Mining Capital Expenditure Tracker: Q4 2025 Industry Update

Capex by the top 20 mining producers reached roughly $79 billion in 2025, up from about $74 billion in 2024, with copper and gold spending growing at close to double the industry average. Growth capital is concentrated in a narrow set of sanctioned projects, while sustaining intensity has normalized after the post-pandemic inflation surge. The defining tension entering 2026 is between funding energy-transition copper supply, where capital intensity for new projects has climbed toward $22,000 per tonne of annual capacity, and returning cash through buybacks and progressive dividends. The report sets out where spending landed in the fourth quarter, which projects crossed final investment decision, and how allocation has shifted across the majors.