Mining industry showing recovery from Covid-19 crisis: PwC report
POWER & RENEWABLE ENERGY

Mining industry showing recovery from Covid-19 crisis: PwC report

According to a report by PwC India, mining is one of the few industries that has recovered financially and operationally from the worst of the Covid-19 pandemic economic crisis.

The audit firm said that the decisions made today about workplace policies, including the role of digitisation and automation, will shape the future of mining for years to come, claiming that 2020 was a banner year for the mining sector.

The price recovery in the second half of the fiscal year gave the industry a boost in terms of performance and financial metrics. Mining companies in India have remained resilient and continue to operate, while also assisting the government in addressing the health pandemic in their areas of operation.

PwC India mining and metals leader Yogesh Daruka said the industry needs to invest for the future by exploring and leveraging operational technology initiatives, improving productivity and efficiency, and engaging with stakeholders for shared prosperity.

PwC India reported that during the peak of the Covid-19 crisis, mining companies with higher environmental, social, and governance (ESG) ratings outperformed the broader market, delivering a 34 % average total shareholder return over the past three years, ten percentage points higher than the general market index.

The audit firm stated in a statement the figures come from PwC's 18th annual review of the top 40 mining companies, Mine 2021, which looks at global trends in the industry. The demand for minerals used in clean energy technologies is expected to increase six-fold in the next 20 years.

Sambitosh Mohapatra, leader - ESG, energy utilities and resources, PwC India, said a strong financial outlook provides a unique opportunity for these companies to rethink their existing purpose and reimagine the future, strategy and set out a bold ambition as they reconfigure their business models for long-term sustainable value.

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Also read: India recorded a 30% surge in coal imports in April

Also read: Coal India’s fuel allocation via spot e-auction surges 43% in FY21

According to a report by PwC India, mining is one of the few industries that has recovered financially and operationally from the worst of the Covid-19 pandemic economic crisis. The audit firm said that the decisions made today about workplace policies, including the role of digitisation and automation, will shape the future of mining for years to come, claiming that 2020 was a banner year for the mining sector. The price recovery in the second half of the fiscal year gave the industry a boost in terms of performance and financial metrics. Mining companies in India have remained resilient and continue to operate, while also assisting the government in addressing the health pandemic in their areas of operation. PwC India mining and metals leader Yogesh Daruka said the industry needs to invest for the future by exploring and leveraging operational technology initiatives, improving productivity and efficiency, and engaging with stakeholders for shared prosperity. PwC India reported that during the peak of the Covid-19 crisis, mining companies with higher environmental, social, and governance (ESG) ratings outperformed the broader market, delivering a 34 % average total shareholder return over the past three years, ten percentage points higher than the general market index. The audit firm stated in a statement the figures come from PwC's 18th annual review of the top 40 mining companies, Mine 2021, which looks at global trends in the industry. The demand for minerals used in clean energy technologies is expected to increase six-fold in the next 20 years. Sambitosh Mohapatra, leader - ESG, energy utilities and resources, PwC India, said a strong financial outlook provides a unique opportunity for these companies to rethink their existing purpose and reimagine the future, strategy and set out a bold ambition as they reconfigure their business models for long-term sustainable value. Image Source Also read: India recorded a 30% surge in coal imports in April Also read: Coal India’s fuel allocation via spot e-auction surges 43% in FY21

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