The In this article, we will be taking a look at the 16 biggest mining companies in the world.
The mining industry is easily one of the most important sectors in the global economy and was worth around $1.84 trillion in 2021 while growing to $2.06 trillion in 2022. This is a stunning increase at a CAGR of 12% and the industry is expected to continue growing at an even more exceptional CAGR of 12.9% and will cross $3.36 trillion by 2026.
2022 has been a bumper year for the mining industry as a result of the war between Russia and Ukraine. Since these two countries are major producers of several metals such as copper, iron and nickel while also being involved in other raw materials extraction such as of palladium, neon and platinum. When the war started, the supply of these metals was affected which led to an increase in prices. Prices also soared amid the West’s sanctions on Russia. For example, palladium was being traded at $2,700 in February 2022, which showed an 80% increase in prices in a period of just two months.
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According to KPMG, this is the first time in 12 years that commodities risk isn’t the highest risk being faced by the mining industry. ESG is now the biggest risk the industry faces. Environmental risks and regulations are now dominating the mining industry, which is interesting considering how resistant to change the industry has been.
The biggest mining companies in the world are from different parts of the world, due to diverse operations. The combined revenues of these companies are well in excess of $900 billion. To determine the largest mining companies, we considered them based on their market cap, revenue, profits and assets. We then assigned 30% weightage to the first three criteria and 10% to the latter. All statistics are taken from Yahoo Finance, and converted to USD, where required.
16. Albemarle Corporation (NYSE:ALB)
Total market cap of the company as of 27th November 2022 (in millions): 31,962
Total revenue of the company (in millions): 3,328
Total revenue of the company (in millions): 124
Total assets of the company (in millions): 10,974
Albemarle Corporation (NYSE:ALB) is an American mining company headquartered in North Carolina. Albemarle Corporation is known for being the biggest provider of lithium for electric vehicle batteries, a fast-growing industry. Currently, Albemarle Corporation is one of three companies which produce more than half of the global lithium supply.
15. Maaden
Total market cap of the company as of 27th November 2022 (in millions): 42,500
Total revenue of the company (in millions): 7,123
Total revenue of the company (in millions): 1,391
Total assets of the company (in millions): 27,500
Maaden is a state-owned Saudi company which was formed in 1997.
14. Barrick Gold Corporation (NYSE:GOLD)
Total market cap of the company as of 27th November 2022 (in millions): 28,414
Total revenue of the company (in millions): 11,985
Total revenue of the company (in millions): 2,022
Total assets of the company (in millions): 46,890
Barrick Gold Corporation (NYSE:GOLD) is a Canadian mining company which currently has operations in around 13 countries. In 2019, Barrick Gold Corporation produced around 5.5 million ounces of gold. Currently, Barrick Gold Corporation has more than 18,000 employees.
13. Newmont Corporation (NYSE:NEM)
Total market cap of the company as of 27th November 2022 (in millions): 36,393
Total revenue of the company (in millions): 12,222
Total revenue of the company (in millions): 1,166
Total assets of the company (in millions): 40,564
Newmont Corporation (NYSE:NEM) is the biggest gold mining company in the world. Headquartered in Colorado, Newmont Corporation owns gold mines in several states including Colorado and Nevada in addition to operations in several other companies.
12. Yankuang Energy Group Company Limited
Total market cap of the company as of 27th November 2022 (in millions): 23,113
Total revenue of the company (in millions): 21,185
Total revenue of the company (in millions): 2,291
Total assets of the company (in millions): 36,087
One of the biggest mining companies in China, Yankuang Energy Group Company Limited is a state-owned company.
11. Shaanxi Coal and Chemical Industry Group Co., Ltd
Total market cap of the company as of 27th November 2022 (in millions): 27,810
Total revenue of the company (in millions): 21,223
Total revenue of the company (in millions): 2,947
Total assets of the company (in millions): 25,842
Shaanxi Coal and Chemical Industry Group Co., Ltd is one of the biggest coal companies in China.
10. Zijin Mining Group Company Limited
Total market cap of the company as of 27th November 2022 (in millions): 38,596
Total revenue of the company (in millions): 31,376
Total revenue of the company (in millions): 2,185
Total assets of the company (in millions): 29,075
The largest mining company in China, Zijin Mining has been criticized for causing air pollution in Serbia and its high carbon footprint.
