20 Most Valuable Mining Companies in the World
This article will list the top global mining companies and their current dynamics. If you want to skip our overview of the recent development in the mining sector, read 5 Most Valuable Mining Companies in the World.
According to the Business Research Company, the global mining industry was valued at $2.14 trillion in 2023, an increase from $2.02 trillion in 2022, with a compound annual growth rate (CAGR) of 6.1%. As the world shifts towards clean energy and alternatives to fossil fuels, the demand for minerals such as lithium, copper, and cobalt has surged.
For example, lithium is a critical element in lithium-ion batteries, favored for their high energy density and long lifespan. The global push for EV adoption to reduce carbon emissions has made lithium the new white gold. As the International Energy Agency reports, the need for lithium, especially for electric vehicles (EVs) and battery storage, is expected to surge over 40 times from 2020 to 2040. Likewise, cobalt, another key ingredient in lithium-ion batteries, is sought after for its ability to enhance battery durability and capacity.
Also Read: Lithium Stocks List: 16 Biggest Lithium Stocks
In response to these changing market dynamics,mining companies are intensifying their investment in operations focused on extracting minerals and metals critical for building construction, electronics manufacturing, and developing renewable energy sources, including solar panels. The companies help ensure we have enough of these important resources by maintaining a stable supply chain.
However, it is important to note that the world's leading mining companies' developmental impact is overshadowed by issues like low wages and worker exploitation. For instance, Amnesty International has reported that the expansion of industrial-scale copper-cobalt mines in the Democratic Republic of Congo has led to the forced eviction of entire communities. Notably, the DRC leads the top cobalt-producing countries and caters to 68% of the global demand. With cobalt demand projected to exceed 222,000 tons by 2025, serious allegations like human rights violations could hinder mining companies from achieving their objectives.
It is a tough balance between helping development and protecting the environment. Consequently, most mining companies find themselves at the center of a significant debate on how to achieve economic growth while also caring for the planet and its people.
Also Read: Top 20 Gold Mining Companies in the World
Glencore Taking Over Teck Resources' Steelmaking Coal Division
On November 14, 2023, Glencore plc (LSE:GLEN) announced its definitive agreement with Teck Resources Limited (NYSE:TECK) to acquire shares in Teck's steelmaking coal operation. Following the agreement, Glencore will hold a 77% stake in Teck's Elk Valley Resources (EVR) steelmaking coal division. The acquisition, valued at US$6.93 billion, is structured on a cash-free, debt-free basis and considers a standardized level of working capital.
In the same development, Teck Resources Limited has reached an arrangement with Japan's Nippon Steel Corporation (NSC). Under this agreement, NSC's existing 2.5% interest in the Elkview Operations will be converted into equity shares in EVR. Furthermore, NSC will purchase additional equity from Teck, resulting in NSC owning a 20% equity interest in EVR upon the deal's completion.
Additionally, South Korea's POSCO has informed Teck of its decision to exchange its current holdings — a 2.5% interest in Elkview Operations and a 20% stake in two entities' Greenhills joint venture — for a 3% interest in EVR. This series of transactions marks a significant reshaping of ownership and interests in this vital segment of the steelmaking coal industry. EVR's steelmaking coal production was 21.5 metric tons in 2022, and its production this year stands at 17.3 metric tons as of September 30, 2023. Glencore believes that the Elk Valley coal division will provide significant employment and help meet the increasing demand for steelmaking coal.
Jonathan Price, President and CEO, Teck said:
"This transaction will be a catalyst to re-focus Teck as a Canadian-based critical minerals champion with an extensive portfolio of copper growth projects, unlocking the full value potential of the company."
Moreover, following the deal, Glencore's CEO, Gary Nagle, said:
"We are pleased to have reached an agreement to acquire Teck's steelmaking coal operations in the Elk Valley. These world-class assets and the experienced people that operate them are expected to meaningfully complement our existing thermal and steelmaking coal production located in Australia, Colombia, and South Africa."
Let's now steer toward the most valuable mining companies in the world!
