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Metals, mining companies grew market caps a median 2.1% in January


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Metals, mining companies grew market caps a median 2.1% in January

The market value of the world's top metals and mining companies grew again in January, ending the month up a median of 2.1%.

The median market capitalization of global companies in the sector increased 95.3% year over year as of Jan. 29, according to an S&P Global Market Intelligence analysis. The top 25 metals and mining companies had a cumulative market value of $1.037 trillion. The analysis calculates market cap percentage changes based on reported currencies, while the company rankings are sorted by values converted into U.S. dollars.

Thirteen of the 25 largest metals and mining companies recorded a rise in market value through January. That includes the three largest companies: BHP Group, Rio Tinto and Vale SA.

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Ganfeng Lithium Co. Ltd.'s market value grew 15.9% through the month, the largest percentage gain among the group of 25. The company's market value also increased year over year, by 198.9% as of Jan. 29.

The Chinese lithium producer recently revised its 2020 net attributable income guidance, estimating an increase of 154.1% to 198.8% to between 910 million yuan and 1.07 billion yuan. Ganfeng Lithium is a major supplier of lithium hydroxide to U.S.-based automobile manufacturer Tesla Inc.

The market value of Hindustan Zinc Ltd. increased 14.8% in January and 41.3% year over year. Other top metals and mining companies that grew market capitalization by 1.0% or more were Glencore PLC, Anglo American Platinum Ltd., Grupo México SAB de CV, Zijin Mining Group Co. Ltd., Saudi Arabian Mining Co. (Ma'aden), Freeport-McMoRan Inc., PJSC Norilsk Nickel Co. and Southern Copper Corp., which is 89%-owned by Grupo México.

Fortescue Metals Group Ltd. was the fourth-largest mining company by market capitalization, climbing year over year toward the top of the list from 10th place. However, the company saw its market value decline 7.0% through January, the largest percentage drop among the top 25 companies.

The company said Jan. 28 that its iron ore shipments in the first half of its fiscal 2021 reached record levels, totaling 90.7 million tonnes. Fortescue also recently announced it would start building a green steel pilot plant in Western Australia in 2021.

Other companies that had a decrease in market capitalization of 1% or more were Shandong Gold Mining Co. Ltd., PJSC Polyus, Franco-Nevada Corp., Newcrest Mining Ltd., China Molybdenum Co. Ltd., Barrick Gold Corp. and Wheaton Precious Metals Corp.

As of Feb. 3, US$1 was equivalent to 6.46 Chinese yuan.