MINING.COM’s ranking of world’s 50 most valuable miners enjoyed a combined market capitalization of $1.51 trillion at the end of Q3, up by single digits since the start of the year compared to rip-roaring broader US and world markets.
Much of the drag on the index comes from the top – the mining industry’s traditional Big 5 – BHP, Rio Tinto, Glencore, Vale and Anglo American. With the exception of Anglo, which received a fillip from BHP’s approach, the stocks are deep in the red for 2024.
Together, the large diversified companies have lost nearly $60 billion in value this year. One bad week – say copper retreats further and iron ore goes into double digits – would see them hit new 52-week lows. As the table shows, on a longer horizon their underperformance is even more startling.
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