20 Most Valuable Mining Companies in the World
Our Methodology
We shortlisted the world's top mining companies based on their market capitalization at the time this article was written. These companies were then ranked in ascending order according to their market cap.
As per our findings, here are the largest mining companies by market cap:
20. Hindalco Industries Limited (NSE:HINDALCO)
Market Capitalization: $12.5 billion (1 INR = 0.012 USD)
India is among the top aluminum-producing countries, and Hindalco Industries Limited is the country's biggest aluminum company. The company exhibited a stable financial performance in the second quarter of the fiscal year 2023-2024. Its consolidated EBITDA reached $7.3 billion, a 6% annual increase, and maintained consistency with the previous quarter. Net profit was $260 million, steady year-over-year but reflecting an 11% decrease from the prior quarter, mainly due to accounting changes.
Notably, the Copper Business of Hindalco achieved a record quarterly EBITDA of $78 million, up 23% from the previous quarter, driven by high metal shipments. Increased infrastructure spending in the country, in anticipation of the upcoming general elections, is beneficial for companies like Hindalco Industries.
Also Read: Aluminum Consumption By Country: Top 15
19. CMOC Group Limited (SS:603993)
Market Capitalization: $14.8 billion (1 CNY = 0.14 USD)
Headquartered in Luoyang, Henan, China, CMOC Group Limited is among the biggest mining companies in the world, specializing in mining, processing, and smelting. The company also deals with deep processing non-ferrous metals such as molybdenum, tungsten, and copper. A significant asset of the company is the Tenke Fungurume Mine in the Democratic Republic of Congo, one of the largest known copper and cobalt reserves in the world.
Its noteworthy that CMOC Group Limited faced a payment loyalty conflict with Tenke Fungurume Mine in early 2022, leading to export bans. As a major global supplier, accounting for nearly 15% of the world's output, this dispute threatened the global supply chain. The issue was resolved with CMOC agreeing to pay approximately $800 million to its DRC partner, Gécamines, and committing to at least $1.2 billion in dividends to settle the dispute.
Also Read: 11 Largest Tungsten Producing Countries
18. Hindustan Zinc Limited (NSE:HINDZINC)
Market Capitalization: $15.3 billion (1 INR = 0.012 USD)
A subsidiary of Vedanta Limited, Hindustan Zinc Limited (HZL), located in Udaipur, Rajasthan, is India's sole zinc-lead-silver producer. It operates five major mines in Rajasthan: Rampura Agucha, Sindesar Khurd, Rajpura Dariba, Zawar, and Kayad. HZL's mined metal production in the year's first half totaled 509 kilotons, including 394kt of zinc and 107kt of lead, among other metals. Total sales for HZL in the first half of this fiscal year amounted to $1.69 billion, a 21% decrease from the $2.1 billion earned in the same period last year.
17. Teck Resources Limited (NYSE:TECK)
Market Capitalization: $18.371 billion
Teck Resources Limited (NYSE:TECK), a Canadian mining company, operates mainly in North and South America, focusing on copper, zinc, steelmaking coal, and energy. In the third quarter of 2023, Teck's adjusted EBITDA was $1.2 billion, bolstered by strong copper and steelmaking coal prices, along with increased base metals sales.
16. Wheaton Precious Metals Corp (NYSE:WPM)
Market Capitalization: $19.47 billion
Wheaton Precious Metals (NYSE:WPM), headquartered in Vancouver, Canada, is among the most valuable mining companies in the world. Its key mining operations include Salobo in Brazil, Antamina in Peru, and Penasquito in Mexico. In the third quarter of 2023, the company reported a robust financial performance with revenues of $223 million, comprising 65% from gold, 32% from silver, 2% from palladium, and 1% from cobalt. The operating cash flow for the quarter was a substantial $171 million, and net earnings totaled $116 million. Wheaton Precious Metals (NYSE:WPM) produced 4.83 gold equivalent tons during the quarter, a 1.2% increase compared to Q3 2022.
