"EBITDA and prices are decreasing as business and macroeconomic conditions weaken. They will remain higher than in pre-pandemic years but below the record-high levels seen in early 2022," Moody's senior vice president Barbara Mattos said.

The slowing economic growth across the globe is reducing the demand for metals and mining commodities, Moody's said. 

Energy and raw materials costs remain high, particularly in Europe, which will also reduce producers' margins and earnings of producers of base metals. 

Copper miners face earnings before interest, taxes, depreciation, and amortization (EBITDA) declines due to lower production volumes, lower prices and higher input costs. 

For precious metals, Moody's noted that gold and silver prices are both declining due to higher interest rates and a stronger US dollar. 

"Unlike other metals, market sentiment rather than fundamentals such as supply and demand, influences pricing in this industry creating a drop in producers' revenues," it said.

Global miners are tackling a mix of lower metals prices, mine input inflation, supply chain disruptions and rising capital costs.

Copper prices on September 23 fell to their lowest level in almost two months because of a strong dollar and concerns that metals demand will be hit by a sharp downturn in the global economy.