23/11/2023
The top 50 biggest mining companies in the world: Amid a wider slump ranking of world’s biggest were lit up by newcomer Amman Minerals which now sits just outside the top 10 after minting at least six new billionaires since its July IPO.
At the end of Q1 2022, the MINING COM TOP 50* ranking of the world’s biggest miners hit an all-time record of a collective $1.75 trillion as spent time above $10,000 a tonne, real trades were being made above $40,000, shipped for over $60,000 and everything from and to and were rallying hard.
Uranium prices have doubled since then to above $60 a pound, tin is also trading higher although well below its March 2022 peak while gold’s recent safe haven rally means the is also trading higher compared to March 2021.
, where the top diversified mining companies dig for most of their profits, has also held up remarkably well at $120 a tonne this week, little changed from end-June.
Base and battery metals however have entered a deep slump since those heady days. Copper, and aluminium are firmly in bear market territory down by a fifth a more, nickel and investors are nursing 40%+ losses, is nearing record lows and lithium prices are hovering above $20,000.
After defying weakness on metals markets due to high expectations of strong future demand, particularly for copper, lithium and nickel, stock valuations have now succumbed.
At the end Q3 2023 mining valuations for the industry’s top tier have slumped a total of $516 billion since the all-time highs. Declines so far this year total $145 billion for a combined market value of $1.38 trillion – back to levels seen at the end of September 2021.
Just how bad sentiment is across the board is evident from the best performer list for Q3, which includes for the first time three counters which lost ground over the period. Continue reading.. https://lnkd.in/e3M9sAPP
