Latest data shows that as of the end of the third quarter of 2024, the total market value of the world’s 50 most valuable mining companies has reached $1.51 trillion, an increase of $76 billion since the end of June. This growth is mainly attributed to the rise in gold and royalty company stocks, as well as a late surge in Chinese mining stocks.
Additionally, from the beginning of this year to the end of September, the total market value of the global top 50 mining companies has increased by 8%, but it remains $240 billion lower compared to the peak in the second quarter of 2022.
In the third quarter, the total market value of precious metals and royalty companies rose by $42 billion, marking a growth of 16%. Gold companies led the list of best-performing stocks. In the last month of the quarter, Canada’s Alamos Gold made its debut in the TOP 50, ranking 48th with a 31% increase in market value to $8.2 billion. Meanwhile, Pan American Silver (after absorbing Yamana Gold), which joined in the second quarter, maintained its position at 50th on the list.
Here are the best and worst performers among the global 50 mining giants in the third quarter:
Best-Performing Stocks
| Rank | Company | Change (%) |
| 1 | Alamos Gold | 31.5 |
| 2 | Newmont | 26.6 |
| 3 | Ganfeng Lithium | 26.3 |
| 4 | Northern Star Resources | 25.9 |
| 5 | Anglo American Platinum | 23.5 |
| 6 | Barrick Gold | 21.0 |
| 7 | Agnico Eagle | 20.7 |
| 8 | Ivanhoe Mines | 20.2 |
| 9 | China Northern Rare Earth | 18.5 |
| 10 | Wheaton Precious Metals | 15.9 |
Worst-Performing Stocks
| Rank | Company | Change (%) |
| 1 | Norilsk Nickel | -27.5 |
| 2 | Amman Mineral | -18.8 |
| 3 | Mosaic | -7.6 |
| 4 | Fortescue Metals | -7.2 |
| 5 | Lundin Mining | -4.5 |
| 6 | Kazatomprom | -4.2 |
| 7 | Yanzhou Coal | -3.5 |
| 8 | Antofagasta | -3.1 |
| 9 | Glencore | -2.6 |
| 10 | Polyus | -0.9 |
| 11 | Nutrien | -0.7 |
Alamos Gold raised its production forecast for 2025-2026 by over 20% last month, which includes the Magino Mine and the integrated Island Gold in Ontario. The long-term goal of this Canadian miner is to increase annual production to 900,000 ounces.
Uzbekistan’s Navoi Mining and Metallurgy Combinat plans to go public in 2025. NMMC is the world’s fourth-largest gold mining company and uranium producer, operating the world’s largest gold mine, Muruntau, which has an annual output of 2.9 million ounces and estimated reserves of about 130 million ounces.
As copper prices repeatedly test the $10,000 per ton level, copper mining companies have seen a market value increase of 36% since the beginning of the year. However, the growth momentum significantly slowed in the third quarter, during which the market value rose by only $7.2 billion. The stock price of Muruntau fell by 18% in the third quarter, but its increase since going public a year ago remains at 400%. Southern Copper’s stock price saw double-digit gains, further widening the gap with Freeport-McMoRan.
Despite Rio Tinto’s acquisition of Arcadium showcasing the long-term growth prospects of the lithium market, three lithium companies have exited the TOP 50 this year: Australia’s Pilbara Minerals and Mineral Resources, as well as China’s Tianqi Lithium. Ganfeng Lithium has seen a boost from stimuli in the Chinese stock market, climbing six places in the rankings, while Tianqi Lithium’s performance in October may bring it back into the TOP 50. In the second quarter of 2022, the combined market value of lithium stocks peaked at nearly $120 billion, but it has since plummeted to $34 billion.
The iron ore industry continues to face pressure, with Fortescue once again topping the list of the largest declines. The stock price of American iron ore company Cleveland Cliffs has dropped 37% this year, causing it to exit the rankings. Over the past two years, several iron ore companies have also left the TOP 50, including Brazil’s CSN Mineração and Kumba Iron Ore.
