmentMechanism,”TaxationandCustomsUnion,EuropeanCommission,December2022Whatarethemostimportantfactorsaffectingyourcompany’srangeofdemandprojectionsoverthenextfiveyearsTechnologicalchanges54%Governmentpolicies49%Customerpreferencesand/orsentiment31%Energytransition24%Recyclingpractices22%Geopoliticalchallenges13%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResultsApartfromzero-emissionmine-haultrucks,miningcompaniesaredeployingtechnologiessuchasunmannedaerialvehiclestomonitorassets;wirelesssensortechnologiestotrackprocessesandminesafety;andprivate5Gnetworkstohelpconductpreventativemaintenance.²Formetalscompanies,AIanddataanalyticsarelikelytohavethebiggestimpact,thesurveysays.“Weneedtodemystifythetechnologybybreakingitdownintofourtypes,”saysKPMGinIndia’sBhargava:1.Digitaltechnologiestoensureproductionprocessesachievethebestpossibleoutcome.2.Circulartechnologiestoextractmetalsfromwaste(Bhargavaisadvisingalargemetalscompanywhichiscollaboratingwithupto25technologypartnersaroundtheworld).3.Carbon-capturetechnologies.4.Disruptivetechnologiessuchashydrogenthateitherreduceorobviatetheneedforcarbon.Bhatnagaraddsafifth:applyingtechnologytousetheenergyinoff-gasesmoreefficiently,whichisespeciallyimportantinIndia.Bhatnagarsays,“Itisalmostimpossibletoopenanewsteelfactorymakingmetalsusingtraditionaltechnologies.Theonlywaytoobtainalicensetooperateisifacompanycanprovethatthefactorywillhaveasignificantlysmallercarbonfootprintoritisproducingmaterialsthatarecriticaltonationalsecurity,suchasrareearthsandlithium.”2023GlobalMiningandMetalsOutlook22©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Europeanmetalscompaniesfaceadifferentchallenge.InDecember2022,EUministersfinalizedacarbonborderadjustmentmechanism.Thistooktheformofataxdesignedtoensurethatcarbon-intensiveindustriessuchassteel,whichmustcomplywithstrictemissionsstandards,arenotunderminedbycompetitorsfromoutsidetheEUthathaveweakeremissionsrules.³“TheEUaimstocreatealevelplayingfieldformetalmanufacturers,particularlyconcerningtheirenvironmentalfootprint,whichwilllikelyinfluencethecompetitivemarketdynamicsinEurope.Asmarketparticipantsworldwideprogresstowardtheirnet-zerogoals,theymustindividuallyandcollectivelyconsidertheseshiftingdynamicsandadaptaccordingly,”saysUgoPlatania,GlobalMetalsLeader,KPMGInternational.MarkusZeimes,HeadofMetals,KPMGinGermany,saystherewillbemassivetechnologicalchangesamongtheEuropeansteelcompaniesoverthenextfewyearsastheyreducetheircarbonemissions.ThelargestsuchfirminGermanyisaimingtousehydrogen-baseddirectreductiontoremovetheoxygenfromironore.“TheGermansteelindustryisheavilyinvestinginnewtechnologiestobecomegreener.Producingsteelbasedontheuseofhydrogenisonewaytodoso,”Zeimessays.“Theenergyrequirementsofnewtechnologiesareimmense.Costandavailabilityofrenewableenergy,therefore,arecrucialforasuccessfulconversionofthesteelindustrytoapproachzerocarbonemissions.Wecurrentlyseethatstrategicpartnershipssecuringfuturehydrogenandenergydemandaregainingmoreimportance.”Whichtwotechnologiesarelikelytohavethemostimpactonincreasingmineralsuppliesoverthenextfiveyears?5Gnetworks26%InternetofThings24%Advancesinexplorationtechniquesandtechnology24%Newextractiontechnologies24%Artificialintelligence23%Dataanalytics22%Advancesinexplorationtechnology19%Autonomousmining16%Technologiesthatenhancerecoveryfromminewasteandlow-gradeores8%Betterorepre-treatment7%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook23©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Whichtwotechnologiesarelikelytohavethemostimpactonincreasingmetalsuppliesoverthenextfiveyears?Artificialintelligence48%Dataanalytics42%5Gnetworks31%Technologiesthatenhancerecoveryfromrecycledmaterials21%InternetofThings18%Autonomoussteelproduction(suchasautonomousvehicles)17%Satelliteimaging15%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResultsWhatarethemostimportantfactorsaffectingyourcompany’srangeofsupplyprojectionsoverthenextfiveyears?Governmentpolicies55%Customerpreferences44%Technologicalchanges42%Recyclingpractices31%Geopoliticalchallenges18%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook24©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Raisingthe©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.RaisingthebarToughergovernmentscrutinyofESGandnet-zeroperformanceisregardedbyexecutivesinthesurveyasthebiggestrisktooperationsinthenextfiveyears.Almosthalf(48percent)sayso.Bycontrast,onlyaquartersayclimateriskisverysignificant.Thecarbonborderadjustmentmechanismhighlightstheimportantroleplayedbygovernmentsinmovingtowardacarbon-freefuture.Whatarethemostsignificantrisksyouexpectforyourcompany’soperationsinthenextfiveyears?ToughergovernmentregulatoryscrutinyorcomplianceburdenofESGandnet-zeroperformance48%Decliningresourcequality35%Risingoperatingcosts29%Highgeographicalconcentrationofproduction29%Longprojectdevelopmentleadtimes29%TougherinvestorscrutinyofESGandnet-zeroperformance25%Higherexposuretoclimaterisks,suchaswaterstressorextremeweatherevents24%Politicalinstability/nationalizationinahostcountry19%Tradewar8%Inabilitytoraisecapitalfunds3%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook26©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.BhatnagarofKPMGinIndiapointsoutthough,thatasofnow,therearelong-termnet-zerogoals,notcompliancerequirements.“Inthenextfiveyears,governmentsinkeycountrieswillseektounderstandandobservethevisiblestepsbeingtakenbyminingandmetalscompaniestoshowtheircommitmenttonet-zerogoalsby2050inEuropeandby2070inIndia.”Inresponse,saysBhargava,“Thisisaperfecttimeforcompaniestostarttoworkonmeasuringandverifyingemissionsasaccuratelyaspossible.Toprepareforthecarbonborderadjustmentmechanism,theyshouldstartcarryingdocumentsshowingthecarboncontentoftheirmetals.”Thesurveyshowsthatgovernmentpoliciesarethebiggestfactoraffectingsupplyprojectionsandthattheimprovedqualityandavailabilityofnationalgeologicalsurveysanddataisseenasthemostimportantgovernmentmeasureforensuringasmoothmineralssupplyoverthenextfewyears.InthecaseofIluka,thecompanyreceivedaA$1.25billionnon-recourseloanfromtheAustralianFederalGovernmentforthedevelopmentofthecountry’sfirstintegratedrare-earthmetalsrefineryinWesternAustralia.“TheobjectiveofthegovernmentwasnotmerelytoenableIlukatoprocessourowndepositsofrareearths,itwasreallytoenablethedevelopmentofarareearthsindustryinAustraliaandthatobjectiveisbeingachieved.ThegovernmentwasfacilitatingthediversificationofthesupplychainforrareearthsfromthecurrentconcentrationinChina,”saysO’Leary.Whichisthemostimportantofthefollowinggovernmentmeasuresforensuringsmoothmineralssupply?Improvedqualityandavailabilityofnationalgeologicalsurveysanddata62%Streamlinedpermittingprocedures44%Clear,stablepolicies(includingtaxes)topromoteresponsibleminingandmetalmanufacture41%Financingsupporttode-riskprojects31%Raisepublicawarenessofthecontributionssuchprojectsplayintheenergytransition10%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook27©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Geographical©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.Geographicaljigsaw“Thecostofcarbonintensitywill,infuture,bebakedintoinvestmentdecisionsandwillchangethecostdynamics,”observesBhatnagar.