Mining Costs in 2026: The Industry Is Splitting in Two
The earth is not getting any easier to mine, and the bills are proving it. Persistent inflation, rising energy costs, and declining ore grades are forging a new elevated cost floor that every producer now has to operate above, regardless of which metal they pull from the ground, and that floor shows no sign of dropping. According to S&P Global Market Intelligence's mine cost outlook, the pressure is universal but the damage is not distributed evenly. The industry is splitting into two distinct groups: precious metals producers are positioned for what could be a record year, with prices expecte...
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