The unfolding coronavirus crisis in mining & metals
The rapid spread of COVID-19 is disrupting lives and operations across industries, and mining and metals are no exception. The pandemic is affecting the entire value chain, as organizations limit access to offices, mine sites and manufacturing facilities, and restrictions on transportation and shipping increase. The industries face potential shortages of materials, such as chemicals and machine components, from upstream suppliers who are experiencing their own disruptions from the pandemic. And the crisis has shaken the confidence of investors around the globe.
In short, the mining and metals industries have been thrust into a period of change and uncertainty that requires action. To move forward, companies must maintain a dual focus, tackling an array of short-term critical issues while keeping an eye on the longer term, and reshaping their operations to recover, adapt and thrive in the coming years.
What to do now: Manage the response
The actions that companies take in this crisis will not only determine how well they fare in the short term—they will also define their culture and brand for some time to come. To mitigate near-term operational risks and protect people, the following actions should be taken now:
What's next: Building for the long term
The crisis has brought significant challenges to the mining and metals industries, but it has also created an opportunity to reset for the future. Beyond their immediate responses to the crisis, companies can build the capabilities that over time will help them recover from today’s crisis and successfully navigate through tomorrow’s disruptions. To do so, consider these six actions:
Overall, mining and metals companies need to react now, respond decisively and plan for what is coming next. It’s an approach that will help meet today’s challenges brought on by COVID-19 and those that come tomorrow.