“Tobefuture-ready,somesteelproducerswilltrytodiversifytotheMiddleEastwherethereareplentifulsuppliesofnaturalgasandthenmovetohydrogen-baseddirect-reductionsteelfurnaces.”Thesesentimentsareborneoutbythesurvey.Almostaquarter(24percent)areplanningtoincreasetheirgeographicalfootprintsignificantlyandafurther41percentplantodosobyasmallamount.Thedrivetodecarbonizeisredrawingthemapoftheminingandmetalsindustry.ThereisalsothequestionoftheimpactofUS–Chinarivalryonsupplychains,particularlyofcriticalminerals.“Thegeopoliticalpieceisdefinitelyontheradar,”saysPilbaraMinerals’Henderson.“Atthebusiness-to-businesslevel,wedon’thaveanycauseforconcern.It’salwaysbeenahealthyrelationship,butofcoursewewatchthegeopoliticalutteringsbetweentheUSandChina.Idon’tforeseeChinamakinganydetrimentalmovetoincreasethedistancebetweenAustraliaandChina,inrespectiveofrawmaterials,particularlywithinthelithiumsupplychain,becauseitwouldhurtthemmassively.TheirindustriesareverydependentonAustralia,andwehaveaveryco-dependentrelationship.”Hendersonadds,“Wearethinkingaboutstrategiestomanagethegeopoliticaldimension.Fromtheinceptionofthebusiness,wehaveastrategyofbeingdiversified,becauseitmakesbusinesssense.”PilbarahasmadeonediversificationmovebyformingajointventurewithKoreansteelmakerPOSCOtodevelopalithiumhydroxideconversionfacilityinSouthKorea.“We’rebalancingthefactthatthewholelithiumindustryprettymuchlookstoChinafortheprocessingofrawmaterials,sowecan’tseverthattie,nordowewantto.Wecontinuetodiversifyintoothermarkets,althoughwecan’tpivotelsewheretooquickly,”saysHenderson.Hendersonadds,“Theexpansionsweareexecutingwilldeliveraconsiderablestep-upfromcurrentproductionlevelsandenableustofurtherintegratedownthesupplychain.Thecombinationofourscale,downstreamintegrationandinnovationeffortswillfurthersupportourobjectivetobealeaderinsustainablebatterymaterials.”Overthenextfiveyearsareyouplanningtoincreasethenumberofcountriesinwhichyouoperateorexploreinor,inthecaseofmetalscompanies,buythemineralsfrom?Yes,byasmallamount41%Yes,byasignificantamount24%Wedonotplananyincrease26%No,weplantodecreasethenumberofcountries9%Source:KPMGInternational2023GlobalMining&MetalsOutlook-SurveyResults2023GlobalMiningandMetalsOutlook29©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.ConclusionAllstakeholderswanttobuildaglobaleconomythatismoresustainable,butthequestionremains:Aretheywillingtomakethesacrificesneededtoachieveanet-zerofuture?Thesurveyandinterviewsshowexecutivesaretremendouslyconfidentofthefuture,butmanyoutsidetheindustryareskeptical.Factualevidenceandrigorousresearchareessentialforsuccess.Ultimately,thisoptimalblendmustleadtomoreeffectivedecision-making.Executivesfacethedifficulttaskofaligningtheinterestsofgovernments,thepublic,theirworkersandinvestorstotaketheminingandmetalsindustrywhereitneedstogo,whileensuringthebusinessisfinanciallysustainable.Theworldwillnotachieveanet-zerocarbonstateunlesscompaniescanmakeareturnindoingso.Thissurveyandreportanalyzeoneofthegreatestconundrumsfacingglobalbusiness:howtopivotrapidlytowardcarbon-freesolutionswithoutharmingtheenvironment,while,atthesametime,developingastrategythatalignstheinterestsofshareholders,workers,communities,consumersandgovernments.