In this article we will take a look at the top mining companies in the world. You can skip our detailed analysis of the mining industry’s outlook for 2021 and some of the major growth catalysts for mining stocks and go directly to the Top 5 Mining Companies in the World.
The mining industry encompasses all the companies that are responsible for mining and exploring precious and non-precious metals, minerals, and energy commodities like coal and petroleum. Numerous industries in the world depend on the supply of such commodities. The mining industry has always been a major driving force behind the world economy. According to Statista, in the U.S., the mining industry added over 1% value to the national GDP in 2020. Moreover, in the same year, Asia Pacific remained the largest region in the global mining market, followed by North America, accounting for 71% and 9% of the global mining market share, respectively.
Australia, China, and the U.S. are the biggest contributors to the global mining industry. Some of the top mining companies are headquartered in these countries. In Australia, mining remains the largest sector. The Australian Bureau of Statistics (ABS) states that this sector was responsible for over 10% of the country’s GDP between 2019 and 2020. Moreover, mineral exploration rose by 2.5% to $718 million in 2020. Mining giants like BHP Group (NYSE: BHP) and Rio Tinto Group (NYSE: RIO) have headquarters in Australia. China and the U.S. are the biggest producers of gold worldwide. With companies like Zijin Mining and Hunan Gold Corporation, China produces over 13% of the world’s gold. On the other hand, data suggests that the United States was estimated to have some 3,000 metric tons of gold reserves in mines in 2020.
The Covid-19 also affected the mining industry where many countries ended up closing the mining operations. At the beginning of the pandemic, the Philippines banned vessels from entering Surigao del Norte, which resulted in a 30% loss of nickel production. However, the industry is set for a recovery. According to the Mining Global Market Report 2021, the global mining market is recovering from the pandemic’s effects and is expected to grow at a compound annual growth rate (CAGR) of 12.4% reaching $1,845 billion in 2021. This growth can be attributed to the use of renewable energy which is helping the top mining companies in the world reduce power costs and control emissions in the mines.
Role of Technology in Mining
Technology has always played an important role in industrial mining. The use of dynamite instead of a pick and hammer to clear tunnels made the process faster and easier for the miners. Today, the use of artificial intelligence, 3D modeling techniques, drones, and automated equipment are the key drivers in this digital revolution. Numerous mining operations have collaborated with technology companies to invent solutions for deploying wireless networks underground. According to the Smart Mining Market Report, the global Smart Mining Market was valued at $8 billion in 2020 and is projected to reach $24.2 billion by 2026. Canadian company Dundee Precious Metals is one of the very first mining companies to introduce wireless network technology into an underground mine.
The top mining companies in the world generate total revenue of over $692 billion and have assets worth $1,139 billion, according to Statista. Despite being affected by the pandemic, these companies continued to show growth in this period and contributed to the national GDP with annual revenues.
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Let’s take a look at the 20 top mining companies in the world. Our ranking is based on market capitalizations and annual revenues.
Top Mining Companies in the World
20. The Mosaic Company (NYSE: MOS)
Market Cap: $13.8 billion
Revenue: $8.7 billion
Based in Tampa, Florida, the Mosaic Company is one of the top mining companies in the world. The company mines phosphate and potash and is the largest producer of these two nutrients in the U.S. It owns potash mines or surface mills at various locations, including Colonsay, Carlsbad, Belle Plain, etc., and has approximately 10.4 million tonnes of operational potash capacity. The Mosaic Company (NYSE: MOS) was founded in 2004 through a merger of two companies.
19. Agnico Eagle Mines Limited (NYSE: AEM)
Market Cap: $16.9 billion
Revenue in 2020: $3.1 billion
Agnico Eagle is operating since 1957. This Canadian-based company is a gold producer with operations in Finland, Canada, and Mexico and exploration activities in each of these countries including the United States and Sweden. It saves its place as one of the top mining companies in the world because today its gold reserves stand at 21.6 million ounces along with 85,000 tonnes of copper. Agnico Eagle Mines Limited (NYSE: AEM) produced a record of 1,782,147 ounces of gold and 4.3 million ounces of silver in 2019.
