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26 largest mining companies by market capitalization: Key players in global resource extraction

Mining corporations, with significant market capitalization, significantly influence the economic landscape of the mining industry, driving economic growth and contributing to various industries.

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The 26 largest mining companies by market capitalization are listed in this article. To bypass our summary of the mining industry, proceed to the list of the top five mining companies based on market capitalization.

The ability of mining corporations to supply the world’s insatiable need for minerals and metals is a defining factor in the dynamic field of global resource extraction. This article examines the 26 biggest mining corporations by market capitalization as it digs into the industry’s financial strata. These corporations hold significant sway over not only the mining industry but also wider economic patterns and sustainability endeavors, serving as vital contributors and economic drivers to a multitude of industries.

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The mining industry has shown tenacity and adaptation in the face of geopolitical and market uncertainty, with large enterprises exhibiting impressive stability in the face of difficulties. The Business Research Company claims that 2023 was a rollercoaster year for the industry as businesses negotiated unstable times and saw gains and losses in what seemed like a matter of days.

The mining industry is expected to grow in spite of this volatility, indicating a strong trend. Forecasts suggest a consistent rise, as the market is anticipated to develop at a compound annual growth rate of 6.5%, from $2138.73 billion in 2023 to $2276.8 billion in 2024. It is projected that the mining industry will continue to grow, with a compound annual growth rate of 5.5% reaching $2825.81 billion in 2028. This indicates the industry’s durability and potential for expansion.

The demand for vital minerals like lithium, copper, and cobalt has significantly increased as the world moves away from conventional fossil fuels and toward renewable energy. These minerals are now essential parts of the renewable energy industry, especially when it comes to making lithium-ion batteries. Since lithium has a high energy density and a long lifespan in these batteries, it is frequently referred to as the “new white gold.” The need to cut carbon emissions has pushed people all over the world to use electric vehicles (EVs), which has elevated lithium to a prominent position.

The International Energy Agency projects that between 2020 and 2040, demand for lithium would increase more than 40 times, mostly due to the need for battery storage and EVs. Corresponding to this, cobalt—another crucial component of lithium-ion batteries—is highly valued for its capacity and durability-improving properties, highlighting the vital role these minerals play in promoting the sustainable energy transition.

Let’s now examine the 26 largest mining companies in the world by market capitalization, who are leading this sector.

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26 largest mining companies by market capitalization

26. The Mosaic Company

$9.834 billion 

One of the top manufacturers of phosphate and potash agricultural nutrients is The Mosaic Company. Mosaic Co. reported revenue of $15.03 billion for the year that ended September 30, 2023, a decrease of -18.70% from the previous year. Revenue was $3.55 billion for the quarter that ended on September 30, 2023, a reduction of -33.66% from the previous year.

25. Sociedad Química y Minera de Chile S.A.

$11.566B

Chilean Quimica and Minera Society S.A. is a manufacturer of lithium compounds, iodine, and potassium nitrate. It also produces industrial chemicals and specialized plant nutrition. Sociedad Quimica y Minera de Chile S.A. reported third-quarter 2023 earnings. Reported revenue of USD 1,840.3 million, sales of USD 1,831.2 million, and net income of USD 479.4 million. For the same period last year, the corresponding amounts were USD 2,947.9 million, USD 2,958.3 million, and USD 1,099.9 million.

24. Gold Fields Limited

$12.399B

Gold Fields Limited is a gold producer headquartered in South Africa. It has nine mines that are now in operation in Ghana, Australia, Peru, South Africa, and the Asanko joint venture. It also has two projects in Canada and Chile. Gold Fields Limited is a firm that produces roughly 2.40 million ounces (Moz) of gold equivalent annually. Its gold mineral reserves are 46.1 Moz, and its gold mineral resources (not include mineral resources) are 42.3 Moz.

