As the global economy slows, miners are expected to take a major hit.
The world's biggest - BHP Group - warned of just that, after it reported a 4 percent drop in annual profit, missing analyst forecasts.
It said it expects most major world economies except China to bear the brunt of the downturn.
BHP said miners have seen green shoots emerge from an economic pickup in the world's top metals user, China.
As well as a boost in infrastructure spending.
The warning came as BHP reported underlying profit for the year ending June 30th of just over $9 billion - below estimates of $9.42 billion.
The company's CEO said fresh waves of infections in key markets were weighing on the demand outlook for 2021.
Shares fell by as much as 2% before trimming some losses.
The profit miss was in contrast to rival Rio Tinto , which last month rode its iron ore-rich portfolio to beat profit estimates.
BHP also announced asset divestments and executive leadership changes.
They will see top management evenly split by gender.