A recessionary outlook for the global economy, sanctions on Russia and the follow-on impacts as the world emerges from the COVID-19 pandemic continue to reverberate through the mining industry.

Whilst net-zero ambitions and shifts from conventional fuels have increased the demand outlook for many metals markets, the mining industry must work to keep CAPEX and OPEX costs down to profit from production.

Despite a slump in the cost of some items in Q3, our high-case scenario for Q4 indicates that volatility remains across key items, such as blasting equipment, steel pipes and mining material handling equipment.