23. Albemarle

$13.587B

The development, production, and marketing of chemicals for a range of industries, including consumer electronics, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food safety, and custom chemistry services, is the primary focus of Albemarle Corp., a specialty business. Lithium, Bromine Specialties, and Catalysts are the three business segments that make up the corporation. While the Bromine Specialties section concentrates on bromine and bromine-based products used in fire safety solutions and other specialist chemical applications, the Lithium segment develops and produces basic lithium compounds. Albemarle Corp. recorded $8.8 billion in revenue in 2023.

22. Cameco Corporation

$19.414B

Via its Westinghouse, Fuel Services, and Uranium divisions, Cameco Corporation provides uranium for the production of power. The uranium segment deals with uranium concentrate exploration, mining, milling, buying, and selling. For the year ending September 30, 2023, Cameco recorded sales of 2.27 billion CAD, representing a 25.37% year-over-year gain. Revenue reached 575.08 million CAD in the quarter that ended on September 30, 2023, a notable 47.96% year-over-year increase.

21. Teck Resources Limited

$19.719 billion

Copper, zinc, steelmaking coal, and energy are the main areas of concentration for Teck Resources Limited, a Canadian mining firm with operations in North and South America. Its adjusted EBITDA in Q3 2023 was $1.2 billion, driven by strong pricing for base metals and coal used in steel production, as well as strong copper prices. Sales of coal used in steelmaking, however, came in below the company’s projected amount of 5.6 to 6.0 million tonnes, totaling 5.2 million tonnes. After a disappointing Q3 result, Teck Resources highlights reorganization as a primary priority.

20. Antofagasta Plc

$20.543B

The holding firm Antofagasta Plc is involved in the transportation, water distribution, and copper mining industries. With a projected $1.2 billion investment, Chilean miner Antofagasta Plc filed for an environmental permit in 2023 to continue operating its Zaldivar copper mine through 2051. The firm wants to extend its operations by 26 years, and then it wants to close the mine in 2054.

19. Wheaton Precious Metals Corp.

$20.777B

Founded in Vancouver, Canada, Wheaton Precious Metals is one of the world’s leading mining companies. It runs important mines like Penasquito in Mexico, Antamina in Peru, and Salobo in Brazil. Wheaton Precious Metals reported $223 million in sales for the third quarter of 2023. Of that amount, 65% came from gold, 32% from silver, 2% from palladium, and 1% from cobalt. In addition, net profitability came to $116 million, operational cash flow came to $171 million, and output for the quarter came to 4.83 gold equivalent tons, up 1.2% from Q3 2022.

18. Franco-Nevada Company

$20.91 billion

Franco-Nevada Corporation, a gold-focused royalty and streaming firm established in Canada and one of the biggest mining companies by market capitalization, with a diverse portfolio of cash-flow producing assets. The Company’s business strategy limits exposure to cost inflation while giving investors flexibility over exploration and the price of gold. On November 8, Franco-Nevada Corporation released impressive third-quarter results that exceeded analyst projections. It issued a 34-cent quarterly dividend per share and reported a $175.1 million net income. In addition, revenue increased 1.7% year over year to $309.5 million for the quarter.

17. Agnico Eagle Mines Limited

$23.382B

Among the largest firms in the mining sector is Agnico Eagle Mines Limited. It is a well-known participant in the mining sector, especially in the gold mining industry. The company, which was founded in 1957, has grown to become a leader in its field and now operates in Finland, Mexico, and Canada. In the fiscal year that concluded on September 30, 2023, Agnico Eagle Mines declared $6.255 billion in sales.

This number indicates strong growth in the business’s activities, with a notable increase of 17.84% from the prior year. It is the owner of Canadian Malartic and Detour Lake, two significant mines in North America. The combined output of these mines adds about 1.2 million ounces of gold per year to the company’s production. Furthermore, the Odyssey mine in the Canadian Malartic complex is expected to grow into Canada’s biggest underground gold mine, solidifying Agnico Eagle Mines’ dominance in the industry.

16. Nutrien Ltd.

$24.287B

With its headquarters located in Saskatoon, Canada, Nutrien is one of the world’s top fertilizer companies. With more than 2,000 retail locations throughout North America, South America, and Australia, it is among the top three producers of nitrogen fertilizer and controls the majority of the world’s potash production.

