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Monster rally adds $250 billion to global top 50 mining companies

Mon July 06 2020

 

MINING.COM’s ranking of the world’s 50 largest mining companies based on market value shows an industry clawing back most of the covid-19 related losses by the end of the second quarter.

 

The Top 50 most valuable mining companies added $249.5 billion in market capitalization over the three months to end June, thanks to surging gold and silver prices, iron ore prices in triple digits, and a late recovery in the copper market.

 

Mining’s majors looked poised to join the trillion dollar club at the beginning of the year but the pandemic torpedoed the early stages of a cyclical upswing for the industry at the end of last year.

 

The MINING.COM TOP 50 had a combined market value of $957 billion at the end of June, still more than $30 billion below this year’s opening levels.

 

Not surprisingly, precious metals companies stormed the rankings during the first half of 2020 with primary gold producers in the ranking adding $70 billion in market value this year.

 

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Newmont and Barrick now look entrenched in the top five as diversified giants Glencore and Anglo American’s bad runs continue.

 

The integrated Swiss trader and mining giant now sits at no. 10 after a 34% year-to-date market value drop in USD terms – three years ago it’s top 3 spot seemed secure. London-listed Anglo falls 3 spaces to no. 9 with its market cap decline compounded by a depreciating pound sterling.

 

Another prominent European name, Polish copper company KGHM, is edged out to no. 51 by 2020 gold newcomers, B2Gold, Yamana and Evolution Mining.

 

Fertilizer companies are having a tough 2020, as potash producer Nutrien leaves the top 10 and Mosaic just holds on at no. 49 thanks to a 44% and 33% market value plunge.

 

Israel Chemicals drops out of the ranking altogether, thinning out the sector’s presence further, following the delisting of Uralkali last year.

 

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With the worst of the price falls of the battery raw material behind it, top lithium producer SQM manages to climb the ranking while a Q2 rally in the shares of Tianqi sees the Chinese company hold onto the final spot after making it as high as no. 32 three years ago.

 

Another former Chinese battery metals highflyer – China Molybdenum – is down five positions this year to no. 33 after briefly cracking the top 10 at the end of 2017.

 

The world’s largest uranium producers – Cameco and Kazatomprom – once again fail to make the top 50 despite the long-awaited rally in the nuclear fuel.

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Source: https://www.mining.com