Mining Profits Shifted Toward Precious Metals
Gold and precious metals now account for over half of mining industry profits as global supply chains restructure.
Updated on Sept. 29, 2026 in Investing
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The global mining industry generated $3.6 trillion in revenue in 2026, with a significant shift in profitability toward gold and precious metals. This change reflects a broader geopolitical reshaping of mineral supply chains that is impacting how resources are processed and traded.
Why it matters
The shift toward precious metals comes as mining revenue growth is driven more by high commodity prices than by increased production volume. Meanwhile, national policies like export restrictions and new domestic processing requirements are increasingly complicating the landscape for international resource access.
Gold and precious metals now command 51% of the mining industry's $1.2 trillion in total EBITDA. This growth significantly outweighs the iron and steel sector, which saw its share of industry profits drop to 20% from 32% since 2024.
The players
McKinsey
A global management consulting firm that provides strategic research and analysis on industrial sectors.
The details
Industry profits have increasingly decoupled from industrial commodities, driven by a surge in the relative importance of gold and precious metals. While companies invested $194 billion in capital projects during 2025, total spending remains 25% below the 2012 peak as firms navigate new government-led equity, loan, and infrastructure mandates. These policies, which include stricter export controls, are fundamental to the ongoing geopolitical transformation of global supply chains.
Timeline
2012 marked the peak of mining industry capital spending.
Metals and mining total shareholder return increased 5.5x between 2015 and 2025.
National resource policy changes began accelerating in 2020.
The previous peak for industry revenue occurred in 2022.
The report was presented on September 27, 2026, at the Mining Forum Americas conference.
Money Landscape
The shift in mining profitability marks a departure from a decade of growth led primarily by industrial metals. This development follows the pattern set by the 2020 acceleration of national resource policy changes, which continue to reshape how global commodities are valued and processed.
The shifting profitability of mining commodities can influence the performance of natural resource funds and diversified portfolios. Households should review their exposure to precious metals versus industrial commodities with a qualified financial professional to ensure their risk profile remains aligned.
The takeaway
Mining industry profits have rapidly reoriented toward precious metals as geopolitical forces reshape traditional supply chains. Investors should monitor how new national export and processing policies impact the underlying production costs for global resource producers.
Further reading
For broader trends affecting commodities and resource-based equities, see our Investing section.
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