Regarding financial performance, Nutrien disclosed $30.93 billion USD in sales for the full year that concluded on September 30, 2023. But this number shows a significant drop of -17.79% from the previous year. In a similar vein, the business’s revenue for the quarter that ended on September 30, 2023, was $5.63 billion USD, a significant drop of -31.23% over the same period the previous year.

In terms of business advancements, there have been talks of BHP, a significant mining corporation, possibly purchasing Nutrien. Nevertheless, it seems that these intentions have been shelved or delayed for the time being.

15. Posco Holdings Inc

$25.851 billion

A well-known South Korean corporation with a primary focus on steel manufacturing is Posco Holdings Inc, originally known as Pohang Iron and Steel Company. It runs top-notch steel mills in Gwangyang and Pohang.

Posco’s 2023 earnings almost half from the previous year, with a 48.5% decrease in net profit to 1.83 trillion won ($1.37 billion). Operating income dropped 27.2% to 3.53 trillion won, while sales plummeted 9% to 77.13 trillion won. Lower domestic and international steel prices are blamed for the drop, as is the company’s future materials division’s poor performance.

14. Anglo American plc.

$29.39 billion

Anglo American plc, a multinational mining firm headquartered in London, is a significant player in the extraction of diamonds, copper, nickel, iron ore, and platinum group metals (PGMs). The Mogalakwena and Amandelbult PGM mines in South Africa, the Los Bronces and Collahuasi copper mines in Chile, and the Minas-Rio iron ore mine in Brazil are notable enterprises.

Due to increased output at the Quellaveco mine in Peru, Anglo American claimed a 42% rise in copper production in the third quarter of 2023. The Mogalakwena mine presented mining difficulties, but Platinum Group Metals production was steady. However, because of planned maintenance at the Minas-Rio facility, iron ore production fell by 4%. The company’s global reach and varied portfolio demonstrate its tenacity in the mining sector.

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13. Barrick Gold Corporation

$26.01 billion

With a strong emphasis on production, Barrick Gold Corporation (NYSE:GOLD), a multinational gold mining business with its headquarters located in Canada, is one of the top producers of gold globally.

The business posted strong financial results in the third quarter of 2023, with net earnings of $368 million. Additionally, Barrick Gold (NYSE:GOLD) showed a rise in gold production, with 32.4 tons produced in the same quarter of 2022 as opposed to 31.5 tons in 2022.

In the fast-paced and fiercely competitive gold mining sector, Barrick Gold’s notable presence and achievements are highlighted by its steady growth in output and strong financial outcomes.

12. Newmont Corporation

$38.424 billion

With a primary concentration on gold production, Newmont Corp. is a well-known gold producer. The business is active on several continents, including Australia, Africa, South America, and North America.

According to Newmont Corp, until 2023. claimed to have brought in $11.6 billion in income and $38.4 billion in assets. This financial performance highlights Newmont’s significant involvement in the worldwide gold production industry.

11. Amman Mineral Internasional Tbk

$35.02 billion

Among the biggest mining corporations in the world is Amman Mineral International. The Indonesian business Amman Mineral International’s stock saw an incredible 269% increase in 2023 after it had its public debut in Jakarta in July. By the end of the year, the company’s market capitalization had surpassed $30 billion.

On July 7, Amman Mineral Internasional Tbk raised $714.38 million, or 10.73 trillion rupiah, through its first public offering (IPO), marking a noteworthy milestone. This IPO, which is the biggest in Indonesia this year, represents a significant financial victory for the business.

The money raised will go toward a number of initiatives, chief among them being the construction of a $980 million copper smelter. Amman Mineral International is well-positioned to progress important projects and increase its prominence in the mining and smelting industries thanks to its strategic resource allocation. (15,020.0000 rupiah = $1).

