Miners’ profits face an unusual foe: extreme weather

Heavy rainfalls, withering droughts and other extreme weather patterns across the globe are denting miners’ profits and crimping supply of iron ore, copper and other widely-used minerals as climate change roils yet another industry.

Lundin cut its 2022 copper production forecast after heavy rains dented production at its Chapada mine in Brazil, a facility that as recently as 2019 was contending with drought. Rio Tinto Ltd’s iron ore shipments from Australia’s Pilbara region fell 2% in the first half of the year compared with the same period in 2021, partly due to “significantly higher than average rainfall in May.”

“When markets are tight, these things just become a lot more material … but there is not a lot you can do,” analyst Ben Davis at broker Liberum said. Sibanye Stillwater Ltd shuttered its Montana platinum mines last month after mountain snow rapidly melted amid unusually warm weather, causing runoff that took out several key roads and bridges.

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