Capital expenditure (CapEx) by the world’s top 20 mining companies increased from $73.6bn in 2024 to $79.4bn in 2025 and is estimated to rise further to $82.4bn in 2026, representing a 3.8% year-on-year increase. The two largest spenders are expected to be Rio Tinto and BHP, each planning to invest $11bn this year.

Rio Tinto is projected to spend $11bn in 2026, a 3.5% decrease from the previous year, due to a reduction in growth capital, normalised sustaining capital, and the completion of major projects such as the Oyu Tolgoi copper project ($7.06bn in partnership with Government of Mongolia) and the Simandou iron-ore project (Rio Tinto's share: $6.2bn). This CapEx normalisation also reflects enhanced cost discipline, including the cancellation of non-core studies and programs. This significant investment is strategically directed towards developing critical minerals such as copper, lithium, and aluminium to meet future demand.

This is followed by BHP, which plans a substantial increase in its capital expenditure from $9.4bn in FY25 to $11bn in FY26. These funds are earmarked for strategic enhancements in productivity, asset decarbonisation, and project development across copper, iron ore, and potash. Most of this capital will specifically support the expansion of its Jansen Potash (Stages 1 and 2), Copper South Australia, and Pilbara projects.

A few other companies are also projecting significant increases. Teck Resources anticipates the largest proportional annual increase of 74.1%, driven by the rise in growth capital for copper projects, especially the ongoing tailings management facility works at the Quebrada Blanca (QB) operations ($390m-$460m), along with the mine life extension for the Highland Valley Copper (HVC) ($900m - $1.2bn).

Concurrently, Barrick Gold expects a notable rise to $4.2bn in 2026 (from $3.0bn in 2025) driven by the steady advancement of the Lumwana Super Pit Expansion project, while Kinross Gold is forecasting a capital expenditure increase from $1.2bn in 2025 to $1.5bn in 2026, focusing primarily on its long-term production profile.

Similarly, ArcelorMittal plans to allocate between $4.5bn to $5bn in capital expenditure, strategically pivoting its production to supply the specialised steel required for high-growth "future economy" sectors such as clean energy, data centres, and electric mobility.

Meanwhile, Newmont is allocating $3.35bn across its portfolio, with a portion directed towards extending the mine life of the Lihir and Cerro Negro, through infrastructure upgrades, while the remainder of the funding supports high-profit expansions at the Tanami and Cadia.

This commitment to foundational stability is further mirrored by Mosaic, which is increasing its CapEx to $1.5bn in 2026 (from $1.36bn in 2025), to manage peak spending in critical infrastructure, specifically within its clay and gypsum management sectors.

Several other major miners are also increasing expenditures to support growth projects and strategic initiatives. Coal India plans to raise its capital expenditure to $1.8bn, and Vale and Fortescue are also expected to increase spending.

"Top 20 miners’ CapEx to grow by 3.8% in 2026" was originally created and published by Mining Technology, a GlobalData owned brand.

 

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