MINING.COM’s ranking of the world’s 50 largest mining companies based on market value shows a beleaguered industry at the end of the first quarter 2020 despite a resurgent gold price and robust precious metals M&A activity.
At the end of 2019, the MINING.COM TOP 50 had a combined market value within shouting distance of $1 trillion after adding nearly $160 billion in market capitalization over the course of the year. Three months into 2020, and $282 billion has been wiped from the sector as the covid-19 pandemic sweeps the world.
During this quarter the top 10 alone lost a combined $170bn in market value despite Newmont and Barrick holding steady on the back of a surging gold price. Among the big caps, Glencore’s bad run continues and the Swiss giant, with a 50% drop in market value, is now ranked the world’s ninth most valuable mining company – little over two years ago its top three spot seemed secure. Another prominent European name, Polish copper company KGHM, dropped out of the Top 50 altogether.
Russia’s largest gold producer, Polyus, was the quarter’s best performer and the only company with double-digit gains in dollar terms (it was up 50% in Moscow). St Petersburg-based Polymetal jumped 13 positions in the ranking and despite losing $7 billion potash giant Uralkali, Russian firms combined value climbed on a relative basis during the quarter, now constituting nearly 10% of the ranking.
Evolution Mining’s entry at no. 43 brings the number of Australian miners in the top 50 to six, while another newcomer from the gold sector, China’s Zhaojin Mining, increases the country’s tally to eight companies with a combined value of $56.5 billion.
Canada’s B2Gold became a Top 50 company for the first time, edging out top uranium miner Cameco for the final spot and bringing the number of gold companies in the ranking to 20. Combined, primary gold producers are worth $164 billion.
India’s majors also continue to struggle with industrial metals focused Vedanta dropping a whopping 16 places to no. 49 with a market value of $3.2 billion, joining Hyderabad’s NMDC at the bottom of the ranking. Vedanta has been on a wild ride, peaking at no. 12 in with a value north of $18 billion. The world’s largest coal producer, India Coal, was the world’s fourth most valuable mining company in 2016, but today languishes in the mid-tier.
Fonte: MINING.COM
