In this article, we will look at the 20 Biggest Precious Metals and Minerals Companies in Australia in 2024. If you want to see more of the Biggest Precious Metals and Minerals Companies in Australia in 2024, go directly to the 5 Biggest Precious Metals and Minerals Companies in Australia in 2024.
Given several industrial and economic factors, the global precious metals market has seen considerable changes in recent years, mainly in 2023 and 2024. The value of the global market for precious metals was $275.4 billion in 2021, and it is expected to grow to $449.72 billion by 2030 from $290.82 billion in 2022. This growth refers to a 5.6% compound annual growth rate (CAGR) for the 2023–2030 projected period. With a noteworthy revenue share of 59.0% in 2022, the Asia Pacific market is seen as a leading force in the region, driven by booming domestic manufacturing sectors in economies such as China.
Several significant policies and regulations in 2023 have influenced the precious metals market, reflecting both investor sentiments and broader economic trends. Gold prices varied during the year, reaching record highs and then declining due to multiple global economic issues. For example, in November, the price of gold soared beyond $2,000 due to predictions about future Federal Reserve interest rate changes and a positive view of the U.S. economy.
With two market giants namely Coeur Mining (NYSE: CDE) and Hecla Mining (NYSE: HL), the US leads the world in the sector of precious metals. A key player in the precious metals market, Coeur Mining (NYSE: CDE) has a very diverse portfolio of mines located in Mexico and North America. It’s not just limited to other by-products like zinc and lead, the firm is also well-known for producing gold and silver.
At its Rochester facility in Nevada, Coeur Mining (NYSE: CDE) gained record production levels in 2023 producing around 10.3 million ounces of silver and 317,671 ounces of gold., Driven by the new Stage 6 leach pad and Merrill-Crowe process plant, it represented notable gains from quarter to quarter and year to year. Expecting to complete it in the first half of 2024, the company has made progress on commissioning its new three-stage crushing circuit, which will majorly boost throughput levels.
In contrast, Hecla Mining (NYSE: HL), a well-known producer of silver, was founded in 1891 in the Coeur d’Alene mining zone in Idaho. Hecla Mining (NYSE: HL) has its network spread in the U.S., Canada, and Mexico, with mention worthy mines like the Greens Creek mine in Alaska. Hecla Mining (NYSE: HL) recorded the second-highest figures in the company’s history in the fourth quarter of 2023 when it produced 14.3 million ounces of silver, attained 238 million ounces of silver reserves, and reported $720.2 million in total sales.
Coming on to the country we are going to focus on, Australia, by 2024, will have a larger and more visible presence in the global precious metals and minerals industry, with a wide variety of top production and exploration businesses, such as BHP Group, Rio Tinto and Fortescue Metals – which are one of the biggest mining companies in the country. Australia, which is well-known for having an abundance of natural resources, with the Cannington underground mine located in north-west Queensland being the biggest silver mine in Australia, has made the most of its geological richness to maintain its leadership position in the supply of vital minerals to global markets. It is the largest global producer of lithium, while it enjoys the reputation of being one of the top 5 producers of gold and iron ore in the world. The industry in the country is made up of well-established titans and up-and-coming companies that concentrate on a range of commodities such as gold, silver, rare earth elements, and other vital minerals. Therefore, we will now be discussing 20 Biggest Precious Metals and Minerals Companies in Australia in 2024.
A golden nugget illuminated under direct lighting, hinting at the value of precious metals.
Methodology
For our list of the 20 Biggest Precious Metals and Minerals Companies in Australia in 2024, we have ranked the companies by market capitalization. Market capitalization data has been sourced from Yahoo Finance with the metric being extracted at the time of the writing. The market capitalization figures in Australian Dollars have been converted to US Dollars using the exchange rate provided by X-Rates, as of March 21, 2024. The exchange rate used for conversion is 1 AUD = 0.66 USD. With this, we present a list of the 20 Biggest Precious Metals and Minerals Companies in Australia in 2024.
