Research and consultancy group Wood Mackenzie has published its new Metals and Mining Outlook report for 2026, flagging such risks for the mining industry as geopolitical uncertainty, energy transition and continued capital discipline.
“2026 will be a year of navigating complexities," Mining Weekly quotes Wood Mackenzie analysts as saying. "The pace of this evolution is being dictated by a new geopolitical reality and a disciplined approach to capital allocation despite emerging opportunities.”
Among the key drivers of the year, the consultancy lists turbulent global economy, new tech developments and cautious investment growth.
"Geopolitical forces will dominate, with China's 15th five-year plan and US mid-term elections affecting trade, growth and development on a global scale," the company notes in the report.
At the same time, the energy transition will evolve and continue, and the full potential of AI efficiencies will become clearer. Wood Mackenzie said that renewable energy was expected to remain central to global energy security, while technological developments this year were likely to reshape expectations for battery materials.
Wood Mackenzie expects mining companies to maintain a cautious approach to investment despite emerging opportunities to avoid oversupply and chase shareholder returns, mergers and acquisitions over new project development.
Oversupply will keep prices for most metals subdued, with notable exception being copper as its supply is exposed to disruptions. Gold and silver are projected to benefit from continued central bank buying and safe-haven demand.
Theodor Lisovoy, Managing Editor, Rough&Polished
