Cutifani warns mining sector’s failure to innovate opens door to takeovers

AI desk brief

Former Anglo American CEO Mark Cutifani warned that mining companies risk takeover if they fail to innovate fast enough to cope with deeper deposits, long permitting timelines and poor resource replacement. He said mines are becoming about 40 metres deeper each year and that new projects can take up to 20 years to permit, leaving the industry struggling to replace what it extracts.

For gold miners, the message is a longer-term supply constraint argument: Cutifani said fewer than 30% of projects are designed or operated at full potential, and he urged developers to plan for worst-case pricing scenarios while preserving upside. His remarks land as Northern Star ramps up KCGM, faces activist pressure and takeover interest, and weighs a mid-2027 FID on the 13.2Moz Hemi project.