Global Mining 2025 Outlook: Stable Commodity Price Outlook Results in Continued Robust Credit Metrics

The fundamental outlook for most metals in 2025 remains stable and in line with the past year mainly because (1) interest rates remain above pre-pandemic levels as governments move cautiously to unwind their restrictive monetary policies; (2) economic activity in China, the world's second-largest economy, remains weak as government stimulus has been slow to take effect; and (3) the U.S. is contemplating restrictive trade policies as the Trump administration prepares to take office in late January 2025.

Key highlights include:
-- Our outlook for the credit profiles of our rated mining issuers remains stable.
-- With persistent inflationary pressures across the supply chain, the achievement of 2025 cost guidance will be a challenge.
-- The positive momentum of merger and acquisition activity is expected to continue into 2025.

"Given the consensus outlook on benchmark iron ore, copper, metallurgical coal, gold, aluminum, and uranium prices, we expect the financial risk assessments of most of our major mining issuers to remain within the AA and "A" categories." said Brian Szeto, Vice President of Morningstar DBRS Energy and Natural Resources team. "The financial risk profiles of most of our rated mining issuers are stronger than their business risk profiles, where the overall ratings of many of these issuers are capped at one notch above the underlying business risk assessments."