©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.302023GlobalMiningandMetalsOutlookSurveydemographicsInMarch2023,onbehalfofKPMGInternational,VantageResearchconductedanonlinesurveyof434miningandmetalsexecutives,allofwhomareintheC-suiteorareboardmembers.Forty-twopercentareintheAmericas(Canada13percentandtheUS10percent),30percentareinAPAC(16percentinAustralia)and27percentinEMEA.Mostoftheminingandmetalscompaniesarelarge:36percenthaveannualrevenuesofUS$1billiontoUS$10billionand33percentareintheUS$11billiontoUS$25billionrange.Toassesstheirproductbreakdown,thesurveyaskedexecutivestochoosefromalistof20mineralsandmetals.Theresultswerewidelydistributedamongthecommodities,with33percentselectingcopper,20percentaluminumand18percentsteel.ThereisasimilarlywidedistributionofjobfunctionsintheC-suite,with31percentingeneralmanagementand29percentresponsibleforthesupplychain.Twenty-eightpercentarechieffinancialofficersand20percentarechiefexecutiveofficers.434Miningandmetalsexecutives,allofwhomareintheC-suiteorareboardmembers42%TheAmericas(Canada13percentandtheU.S.A10percent)30%APAC(16percentinAustralia)27%InEMEAAnnualrevenuesofUS$1billiontoUS$10billionAnnualrevenuesofUS$11billiontoUS$25billion36%33%Mostoftheminingandmetalscompaniesarelarge:33%Copper20%Aluminum18%SteelChosenmineralsbyexecutivesC-suitejobfunctions31%Generalmanagement(incHeadsof)29%Supplychain28%Chieffinancialofficers20%Chiefexecutiveofficers2023GlobalMiningandMetalsOutlook31©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.ContactusTrevorHartGlobalHeadofMining,KPMGInternationalthart@kpmg.com.auNickHarridgeMining&MetalsLead,KPMGAustralianharridge@kpmg.com.auHeatherCheesemanMiningLead,KPMGinCanadahcheeseman@kpmg.caNiladriBhattacharjeeMiningLead,KPMGinIndianiladri@kpmg.comPatrickChuMiningLead,KPMGChinapatrick.chu@kpmg.comKashmiraBhanaMiningLead,KPMGinSouthAfricakashmira.bhana@kpmg.co.zaBernardoMoreiraMiningLead,KPMGinBrazilbmoreira@kpmg.com.brVicNaathenMining&MetalsLeadKPMGintheUKVictor.Naathen@KPMG.co.ukUgoPlataniaGlobalHeadofMetals,KPMGInternationalugo.platania@kpmg.luMarcusZeimesMetalsLead,KPMGinGermanymzeimes@kpmg.comAmitBhargavaMetalsLead,KPMGinIndiamitbhargava@kpmg.comFredVonEckardsteinMetalsLead,KPMGinSouthAfricafred.voneckardstein@kpmg.co.saNorbertMeyringMetalsLead,KPMGChinanorbert@meyring@kpmg.comEricLoganMetalsLead,KPMGinUSericlogan@kpmg.comEduardoAlgadoMetalsLead,KPMGinMexicosalgado.eduardo@kpmg.com.auHervéMicheletMetalsLeadKPMGinFrancehmichelet@kpmg.frMarkDavisDirector-BusinessDevelopment,KPMGAustraliamarkdavis@kpmg.com.auKPMG.com/miningKPMG.com/metalsTheviewsandopinionsofexternalcontributorsexpressedhereinarethoseoftheintervieweesanddonotnecessarilyrepresenttheviewsandopinionsofKPMGInternationalLimitedoranyKPMGmemberfirm.KPMGInternationalLimitedisaprivateEnglishcompanylimitedbyguaranteeanddoesnotprovideservicestoclients.NomemberfirmhasanyauthoritytoobligateorbindKPMGInternationaloranyothermemberfirmvis-à-visthirdparties,nordoesKPMGInternationalhaveanysuchauthoritytoobligateorbindanymemberfirm.Theinformationcontainedhereinisofageneralnatureandisnotintendedtoaddressthecircumstancesofanyparticularindividualorentity.Althoughweendeavortoprovideaccurateandtimelyinformation,therecanbenoguaranteethatsuchinformationisaccurateasofthedateitisreceivedorthatitwillcontinuetobeaccurateinthefuture.Nooneshouldactonsuchinformationwithoutappropriateprofessionaladviceafterathoroughexaminationoftheparticularsituation.©2023CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGreferstotheglobalorganizationortooneormoreofthememberfirmsofKPMGInternationalLimited(“KPMGInternational”),eachofwhichisaseparatelegalentity.KPMGInternationalLimitedisaprivateEnglishcompanylimitedbyguaranteeanddoesnotprovideservicestoclients.Formoredetailaboutourstructurepleasevisitkpmg.com/governance.TheKPMGnameandlogoaretrademarksusedunderlicensebytheindependentmemberfirmsoftheKPMGglobalorganization.May2023.1062228705EMP
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