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Mining companies book increase in market cap for 3rd month in June

The market value of mining companies rose for the third consecutive month in June, logging median growth of 10.7% compared to the prior month, according to an S&P Global Market Intelligence analysis.

Metals prices saw an uptick in June amid recovering Chinese demand and COVID-19 lockdown measures easing in the U.S. and Europe as major economies started gearing back up.

Industry indexes also trended higher month over month, with the SNL Metals & Mining Index up 4.6% between May 29 and June 30. The SNL Precious Metals Index climbed 7.2% over the same period, the SNL Base Metals Index rose 9.8%, and the SNL Diversified Mining Index gained 6.7%.

Twenty-one of the 25 largest mining companies in terms of market cap posted gains in June. Among the gainers were 11 of the 13 precious metals-focused companies included in the top 25 and five of the six base metals companies. All five diversified commodities companies included also had higher market values compared to May, while the sole bulk commodities-focused company included saw its market cap decline.

SNL Image

Market cap percentage changes were calculated based on reported currencies, while the company ranking was based on market values converted into U.S. dollars.

U.S.-based copper producer Freeport-McMoRan Inc. led percentage gains in June with a 27.6% jump in market value to US$16.80 billion. South Africa-headquartered gold miner AngloGold Ashanti Ltd. followed with a 19.1% gain in market cap in its reported currency to the equivalent of US$12.14 billion. Freeport-McMoRan's ranking climbed two spots to 17th place in June, while AngloGold Ashanti rose four spots to 21st place.

Recent analyses by Market Intelligence showed that Freeport-McMoRan was among mining companies with plenty of room to grow, with a potential upside of 15.2% for its stock price relative to a June 17 consensus price target, while AngloGold Ashanti was trading slightly above expectations based on June 22 prices.

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China-based gold and copper miner Zijin Mining Group Co. Ltd.'s market cap in its reported currency increased 17.4% to the equivalent of US$14.91 billion in June, while the company maintained the 20th rank. The company recently outlined plans to acquire Canada-based gold miner Guyana Goldfields Inc. in an all-cash offer of about C$323 million as well as a 50.1% controlling interest in Tibet Julong Copper Co. Ltd. for 3.88 billion Chinese yuan. Tibet Julong owns the mining rights for the Qulong and Zhibula copper mines in China.

India-based zinc and lead producer Hindustan Zinc Ltd. reentered the list in last place, from the 27th spot in May, as the market value in its reported currency rose 14.4% month over month to the equivalent of US$10.96 billion. The company is 65%-owned by Vedanta Ltd.

As of July 7, US$1 was equivalent to 7.01 Chinese yuan.