Mining Quarterly Review by Commodity Trends, Capex, Regulatory Changes and Technology Advancements

GlobalData’s “Mining Quarterly Review – Q3 2024” provides a comprehensive coverage on the global mining industry. It provides commodity trends covering price trends, production, capital expenditure of leading miners, development projects momentum, development projects by commodity, country, company and stage. The report also includes a demand drivers section providing information on factors that are affecting the global mining industry. It further provides updates on emissions, safety in mining, regulatory, developments in mining for Q3 2024, European Union’s industrial production, US’ industrial production, China’s industrial production growth rate, China’s Manufacturing PMI .

Iron ore prices, after a brief recovery in April and May, continued to decline, reaching a low of $94/t in September due to weak Chinese housing demand and declining steel production. A short-lived rally in October was fueled by optimism surrounding Chinese stimulus measures. However, the market’s tepid response to these measures led to renewed price declines.
The world’s largest iron ore producers, including Vale and BHP, are increasing production volumes anticipating improved market conditions and enhanced performances at key operating mines. Iron ore output from the top five increased by 2.3% year-on-year to a collective 293.3Mt in Q3 2024.
Copper production from major mining companies such as First Quantum Minerals, Anglo American, Freeport-McMoRan, Rio Tinto, and Glencore declined significantly in Q3 2024 compared to the same period in 2023. Factors such as mine closures, lower ore grades, and operational challenges contributed to this decrease.

Mining Market Drivers

The key industries driving the demand in the mining market are construction, electric vehicles (EV), crude steel production, coal-fired power generation, and nuclear power generation. Infrastructure, energy, and utility construction will be the main drivers of overall real construction growth. However, India is accounted to have the largest increase in real construction output among the top-producing nations in 2024.

Additionally, India, Indonesia, Thailand, and the Philippines are also strengthening their EV market through policy support schemes. Meanwhile, the US also plans to increase EV sales through the subsidies associated with the Inflation Reduction Act (IRA) 2022.

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Mining Market Segmentation by Commodities

The key commodities in the mining market are gold, silver, platinum, iron ore, and copper, among others. Gold prices hit a record high in May 2024, driven by growing demand for safe-haven assets and central bank purchases, and expectations of rate cuts later in the year.

Mining Market Analysis by Commodities, 2024

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Mining Market – Competitive Landscape

A few of the leading miners in the industry are:

• PT Bumi Resources
• Yanzhou Coal Mining
• Vale
• BHP
• Newmont

Strong performances at the respective mines helped raise the copper production for BHP, Anglo American, and Grupo Mexico. Global nickel production experienced a decline in Q1 2024 compared to the previous year. MMC Norilsk Nickel, Vale, BHP, and Anglo American all faced production hurdles due to factors such as inventory management, furnace rebuilds, maintenance, and weather.

Leading Miners, 2024

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Segment Covered in the Report

Mining Market Commodities Outlook (2023)

• Gold
• Silver
• Platinum
• Iron Ore
• Copper

Scope

The report contains an overview of the key commodities in the mining industry including coal, copper, iron ore, gold, nickel, lead, zinc, uranium and lithium. It provides detailed information on prices, production by country, production by company, development projects update, capital expenditure, demand drivers, emissions, safety in mining and regulatory updates in mining.

Reasons to Buy

To gain an understanding of the quarterly changes in the global mining industry, relevant driving factors

To understand historical and forecast trends on key commodities

To identify key players in the global mining industry

To identify major development projects momentum by region

To identify the trend in capital expenditure spent by leading miners

To understand the factors influencing demand drivers of key commodities