10. Grupo México SAB de CV

$38.991 billion

Grupo México SAB de CV is a prominent mining enterprise that focuses on the extraction and processing of copper, and operates in Mexico, Peru, and the United States. It owns Buenavista del Cobre, one of the biggest copper mines in the world. GMexico Minería, Grupo México’s mining division, also produces lead, zinc, gold, and silver.

The corporation recorded $10.96 billion in revenue for the third quarter of 2023, a 17.1% rise over the same time in 2022.

9. Zijin Mining Group Limited

$44.547B

Zijin Mining Group Co., Ltd. is an exploration company that focuses on the mining, smelting, and exploration of different metal mineral resources, such as zinc, copper, and gold. The commercial activities of the company include resource development and exploration, as well as stages of smelting and processing to improve the industrial chain.

Zijin Mining also conducts technology development and research, combining the strengths of mining with trade, finance, and logistics. Jing He Chen founded the business on July 15, 1986, and Longyan, China, is where its headquarters are.

With a huge revenue of $40.3 billion in 2023, Zijin Mining Group demonstrated the importance of its activities and presence in the exploration and mining sector.

8. Saudi Arabian Mining Co

$49.42 billion

Ma’aden, also referred to as the Saudi Arabian Mining Company, is a prominent state-owned company that makes a large contribution to the mining industry in Saudi Arabia. Exploration and extraction of several minerals, such as gold, phosphate, aluminum, and industrial minerals, are the main activities of Ma’aden. Its portfolio includes notable projects including the Al Jalamid phosphate mine and the gold mines in Mahd Ad Dahab and Bulghah.

With the help of its subsidiary Ma’aden Aluminium, Ma’aden expands its sphere of influence into the manufacturing of aluminum. This subsidiary is in charge of running the Ras Al Khair Aluminium Smelter, one of the biggest integrated aluminum manufacturing complexes in the world. According to a revenue pattern that shows a significant 25% yearly increase over the course of three years, Ma’aden has performed admirably financially. This growth outpaces many pre-profit enterprises by a large margin.

7. Freeport-McMoRan Inc

$54.663B

Freeport-McMoRan Inc., a company with its headquarters located in Phoenix, Arizona, is a leader in the extraction of copper, gold, and molybdenum. The Grasberg mine in Indonesia, which is widely recognized as one of the biggest copper and gold mines worldwide, serves as the foundation of its activities. Apart from its global reach, Freeport-McMoRan is the operator of other noteworthy mines in North America, including the Morenci mine located in Arizona, which is home to one of the country’s greatest copper reserves.

The corporation produced 1.1 billion pounds of copper, 16.62 tons of gold, and 20 million pounds of molybdenum in the third quarter of 2023—notable output figures. Freeport-McMoRan reported revenue of $5.842 billion for the same time, showing rise over the $5.003 billion revenue reported in the third quarter of 2022, reflecting this operational success.

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6. Fortescue Metals

$56.774B

One of the biggest mining firms in Australia, Fortescue, is well-known for concentrating on iron ore mining through its subsidiary, Fortescue Metals Group. The corporation had significant sales of US$16.9 billion for the fiscal year 2023, along with a profit margin of 28%, a decrease from 36% in the prior fiscal year. The main cause of this decline in profit margin was the high costs that were incurred at that time.

Iron ore exports reached 48.7 million metric tons in the quarter that ended on December 31, according to earlier figures from Fortescue. This contributed to a first-half total of 94.6 million tons, which is the second-highest amount ever recorded. Fortescue also revised its estimate for fiscal 2024 shipments related to the Iron Bridge magnetite project. The business discovered that a high-pressure water conduit needed to be fixed, adding an estimated $100 million to the overall cost. Despite these difficulties, Fortescue manages to navigate the operational intricacies and makes a considerable contribution to the iron ore market, maintaining its position as a major participant in the global mining industry.

5. Vale S.A.

$57.256 billion

Along with BHP and Rio Tinto, Vale is one of the largest diversified mining corporations in the world and the second-largest supplier of iron ore. Its bulk materials segment is the primary driver of its profitability. Iron ore and iron ore pellets have a significant impact on the division’s financial performance, with coal and manganese serving as stand-ins for iron ore. Despite being very small, the basic metals section includes nickel smelters and mines, with copper making up a small portion of the total.