15. Franco-Nevada Corporation (NYSE:FNV)
Market Capitalization: $22.93 billion
Franco-Nevada Corporation (NYSE:FNV) is a Canada-based company specializing in gold-focused royalty and streaming. It provides capital to miners in exchange for a portion of future production or revenue from their mines. The company owns 419 assets across gold, silver, copper, and other commodities, with 132 currently producing. In Q3 2023, its gold equivalent sales were 5.02 tons, a 9% decline compared to Q3 2022. Year-to-date gold output stands at 14.83 tons, down 13% from the same period in 2022. Additionally, Franco-Nevada Corporation (NYSE:FNV) generated $236 million in operating cash flow and $309 million in revenue during the quarter.
14. Agnico Eagle Mines (NYSE:AEM)
Market Capitalization: $23.34 billion
Established in 1957, Agnico Eagle Mines Limited (NYSE:AEM) is one of the major mining companies by market cap. It is based in Toronto, Canada, with operations in Canada, Finland, and Mexico. In the third quarter of 2023, the company reported a substantial gold output of 26.57 tons, achieved at a cost of $893 per ounce and a total all-in-sustaining cost (AISC) of $1,210 per ounce. This quarter's success was largely due to the robust performance of its Canadian Malartic and Meadowbank complexes, as well as the Kittila mine.
These gains helped offset the lower production levels at the Detour Lake and Fosterville sites. Despite these challenges, Agnico Eagle Mines (NYSE:AEM) is performing in line with its annual goals and is expected to exceed the midpoint of its 2023 production targets. The company maintains its forecast for total gold production for the year, which is expected to be between 101.25 and 107.5 tons. Additionally, the AISC per ounce for the year is anticipated to remain within $1,140 to $1,190, highlighting the company's efficiency in managing production costs while increasing output.
13. Posco Holdings Inc (NYSE:PKX)
Market Capitalization: $26.24 billion
Posco Holdings Inc (NYSE:PKX), formerly known as Pohang Iron and Steel Company, is a South Korean multinational conglomerate primarily engaged in steel production. Posco operates two world-class steel mills in Pohang and Gwangyang, which rank among the world's largest in terms of capacity. According to the company's Q3 2023 earnings report, revenue and operating profit decreased 9% and 7%, respectively, attributed to a slower-than-expected economic recovery.
Moreover, Reuters has reported that a consortium led by Posco Holdings (NYSE:PKX) is planning to invest in EnergyX, a lithium technology startup. This venture represents a strategic move by the company to explore more efficient methods of producing lithium, a critical component in the green energy transition. The successful implementation of EnergyX's technology could potentially enable the production of the battery metal at a faster and more cost-effective rate compared to existing methods.
12. Barrick Gold Corporation (NYSE:GOLD)
Market Capitalization: $26.719 billion
Barrick Gold Corporation (NYSE:GOLD) is one of the world's largest gold mining companies, headquartered in Toronto, Canada. In Q3 2023, the company's net earnings were $368 million, and its gold production increased to 32.4 tons, up from 31.5 tons in Q3 2022. Additionally, Barrick Gold Corporation recently acquired 7 million warrants to purchase additional shares in Hercules Silver Corp. (TSXV:BIG) on November 10, 2023, for about $4.76 million. Before this acquisition, Barrick Gold (NYSE:GOLD) already owned approximately 26.56 million shares and 6.8 million warrants of Hercules.
This ownership constituted about 12.33% of Hercules' total shares, excluding potential new shares, and 15.02% including them. Following the latest purchase, Barrick now holds around 33.56 million shares and an unchanged amount of warrants, representing about 15.09% of Hercules' total shares without new ones and 17.61% with them.
11. Grupo Mexico SAB de CV (MX:GMEXICOB)
Market Capitalization: $32.3 billion (1 MXN = 0.057 USD)
Grupo México SAB de CV is one of the largest mining companies in the world. It specializes in extracting and processing metals and minerals, primarily focusing on copper. The company operates several significant projects in Mexico, Peru, and the US, including the Buenavista del Cobre, one of the world's largest copper mines. Grupo México's mining division, GMexico Minería, also produces silver, gold, zinc, and lead. In Q3 2023, Grupo México reported revenues of $10.96 billion, marking a 17.1% increase from the third quarter of 2022.