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20. Sandfire Resources Limited (ASX:SFR)
Market Cap: $2.57 billion
We will begin our list of the 20 Biggest Precious Metals and Minerals Companies in Australia in 2024 with the well-known mining and exploration company Sandfire Resources Limited (ASX: SFR). Australian mining industry player Sandfire Resources Limited (ASX: SFR) excels in high-grade copper and other precious metals. Over $217 million in unaudited preliminary sales revenue and approximately $84 million in underlying operations EBITDA were reported by Sandfire Resources Limited (ASX: SFR) for the December 2023 quarter.
19. CSR Limited (ASX:CSR)
Market Cap: $2.71 billion
Next on this list of 20 Biggest Precious Metals and Minerals Companies in Australia in 2024 is CSR Limited (ASX:CSR), which is an Australian company that produces and supplies building products for residential as well as commercial construction. Net profit after tax (NPAT before significant items) for the year ended March 31, 2023, as reported by CSR Limited (ASX:CSR), increased 17% from the year before to $225 million. With trading revenue increasing 13% to $2.6 billion, CSR Limited’s (ASX:CSR) statutory net profit after tax was $219 million.
18. IGO Limited (ASX:IGO)
Market Cap: $3.55 billion
IGO Limited (ASX:IGO) is an important player in the mining world and is the 18th company on our list of 20 Biggest Precious Metals and Minerals Companies in Australia in 2024. IGO Limited (ASX:IGO) posted an impressive 13% increase in revenue from the previous year to a record-breaking $1,024 billion in revenue for the 2023 fiscal year. The successful initiatives of IGO Limited (ASX:IGO) were evident in its 66% increase in net profit after tax to $549 million. Notably, the Lithium Joint Venture made a major contribution to both the company’s net profit and dividends.
17. Boral Limited (ASX:BLD)
Market Cap: $3.85 billion.
On number seventeen of our list of 20 Biggest Precious Metals and Minerals Companies in Australia in 2024, we have Boral Limited (ASX:BLD). Boral Limited (ASX:BLD) which is based in Australia operates across a various sectors, with products ranging from concrete, cement, asphalt to plasterboard among many others. Boral Limited (ASX:BLD) made a commitment to sustainability and innovation which is reflected in its diverse product range, which caters to both residential and commercial construction markets.
16. Allkem Limited (ASX:AKE)
Market Cap: $4.11 billion
In August 2021, Orocobre Limited (“Orocobre”) and Galaxy Resources Limited (“Galaxy”) merged to form the prosperous specialist lithium firm Allkem Limited (ASX:AKE). Since lithium is essential for rechargeable batteries of electric cars and other gadgets, Allkem Limited (ASX:AKE) holds a prominent position in the technology and renewable energy industries. With Group Revenue of $1,207.8 million and Cash and Cash Equivalents of $821.4 million, Allkem Limited (ASX:AKE) maintained a strong financial position while reporting record financial results in its 2023 annual report, paving the way for future growth.
15. Lynas Rare Earths Limited (ASX:LYC)
Market Cap: $4.38 billion
The Australian company, Lynas Rare Earths Limited (ASX:LYC) specializes in the exploration, development, mining, and processing of rare earth minerals. In addition to its mining activities in Western Australia, Lynas Rare Earths Limited (ASX:LYC) is well-known for running one of the biggest and most integrated rare earth processing plants in the world, which is situated in Malaysia. At the ASEAN Summit on March 5, 2024, Lynas Rare Earths Limited (ASX:LYC) met with the Malaysian Prime Minister and reaffirmed their commitment to working with Malaysia.
14. Evolution Mining Limited (ASX:EVN)
Market Cap: $4.40 billion
At number fourteen of the 20 Biggest Precious Metals and Minerals Companies in Australia in 2024 is Evolution Mining Limited (ASX:EVN). Evolution Mining Limited (ASX:EVN) reported $2.23 billion in sales in 2023, a 7.85% rise over the previous year. Nevertheless, Evolution Mining Limited’s (ASX:EVN) net profits dropped to $163.51 million, a 49.43% decline in earnings.
