Global mining risks are expected to intensify in 2026 as geopolitical uncertainty, a slower yet unavoidable energy transition, and continued capital discipline reshape the metals and mining industry. This outlook was highlighted in Wood Mackenzie’s latest report, 2026 Metals & Mining Outlook, as reported by Mining Weekly.
According to Wood Mackenzie, the global mining sector is entering an increasingly complex phase. While demand for metals driven by electrification, renewable energy, and digital technologies continues to grow, the pace of development is constrained by political risks, trade barriers, and cautious investment behavior.
“2026 will be an extremely complex year,” said Peter Schmitz, Global Copper Market Research Head at Wood Mackenzie. He noted that although new opportunities are emerging, their realization is limited by new geopolitical realities and more conservative capital allocation strategies.
Geopolitics and Trade Shape Critical Minerals Markets
Wood Mackenzie emphasized that the global trade environment for critical minerals will be heavily influenced by political and economic shifts across both the Northern and Southern Hemispheres. In the United States, upcoming midterm elections are expected to complicate fiscal policymaking, while ongoing tariff-related volatility could introduce additional uncertainty into global commodity markets.
Despite these challenges, Wood Mackenzie believes the global energy transition has reached a critical and irreversible stage. However, the firm revised its baseline climate outlook from 2.5°C to 2.6°C, signaling a slower pace of global decarbonization.
Renewable energy remains central to global energy security, but technological developments—particularly in battery materials—could significantly alter demand expectations. The commercialization of solid-state batteries and the rapid adoption of artificial intelligence (AI) are expected to reshape material consumption patterns. Wood Mackenzie also highlighted the potential impact of the Jevons Paradox, where efficiency improvements may ultimately increase overall commodity demand.
Supply Risks and Market Imbalances
Among major metals, copper remains particularly vulnerable to supply disruptions due to underinvestment and geopolitical constraints. In contrast, Wood Mackenzie expects most other metal sub-sectors to remain in surplus throughout the year, putting downward pressure on prices.
Gold and silver, however, are forecast to benefit from continued central bank purchases and safe-haven demand, reinforcing their role during periods of global uncertainty.
From an investment perspective, Wood Mackenzie expects mining companies to remain cautious. Capital discipline is likely to persist as miners prioritize shareholder returns, mergers and acquisitions, and asset optimization over greenfield project development. The firm warned that prolonged supply constraints could eventually push manufacturers toward material substitution, a trend already observed in the competition between copper and aluminum.
Implications for Mine Development and Safety
As large mining groups focus on consolidating existing assets, Wood Mackenzie predicts that smaller, more agile mining companies will take the lead in developing new projects. This shift is particularly relevant for suppliers supporting underground mine development and safety infrastructure.
In an environment characterized by higher risk and tighter margins, mining companies are placing greater emphasis on operational safety, cost efficiency, and long-term stability. Reliable mine support products, including rock bolts, anchor cables, steel mesh, and steel arches, are essential for maintaining safe underground conditions—especially in deeper or more complex ore bodies.
Hebei Jiufu Industrial and Mining Accessories Co., Ltd., a professional manufacturer of mine support products for international markets, supports mining projects worldwide by providing durable and customizable underground reinforcement solutions. As global mining risks increase, dependable support systems are becoming a critical component of responsible and resilient mine operations.
A More Selective and Risk-Aware Mining Future
Wood Mackenzie’s outlook underscores a mining industry navigating heightened uncertainty, slower supply growth, and evolving demand drivers. As resource-rich countries become more selective in choosing development partners, new supply is expected to come online more gradually.
In this changing environment, companies that combine technical expertise, safety-focused engineering, and flexible supply capabilities—including suppliers like Hebei Jiufu Industrial and Mining Accessories Co., Ltd.—will play an increasingly important role in supporting the next phase of global mining development.
Post time: Jan-27-2026
