Operational complexity remains top of mind for global mining leaders, according to the 20th annual EY industry survey of business risks and opportunities. A report based on the firm’s latest survey of circa-500 senior mining and metals managers from organisations with annual revenue of at least US$1b will be launched for the first time at IMARC 2026 in Sydney, Australia.

EY global mining and metals leader Paul Mitchell, who will sit down with respected industry executive Mark Cutifani at IMARC to examine the top 10 business risks and opportunities for mining and metals in 2027, says perceived near-term risks are dominating leaders’ strategic thinking even as opportunities build: commodity prices, growth markets, government support and what some see as a stacked technology toolbox.

“[Respondents] were more interested in the risk than the opportunity this year, whereas usually the two are quite balanced,” Mitchell says. One measure of this is that cybersecurity is charting again this year while digital and innovation opportunities have taken a back seat.

“It was more short term and more risk focused and I think that just reflects the uncertainty and the reduced risk appetite that’s out there to invest because of global uncertainty.

“This year it’s operational complexity, then capital, then supply chain, then costs, then geopolitics.

“Geopolitics did rank a little bit higher this year but the fact that it’s not number one might surprise some. It surprised me last year.

“But what is coming through is that the impacts [of geopolitical forces] matter most to mining leaders right now. Capital’s number two and then supply chain, both inbound and outbound, is number three. That’s the big new one this year and it really reflects both the complexity of sourcing things from the Middle East, the overall complexity of shipping and transport, and then the geopolitics that’s becoming more evident in sourcing.”

Operational complexity – which emerged last year as a priority theme – is only becoming more manifest, particularly in the copper sector.

Cutifani has been vocal in various industry forums about a range of issues, but the urgent need for better understanding of operational levers, more technology and innovation, and a real focus on productivity have been particular bugbears.

“Whether we talk about the productivity of people, which is a key driver, [or] capital productivity, where we talk about cost per unit of installed production and critical equipment productivity … in the end, if we can get those numbers right, then the returns to shareholders, which ultimately determines whether we get capital and create a future for the operation, are absolutely key,” he said in Australia last year.

In the short term, he said, productivity was not always the most pressing issue.

“But in the longer term it’s the only issue”.

Don’t miss the launch of EY Global Mining & Metals Business Risks & Opportunities 2027 and a conversation with Mark Cutifani at IMARC 2026 on Thursday, October 29. Level 5, Room E5.2 – E5.3, ICC Sydney.