13. Arcadium Lithium plc (ASX:LTM)
Market Cap: $5.07 billion
Next on the list of 20 Biggest Precious Metals and Minerals Companies in Australia in 2024 is the pure-play lithium producer, Arcadium Lithium plc (ASX:LTM), which was formed in January 2024 by the merger of Allkem and Livent. Since lithium is essential for electric car batteries, Arcadium Lithium plc (ASX:LTM) is ideally positioned to profit from the rising demand for the metal. Other than producing spodumene in Australia, Arcadium Lithium plc (ASX:LTM) has low-cost lithium carbonate manufacturing facilities in Argentina as well.
12. Orica Limited (ASX:ORI)
Market Cap: $5.56 billion
A multinational company based in Australia, Orica Limited (ASX:ORI) is one of the biggest suppliers of blasting equipment and commercial explosives worldwide. Additionally, Orica Limited (ASX:ORI) provides ground support services for mining and tunneling as well as sodium cyanide for the extraction of gold. In its 2023 yearly report, Orica Limited (ASX:ORI) revealed a net profit of $296 million, a notable rise over the $60 million net profit of the prior period.
11. BlueScope Steel Limited (ASX:BSL)
Market Cap: $6.61 billion
BlueScope Steel Limited (ASX:BSL) is an Australian steel manufacturing company. BlueScope Steel Limited (ASX:BSL) is known for its high-quality steel products and solutions, serving in multiple sectors which includes construction, manufacturing, and automotive. BlueScope Steel Limited (ASX:BSL) has also been active in steel decarbonization efforts, partnering with Australia’s major iron ore producers.
10. Pilbara Minerals Limited (ASX:PLS)
Market Cap: $7.67 billion
Pilbara Minerals Limited (ASX:PLS) is an Australian company focused on lithium mining. Pilbara Minerals Limited (ASX:PLS) operations are notable for their scale, longevity, and cost-efficiency, producing high-quality lithium products. Pilbara Minerals Limited (ASX:PLS) has a strong client base and a highly qualified workforce, which contribute to its strategic growth positioning.
9. South32 Limited (ASX:S32)
Market Cap: $8.59 billion
Ranking eighth on our list of 20 Biggest Precious Metals and Minerals Companies in Australia in 2024 is South32 Limited (ASX:S32), a global mining and metals company that produces bauxite, alumina, and aluminum among many others. South32 Limited (ASX:S32) saw a drop in statutory profit after tax of $632 million to $53 million in the first half of Fiscal Year 2024, which concluded on December 31, 2023. Reduced volumes of metallurgical coal as well as commodity prices were the main causes of this decline.
8. Mineral Resources Limited (ASX:MIN)
Market Cap: $8.80 billion
The primary business areas of Mineral Resources Limited (ASX:MIN) include energy projects, iron ore, lithium, and mining services. As an active player in the Australian resources industry, Mineral Resources Limited (ASX:MIN) is well-known for its impressive project development and operational accomplishments. The development of a lithium processing hub in the southern Goldfields region was announced by Mineral Resources Limited (ASX:MIN) in 2024, emphasizing the company’s strategic focus on lithium as a vital component of renewable energy technology.
7. Northern Star Resources Limited (ASX:NST)
Market Cap: $10.28 billion
An Australian gold company, Northern Star Resources Limited (ASX:NST), has projects in both Australia and North America. In order to provide greater returns for shareholders, Northern Star Resources Limited (ASX:NST) focuses on high-quality, high-margin open-pit and underground gold mines. In the quarterly report for December 2023, Northern Star Resources Limited (ASX:NST) sold 412,000 ounces of gold at an all-in-sustaining cost (AISC) of $1,186 per ounce which showed good business results.
6. Fortescue Ltd (ASX:FMG)
Market Cap: $10.34 billion
At number sixth on our list of 20 Biggest Precious Metals and Minerals Companies in Australia in 2024, we have Fortescue Ltd (ASX:FMG). Being one of the biggest iron ore producers worldwide, Fortescue Ltd (ASX:FMG) has its deep roots in Western Australia’s Pilbara region. Fortescue Ltd (ASX:FMG) reported iron ore shipments of 94.6 million tons (Mt) during the half-year period that concluded on December 31, 2023. This is the second-highest first-half shipments in the company’s history.
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Disclosure: None. 20 Biggest Precious Metals and Minerals Companies in Australia in 2024 is originally published on Insider Monkey.
