The world’s 50 biggest miners are now worth $1.5 trillion, up $76 billion during Q3 as gold miners climb the rankings and Chinese mining stocks get a late boost.
Canada’s Alamos Gold joins the top 50 for the first time with a more than 31% jump in value lifting it six places to number 48 with a valuation of $8.2 billion at the end of the quarter while the second quarter’s newcomer Pan American Silver hangs on at no 50.by over 20% for 2025-2026 with the inclusion of the Magino mine and its integration with its Island Gold operation in Ontario. The Toronto based miner has long term ambitions to grow its production base to 900,000 ounces per year.
Investors who bought Amman, owner of the world’s third largest mine worldwide in terms of copper equivalent, at the IPO price in Jakarta a year ago, are still enjoying 400% gains since then however. Ganfeng was barely holding on at position 50 at end-June and with gold price momentum continuing and two gold mining companies waiting in the winds – Yintai and Alamos – only three lithium counters in the top 50 may be a reality for some time to come.
As with any ranking, criteria for inclusion are contentious. We decided to exclude unlisted and state-owned enterprises at the outset due to a lack of information. That, of course, excludes giants like Chile’s Codelco, Uzbekistan’s Navoi Mining , Eurochem, a major potash firm, and a number of entities in China and developing countries around the world.
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