07 Jul World’s largest listed mining firms claw back market value in Q2
The world’s 50 most valuable mining companies added US$249.5 billion in market capitalisation over the three months to end June, following collective losses of $282 billion in the first quarter due to the COVID-19 pandemic.
The sector’s recovery in Q2 was driven by a significant rally across several commodities including precious metals, particularly gold and silver, triple digit growth in iron ore prices and a late resurgence in the copper market.
According to MINING.COM’s latest ranking of the upper echelons of the mining sector, the top 50 listed companies are within touching distance of the trillion dollar club – with a market value of $957 million at the end of June.
Primary gold producers enjoyed notable rises – adding $70 billion in market value so far this year – with the likes of Newmont Mining and Barrick Gold now entrenched in the top five, while diversified giants Glencore and Anglo American’s continue to decline.
The integrated Swiss trader and mining giant slipped to 10th on the list after a 34% year-to-date market value drop, and London-listed Anglo fell to 9th due to a depreciating pound sterling.
Other strugglers included fertiliser firms Nutrien and Mosaic, who saw their market value plunge by 44% and 33% respectively. The world’s largest uranium producers – Cameco and Kazatomprom – failed to make the top 50 despite a long-awaited rally in the nuclear fuel.