In December, Vale, a major player in the Brazilian mining sector, hit a significant milestone by producing the most iron ore per month since 2018. Additionally, the strong results the copper output showed for the quarter demonstrated the company’s operational strength.

Iron ore production reached 89.4 million tonnes (mt) in the fourth quarter of 2023, a remarkable 11% rise over the same time in 2022. In addition, the actual production of 321.2 million tons of iron ore in 2023 exceeded the company’s initial projection of 315 million tons.

4. Glencore plc

$61.139B

Glencore plc is a prominent multinational corporation that is Swiss-British that is involved in commodity trading and mining operations in over 35 countries. Glencore, a well-known manufacturer and marketer of more than 90 commodities, is a mining company that engages in the production of coal, oil, zinc, copper, and nickel. Its metallurgical and mining activities are positioned advantageously in South America, Australia, Africa, and Kazakhstan, among other important regions. For $475 million, Glencore successfully completed the acquisition of Pan American Silver Corp (NYSE: PAAS)’s 56.2% stake in the MARA Project in July 2023.

The Swiss mining and trading giant revealed intentions to combine its current coal holdings with Teck’s steelmaking coal business at the end of 2023. The merged unit would then be spun off within two years of the transaction being completed. Glencore is purchasing a 77% share in Teck’s coal business, a vital supplier to the steel industry, for $6.9 billion in cash. South Korea’s Posco and Japan’s Nippon Steel will split the remaining stake.

3. Southern Copper Corporation

$62.576 billion

Phoenix, Arizona is home to the headquarters of Southern Copper Corporation, a well-known integrated copper producer with a global presence. Major mining and smelting facilities are strategically operated by the business in copper-rich nations like Peru and Mexico. Notable mines operated by Southern Copper are the Buenavista mine in Mexico and the Cuajone and Toquepala mines in Peru.

The corporation reported $619.5 million in net income during the third quarter of 2023, a significant 19.4% rise over the same period in 2022. Southern Copper Corp produced 226,120 tons of copper throughout this time.

Surprisingly, shares in Southern Copper have risen significantly, increasing by more than 64% in the last year. Being one of the two main copper companies to increase revenue in the most recent quarter, the company’s remarkable achievement stands out in the industry. The strong financials and operational accomplishments of Southern Copper highlight its adaptability and efficiency in negotiating the ever-changing copper market.

2. Rio Tinto

$110.202B

Renowned for its substantial position as a major producer of commodities such as iron ore, copper, diamonds, gold, and uranium, Rio Tinto Group (NYSE: RIO) is a worldwide corporation with its headquarters located in Australia and Britain. The Oyu Tolgoi copper mine in Mongolia and the Pilbara iron ore project in Australia are two of its principal businesses. The company also has sole ownership of the Diavik Diamond Mine in Canada’s Northwest Territories.

In a recent report, Rio Tinto said that the Diavik mine produced more diamonds than it did in the previous quarter, with an estimated 970,000 carats produced in the second quarter of 2023, up from 954,000 carats.

1. BHP Group

$153.288B

Melbourne, Victoria, Australia is home to the corporate headquarters of BHP Group Limited, a well-known Australian multinational mining and metals business that was originally known as BHP Billiton. Significantly, BHP Group became the largest mining corporation in the world by 2017. Its sizable market capitalization made this possible. In addition, BHP was the third-largest firm in Melbourne’s economy based on revenue at the same time, demonstrating the corporation’s significant economic influence in the area.

To satisfy the demands of its steelmaking clientele, BHP has carefully focused its portfolio on essential components like iron ore and premium metallurgical coal. The corporation also emphasizes the importance of nickel, which is needed to make electric automobiles, potash, which helps with more sustainable and efficient land usage and food production, and copper, which is necessary for electrification. This strategic approach is a prime example of BHP’s commitment to aligning its operations with shifting market demands and sustainability imperatives.

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