Miners' median valuation falls 22.2% YOY in March

The median market valuation for a pool of 2,630 metals and mining companies fell 22.2% year over year but climbed 7.7% month over month in March, data from S&P Global Market Intelligence showed.

The combined market capitalization of the 25 largest miners totaled $1.17 trillion as of March 29, rising from $1.09 trillion as of Feb. 29. Fourteen of the top 25 miners posted an increase in market value year over year, while 19 booked a higher market cap month over month.

Mining stocks have climbed over the past month amid an improvement in commodity prices and an ongoing rally in the broader market. Gold prices surged to record highs in March due to demand from investors seeking safe-haven assets. Copper prices also rallied on the back of projected supply shortages in the short term.

Two Indian companies booked the largest year-over-year market cap increases among the top miners in March. Coal India Ltd.'s valuation surged 103.2% as the company benefits from the country's reliance on coal.

The market cap of India-based Tata Steel Ltd. jumped 52.4% from the previous year. Analysts see an upside in the company as the steelmaker expects to improve its financials following its decision to focus on its domestic operations, Business Today reported April 3.

The valuation of copper producers including Southern Copper Corp., Freeport-McMoRan Inc., Antofagasta PLC and Teck Resources Ltd. climbed year over year amid an increase in prices of the red metal.

Following the recent jump in gold prices, gold miners including Agnico Eagle Mines Ltd., Newmont Corp. and Zijin Mining Group Co. Ltd. recorded higher valuations year over year.

– Read about the top gold miners' share performance amid surging gold prices. – View S&P Global Commodity Insights' State of the Market report for the metals and mining sector.

Five of the 25 miners recorded double-digit percentage declines in market value year over year. The market cap of diversified miner Anglo American PLC fell 27.1% compared to March 2023 — the largest drop among the top mining companies. Fertilizer producer Nutrien Ltd. followed with a 26.9% decline in market value.

The valuation of iron ore miner Vale SA sank 26.8% year over year as it slipped to the seventh spot. Royalty company Franco-Nevada Corp. posted an 18.0% decline in market value. The market cap of gold producer Barrick Gold Corp. slid 10.2%.

BHP Group Ltd.'s market value fell 6.2% year over year to $146.43 billion, but the company retained its status as the world's largest miner by valuation.