Global mining outlook in 2024

In 2023, the world economic growth rate was about 3%, slowdown for the second consecutive year, with developed economies at 1.5% and developing economies at 4.0%. The growth rate of mining GDP has declined in some countries with rich mineral resources, which has affected their economic development. Global mineral exploration investment declined slightly in 2023, influenced by the financing difficulties of mining companies. Lithium and rare earths have been hot spots for mineral exploration investment, with wider regional distribution. The mineral commodity market is turbulent and divided. The prices of coal, natural gas, nickel, cobalt, and lithium have fallen sharply, while the prices of uranium, iron ore, gallium, and germanium have increased. M&A has become the option for mining companies to maintain competitiveness, and investment and operating risks have reached record highs in many years. More countries have updated or introduced new critical mineral lists, and formulated strategies to secure supply. Looking forward to 2024, after two consecutive years of downturn, the world economy is expected to gradually stabilize, but it still faces many challenges, such as intensified geopolitical conflicts, political instability, climate change, etc. Investment in critical minerals will continue to grow, and the balance of supply and demand will change for bulk minerals such as crude oil, iron ore. Mining companies are facing increasing challenges in operations, and the supply chain domestication strategy may have a long-term impact for major economies to draft mining policies.