RIO News & Analysis

Top 20 Miners' CapEx to Increase 3.8% in 2026 to $82.4bn

Capital expenditure (CapEx) by the world's top 20 mining companies increased from $73.6bn in 2024 to $79.4bn in 2025, with an estimated rise to $82.4bn in 2026, reflecting a 3.8% year-on-year increase. Rio Tinto (RIO) and BHP (BHP) are the largest spenders, each planning to invest $11bn in 2026. Teck Resources anticipates a 74.1% increase in spending, particularly for copper projects, while Barrick Gold plans to raise its CapEx to $4.2bn in 2026, up from $3.0bn in 2025. This overall investment focus aims to support critical minerals and future economic sectors, impacting market dynamics in commodities.