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Market value of metals, mining companies climbs 2.7% in November

Metals and mining companies gained a median 2.7% in value in November, according to an S&P Global Market Intelligence analysis.

The top 25 companies by market capitalization that were analyzed were worth a cumulative market value of $908.36 billion as of Dec. 1. The median value of the top metals and mining companies increased both month on month and year on year in November, with the market capitalization of the top 25 companies jumping 80.0% year over year. Market cap percentage changes were calculated based on reported currencies, while the analysis based company rankings on market values converted into U.S. dollars.

Diversified miners BHP Group and Rio Tinto are the only two metals and mining companies with market values exceeding $100 billion. BHP's total market value rose 12.6% to $130.27 billion through November while Rio Tinto's increased 11.0% to $108.0 billion. The two companies represent more than a quarter of the world's top 25 metals and mining companies' combined market value.

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BHP recently said it is targeting technologies related to "future-facing" commodities with a new internal corporate venture unit that has already made some investments and is open to backing startups outside of the mining sector.

"We're not going out and talking about each and every investment. We're quietly building," Mark Frayman, vice president of the company's BHP Ventures division, said during a recent virtual mining conference.

The ranking of the top four miners held firm month to month, though there were changes down the list.

Ganfeng Lithium Co. Ltd. climbed to 21st place from 47th in November 2019. The company announced Nov. 2 that its net profit attributable to shareholders for the third quarter jumped 4.2x year over year to 174 million Chinese yuan, or 13 fen per share. Ganfeng attributed the profit jump to improved sales and an orderly realization of the production capacity of its battery business.

The greatest percentage gains in market value during November came from Glencore PLC, Zijin Mining Group Co. Ltd. and Freeport-McMoRan Inc. Each company saw its market value increase by more than one-third through the month.

Companies with a market value decline of 5% or more month over month included Wheaton Precious Metals Corp., Agnico Eagle Mines Ltd., Barrick Gold Corp., Newcrest Mining Ltd., PJSC Polyus and Newmont Corp.

As of Dec. 2, US$1 was equivalent to 6.56 Chinese yuan.