10. Anglo American plc (LSE:AAL)
Market Capitalization: $35.4 billion ( 1 GBP = 1.22 USD)
Anglo American plc is a multinational mining corporation based in London. It primarily engages in diamond extraction through its subsidiary, De Beers, the leading diamond company globally. The company also extensively mines copper, platinum group metals (PGMs), iron ore, coal, and nickel. Notable operations include the Minas-Rio iron ore mine in Brazil, the Los Bronces and Collahuasi copper mines in Chile, and the Mogalakwena and Amandelbult PGM mines in South Africa.
In the third quarter of 2023, Anglo American plc saw a 42% increase in copper production from the previous year, primarily due to higher output from the Quellaveco mine in Peru. The company's Platinum Group Metals production remained stable despite mining in a lower-grade area at the Mogalakwena mine, while its iron ore production decreased by 4% due to scheduled maintenance at the Minas-Rio plant.
9. Saudi Arabian Mining Co (SR:1211)
Market Capitalization: $36.9 billion (1 SAR = 0.27 USD)
Saudi Arabian Mining Co, commonly known as Ma'aden, is a state-owned enterprise and a significant contributor to Saudi Arabia's mining sector. Its operations focus on exploring and extracting gold, phosphate, aluminum, and industrial minerals. Key projects include the Mahd Ad Dahab and Bulghah gold mines and the Al Jalamid phosphate mine. Ma'aden also has a stake in aluminum production through its subsidiary, Ma'aden Aluminium, which operates the Ras Al Khair Aluminum Smelter, one of the world's largest integrated aluminum production complexes.
8. Newmont Corporation (NYSE:NEM)
Market Capitalization: $39.41 billion
Headquartered in Denver, Colorado, Newmont Corporation (NYSE:NEM) is one of the top mining companies with operations in North America, South America, Australia, and Africa. While primarily focusing on gold, the company also mines copper, silver, zinc, and lead. Prominent mines include the Boddington mine in Australia, the country's largest gold-producing site, and the Yanacocha mine in Peru, one of South America's largest gold mines. Newmont Corporation (NYSE:NEM) recently acquired Australia-based Newcrest Mining, adding five producing mines and two development projects to its portfolio.
7. Zijin Mining Group Limited (SS:601899)
Market Capitalization: $42 billion (1 CNY = 0.14 USD)
Zijin Mining Group Limited, a Chinese mining company, is recognized for its significant operations in gold, copper, and non-ferrous metals. Its portfolio features the Zijinshan Gold & Copper Mine, one of China's largest gold mines. Additionally, the company operates the Kolwezi copper mine in the Democratic Republic of the Congo and the Porgera gold mine in Papua New Guinea. Between January and September 2023, Zijin Mining Group produced 55.2 tons of gold.
6. Freeport-McMoRan Inc (NYSE:FCX)
Market Capitalization: $48.296 billion
Based in Phoenix, Arizona, Freeport-McMoRan Inc (NYSE:FCX) specializes in mining copper, gold, and molybdenum. Its primary operation is the Grasberg mine in Indonesia, one of the largest copper and gold mines globally. In North America, the company operates several significant mines, including the Morenci mine in Arizona, which hosts one of the largest copper reserves in the United States. In the third quarter of 2023, Freeport-McMoRan (NYSE:FCX) produced 1.1 billion pounds of copper, 16.62 tons of gold, and 20 million pounds of molybdenum. The company's revenue for this period was $5.842 billion, showing growth compared to its $5.003 billion revenue in the third quarter of 2022.
Also Read: 20 Countries With The Largest Copper Reserves In The World
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Disclosure: None. 20 Most Valuable Mining Companies in the World is originally published at Insider Monkey.