18. Albemarle Corporation (NYSE: ALB)
Market Cap: $19.1 billion
Revenue in 2020: $3.12 billion
Albemarle Corporation (NYSE: ALB) is a fine chemical manufacturing company with headquarters in Charlotte, North Carolina. The company operates in the lithium, bromine, and catalysts division, with lithium generating a major part of its revenue. It is also the largest provider of lithium for electric vehicle batteries. Albemarle Corporation (NYSE: ALB) has its operations in many countries including the U.S., China, Belgium, Germany, France, Austria, etc. It also specializes in antioxidants and blends which improve the storage life and stability of fuel and other lubricant products.
17. Wheaton Precious Metals Corp. (NYSE: WPM)
Market Cap: $20.2 billion
Revenue in 2020: $1.09 billion
Wheaton Precious Metals Corp. (NYSE: WPM) is one of the largest metal streaming companies in the world with headquarters in Vancouver, Canada. Wheaton Precious Metals Corp. (NYSE: WPM) has agreements with 23 operating mines to purchase precious metals and cobalt. It has sold over 29 million ounces of silver mined by other companies including Barrick Gold Corporation (NYSE: GOLD) and Newmont Mining (NYSE: NEM). In 2021, Wheaton Precious Metals Corp. (NYSE: WPM) aims to produce over 370,000 to 400,000 ounces of gold.
16. Polyus
Market Cap: $27 billion
Revenue in 2020: $4.9 billion
Polyus one of the largest gold producers in Russia and is headquartered in Moscow. Globally, it is one of the top mining companies in the world, especially gold, with a total sales volume amounted to 829 koz. In 2020, the company has produced over 2,766 koz of gold. Polyus also holds the world’s largest gold reserves with 104 million ounces of proven gold reserves.
15. Franco-Nevada Corporation (NYSE: FNV)
Market Cap: $28.4 billion
Revenue in 2020: $1.2 billion
Franco-Nevada Corporation (NYSE: FNV) is another Canada-based company that owns royalties and streams in gold mining. The company does not operate mines like a typical mining company but owns a diversified portfolio of royalties and streams. In Q1 of 2021, Franco-Nevada Corporation (NYSE: FNV) managed to increase its revenue by 28% to $309 million, compared to the same period last year.
14. Nutrien Ltd. (NYSE: NTR)
Market Cap: $34.3 billion
Revenue in 2020: $20.9 billion
Nutrien Ltd. (NYSE: NTR) is a Canadian fertilizer company, basically dealing with the production of potash and nitrogen fertilizers. The company was founded in 2018 through the merger of two companies, PotashCorp and Agrium. Nutrien Ltd. (NYSE: NTR) has distributed over 25 million tonnes of potash, nitrogen, and phosphate products for agricultural and industrial customers globally. It has operations in 13 countries and has over 1,500 retail stores.
13. Zijin Mining
Market Cap: $42.2 billion
Revenue in 2020: $1 billion
Zijin Mining is a Chinese company and is engaged in the exploration and mining of gold, copper, zinc, and other metal mineral resources. The company was founded in 1986 and is headquartered in Longyan, China. Zijin Mining has operations in over 12 countries and 14 provinces in the People’s Republic of China. Moreover, it is one of the Chinese companies owning the largest metal resource volume. It is ranked as 398th largest public company on Forbes Global 2000. Like Nutrien Ltd. (NYSE: NTR), Franco-Nevada Corporation (NYSE: FNV), Wheaton Precious Metals Corp. (NYSE: WPM) and Albemarle Corporation (NYSE: ALB), Zijin is one of the top mining companies in the world.
12. Barrick Gold Corporation (NYSE: GOLD)
Market Cap: $42.5 billion
Revenue in 2020: $12.6 billion
Barrick Gold Corporation is next on our list of the top mining companies in the world. Barrick Gold Corporation (NYSE: GOLD) is known for producing copper and gold. It has operations in nearly 13 countries, including Canada, Argentina, Chile, Dominican Republic, Saudi Arabia, the United States, etc. Even during the pandemic, sales of Barrick Gold Corporation (NYSE: GOLD) are going strong in Q1 of 2021. The company reported a 31% increase in revenue from copper mines due to higher copper prices. Its headquarters are in Toronto, Canada.
