普华永道：2026全球矿业年度报告-从愿景到行动（英文版）

1. Profitability recoversThe aggregate EBITDA margin for the top 40 increased to 27% in 2025 from 23%the previous year. Net profit margins rose to 13%from 11% over the same time period.Gold producers recorded an aggregate EBITDA margin of approximately 71%. Aggregate EBITDA for the gold subsector rose by US$22 billion, representing the year’s single largest commodity-level earnings improvement. Copper companies’aggregate EBITDA grew 80% to US$13 .3 billion from US$7 .4 billion in 2024. By con