Global Mining Risk Survey
No one had heard of COVID-19 when mining executives from around the world responded to 2020's Global Outlook Survey Report. A global pandemic was a hypothetical disaster scenario that was far from front of mind at the time.
How has a year of unprecedented disruption and uncertainty influenced this outlook? The remarkable core insight of this year's Outlook is that the issues affecting the industry are largely the same as they were prior to the Coronavirus.
Mining operations, like other industries, were forced to scramble in response to the pandemic, ensuring the safety of employees, the communities in which they operate, and the security of supply chains. While the pandemic's impact will be felt for some time, the mining industry appears to be rapidly recalibrating. And our survey results indicate that mining companies are well positioned to capitalize on a new wave of opportunities.
This survey reveals an optimistic sector that is ready to face new challenges in 2021. Stakeholder expectations are higher than ever, but opportunities are expanding as the world recovers from COVID and accelerates toward carbon neutrality.
The survey paints a picture of a resilient industry responding to complex and diverse risks. The industry's top risk remains commodity price risk, while the new addition of global pandemic risk at number two is unsurprising. The top three are rounded out by economic downturn and uncertainty, which reflect the significant volatility the sector has faced in 2020. Interestingly, companies now rank access to key talent as the number nine risk that their own organizations face, possibly reflecting travel restrictions around the world.