9. Vale S.A. (NYSE:VALE)
Total market cap of the company as of 27th November 2022 (in millions): 70,857
Total revenue of the company (in millions): 10,074
Total revenue of the company (in millions): 4,148
Total assets of the company (in millions): 16,532
The largest mining company in Brazil, Vale S.A. (NYSE:VALE) is the biggest producer of nickel and iron ore in the world. Further, Vale S.A. is also engaged in the production of copper, potash, ferroalloys, copper and manganese.
8. Southern Copper Corporation (NYSE:SCCO)
Total market cap of the company as of 27th November 2022 (in millions): 45,450
Total revenue of the company (in millions): 10,934
Total revenue of the company (in millions): 3,397
Total assets of the company (in millions): 128,298
Southern Copper Corporation (NYSE:SCCO) is the largest mining company in Mexico. Southern Copper Corporation is considered to be among the biggest producers of silver, zinc and molybdenum with the majority of Southern Copper Corporation being owned by Grupo Mexico. Southern Copper Corporation has mines in Mexico and Peru.
7. Fortescue Metals Group Limited
Total market cap of the company as of 27th November 2022 (in millions): 39,369
Total revenue of the company (in millions): 17,312
Total revenue of the company (in millions): 6,197
Total assets of the company (in millions): 28,375
Many of the biggest mining companies in the world are from Australia, including Fortescue Metals Group Limited. It is considered to be the fourth-biggest iron ore producer in the world.
6. Nutrien Ltd. (NYSE:NTR)
Total market cap of the company as of 27th November 2022 (in millions): 42,842
Total revenue of the company (in millions): 27,712
Total revenue of the company (in millions): 3,153
Total assets of the company (in millions): 49,954
Nutrien Ltd. (NYSE:NTR) is a fertilizer and mining company which is the biggest producer of potash in the world. Nutrien Ltd. has operations in several countries including Australia and currently has around 24,000 employees. In May 2018, Nutrien Ltd. announced that it’d sell a 24% stake in Sociedad Química y Minera, a Chilean company, for $4.1 billion.
5. Freeport-McMoRan Inc. (NYSE:FCX)
Total market cap of the company as of 27th November 2022 (in millions): 53,100
Total revenue of the company (in millions): 22,845
Total revenue of the company (in millions): 4,306
Total assets of the company (in millions): 48,022
Freeport-McMoRan Inc. (NYSE:FCX) is the largest mining company in America and is the biggest producer of molybdenum in addition to being a major copper producer not to mention the largest gold mine in the world, which is located in Australia. Freeport-McMoRan Inc. has operations in several countries while its number of employees are close to 25,000.
4. Anglo American Plc
Total market cap of the company as of 27th November 2022 (in millions): 51,817
Total revenue of the company (in millions): 41,554
Total revenue of the company (in millions): 8,562
Total assets of the company (in millions): 65,985
The British mining company is the biggest producer of platinum in the world, providing nearly 40% of the total global output. In addition to platinum, Anglo American Plc is also engaged in the production of iron ore, nickel, steelmaking coal and copper. Anglo American Plc has operations in six continents and has around 90,000 employees right now.
3. Glencore
Total market cap of the company as of 27th November 2022 (in millions): 83,185
Total revenue of the company (in millions): 203,751
Total revenue of the company (in millions): 4,974
Total assets of the company (in millions): 127,510
The Swiss mining company is also engaged in commodity trading and has the highest revenue in our list of the biggest mining companies in the world.
2. Rio Tinto Group (NYSE:RIO)
Total market cap of the company as of 27th November 2022 (in millions): 106,531
Total revenue of the company (in millions): 63,495
Total revenue of the company (in millions): 21,094
Total assets of the company (in millions): 102,896
Rio Tinto Group (NYSE:RIO) is an English-Australian company which was founded around 150 years.
1. BHP Group Limited (NYSE:BHP)
Total market cap of the company as of 27th November 2022 (in millions): 214,489
Total revenue of the company (in millions): 65,098
Total revenue of the company (in millions): 11,304
Total assets of the company (in millions): 108,927
Easily topping the list of the 16 biggest mining companies in the world is BHP Group Limited (NYSE:BHP), an Australian mining company. BHP Group Limited is engaged in mining of various materials which includes irone ore, coal, nickel, natural gas and uranium. Currently, BHP Group Limited is the largest company in Australia and employs around 80,000 people.
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This article is originally published at Insider Monkey.