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Majority of top miners saw market value gains in November

The 25 largest mining companies had an aggregate market value of US$719.5 billion at the end of November, up 2.2% from US$704.1 billion at the end of October.

The SNL Metals and Mining Index increased 4.8% from the month-ago period in November, while the SNL Precious Metals Index decreased 3.6% as seven out of 11 precious metals-focused mining companies in the top 25 recorded lower market values month over month. The SNL Base Metals Index was almost flat with a 0.2% decrease.

SNL Image

Among the four precious metals companies that booked market cap gains, Zijin Mining Group Co. Ltd. had the largest percentage increase, jumping 17.5% to US$12.1 billion from the prior month. The movement pushed Zijin Mining up two spots to 22nd place. Third-quarter net profit attributable to shareholders of the Chinese gold producer increased 39.5% to 1.15 billion Chinese yuan year over year. Anglo American Platinum Ltd. followed in the precious metals space, with its market cap increasing 10.7% to US$21.7 billion and its ranking moving up by one to 10th place.

Freeport-McMoRan Inc. had the largest gain in market value among the base metal companies, rising 15.9% over the past month to US$16.5 billion and climbing three places to the 14th spot. On Sept. 25, the company declared a quarterly cash dividend of 5 U.S. cents per common share, payable Nov. 1. Southern Copper Corp. had the second-largest uptick among the base metals group with a 6.9% increase to US$29.4 billion, retaining its spot as the ninth-largest miner.

Bulk and diversified commodity companies all saw market value increases month over month. BHP Group, Rio Tinto and Vale SA held their positions as the top three miners, with an aggregate value of US$275.4 billion. All three companies recorded increases for the month, ranging from 0.8% to 4.5%.

Russian gold miner PJSC Polyus recorded the largest decline in November, dropping 8.0% to US$14.3 billion and moving down one spot to 16th place, while Chinese gold miner Shandong Gold Mining Co. Ltd. had the second-largest decline, down 5.9% month over month to US$12.2 billion.