11. Fortescue Metals Group
Market Cap: $54.1 billion
Revenue in 2020: $12.8 billion
Fortescue Metals Group is an Australian iron ore company founded in 2003. The company is widely known for its innovative infrastructure and mining assets in Pilbara, Western Australia. 95% of its revenue comes from China, with sales of 8.4 mt in nine months, ended in March 2021. In 2020, the company made a total global economic contribution of $17.2 billion.
10. Newmont Mining (NYSE: NEM)
Market Cap: $56.6 billion
Revenue in 2020: $11.5 billion
Newmont Mining (NYSE: NEM) is the largest gold mining company in the world. It was founded in 1921 and has gold mines in Nevada, Colorado, Quebec, Mexico, Australia, Ghana, Peru, and Argentina. Along with gold, Newmont mines silver, copper, zinc, and lead. The company is also committed to tackling climate change. Recently, Newmont Mining (NYSE: NEM) has invested $500 million to address climate change and aims to reduce greenhouse gas emissions to 30% by 2030. Newmont Mining (NYSE: NEM) has headquarters in Denver and Colorado, U.S.
9. China Shenhua Energy Company Limited
Market Cap: $58.4 billion
Revenue in 2020: $36.1 billion
Shenhua Energy is one of the largest state-owned coal mining enterprises in mainland China. Its operations revolve around mining, refining, selling coal, and generating and selling electric power in the PRC. The company also works with logistics, including the integrated railway network and a seaport used to transport its coal. Shenhua Energy is also responsible for generating coal-based power to the regional and provincial electric companies through its power plants in the country. Like Newmont Mining (NYSE: NEM), BHP Group (NYSE: BHP) and Rio Tinto Group (NYSE: RIO), Shenhua Energy is one of the top mining companies in the world.
8. Norilsk Nickel
Market Cap: $58.5 billion
Revenue in 2020: $15.5 billion
Commonly known as Nornickel, this Russian company is the world’s largest producer of refined nickel and palladium. In addition, it also produces platinum, rhodium, copper, gold, silver, iridium, selenium, ruthenium, and tellurium. The company was founded in 1993 and is headquartered in Moscow. Its largest operations are located in Norilsk–Talnakh area near the Yenisei River, in northern Russia. Like Barrick Gold Corporation (NYSE: GOLD), BHP Group (NYSE: BHP) and Rio Tinto Group (NYSE: RIO), Norilsk is one of the top mining companies in the world.
7. Southern Copper Corporation (NYSE: SCCO)
Market Cap: $58.9 billion
Revenue in 2020: $7.98 billion
Southern Copper Corporation (NYSE: SCCO) is next on our list of the biggest mining companies in the world. The company was founded in 1952 and is headquartered in Mexico City, Mexico. It is one of the largest integrated copper producers in the world and the major producer and refiner of molybdenum, zinc, lead, gold, and silver. The refining, smelting, and mining facilities are located in Peru and Mexico. SCC’s revenue in 2020 has shown a prominent growth of 9.6% as compared to 2019. Like BHP Group (NYSE: BHP) and Rio Tinto Group (NYSE: RIO), SCCO is one of the top mining companies in the world.
6. Glencore International
Market Cap: $60.7 billion
Revenue in 2020: $142.3 billion
Glencore is an Anglo-Swiss mining company with headquarters in Baar, Switzerland. It was initially focused on the marketing of ferrous and non-ferrous metals and minerals when it was founded in 1974. The current Glencore company came into being in 2013 after its merger with Xstrata. It is the major producer of zinc, copper, aluminum, nickel, and cobalt and has operations in over 35 countries. Today, it is one of the largest diversified natural resource companies, producing and trading more than 90 commodities. Like Albemarle Corporation (NYSE: ALB), BHP Group (NYSE: BHP) and Rio Tinto Group (NYSE: RIO), Glencore is one of the top mining companies in the world.
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Disclosure: None. Top Mining Companies in the World is originally published on Insider Monkey.
