Listed mining companies lose collective $282 billion in value in Q1

The COVID-19 (coronavirus) pandemic has wiped a collective US$282 billion in value off the world’s 50 largest mining companies in the first quarter of 2020, MINING.COM’s latest ranking has found.

At the end of 2019, the website’s top 50 had a combined market value of close to $1 trillion after adding nearly $160 billion in market capitalisation over the course of the year, but the outbreak of coronavirus has quickly reversed that upward trend.

A combined $170 billion was lost in the top 10 companies alone, despite Newmont Goldcorp and Barrick Gold benefitting from a rising gold price. BHP and Rio Tinto remained at the top of the tree despite significant Q1 losses.

Glencore’s descent down the ranking continued as the Swiss commodities trader saw a 50% drop in its market value and is now ranked the world’s ninth most valuable company, when a little over two years ago it was in the top three.

Polyus, Russia’s largest gold producer, was the quarter’s best performer and the only company with double-digit gains in dollar terms – it was up 50% in Moscow.

Elewhere, Canada’s B2Gold entered the top 50 for the first time, moving ahead of top uranium miner Cameco into the final spot and bringing the number of gold companies in the ranking to 20. Combined, primary gold producers are worth $164 billion.