In this article, we will take a look at the Top Mining Company in the World by Revenue. Taking into account the revenues of other mining companies, we have compiled a full free list of Top 15 Mining Companies in the World by Revenue.
Mining is the process of extracting useful materials from the earth. Some examples of substances that are mined include coal, gold, other precious metals, and iron ore. These profitable substances that are mined from the earth are called minerals.
Despite challenges like geopolitical and market uncertainties, the mining industry has been thriving. The global shift from traditional fossil fuels to green and renewable energy has been boosting the demand for minerals like copper, cobalt, and lithium. The mining sector is projected to grow at a Compound Annual Growth Rate of 6.5% in 2024, reaching a market size of $2276.8 billion in 2024 from $2138.73 billion in 2023. It is further expected to expand and maintain its upward trajectory reaching a valuation of $2825.81 billion in 2028 at an impressive Compound Annual Growth Rate of 5.5%, as reported on Insider Monkey. This continuous growth is a clear indication of the potential that the mining industry holds in years to come.
However, this industry still faces strict policies and regulations that impact its operations. A few such regulations influenced the precious metals market in 2023. Gold prices were extremely volatile throughout the year recording their highest values and also declining because of economic issues worldwide. For example, in November, the price of gold soared beyond $2,000 due to predictions about future Federal Reserve interest rate changes and a positive view of the U.S. economy, according to Insider Monkey.
What we can establish through this discussion is that regardless of the challenges, mining is one of the most important operations as these minerals hold immense value globally. So let us take a dive and look at the countries that are rich in these minerals and boast the largest reserves.
Asia-Pacific region is one of the leaders of the global iron ore market, with projected growth of 2.69% annually. Due to the construction boom in countries like India and China, the iron ore market has been experiencing growth. The top of the chart is China, with Japan, India, and Korea following. The iron ore market comprises various types of iron ore like hematite, magnetite, limonite, and siderite.
Gold demand is widespread across the globe. Emerging markets, particularly China and India, account for approximately 75% of the annual global demand for gold. The rest of the demand comes from developing countries. Meeting these high levels of demand are countries like China, Russia, and Australia, as the largest producers of gold.
As discussed earlier, copper is one of the most important minerals mined and its demand is projected to increase manifold in the coming years. The biggest increase in demand for copper is coming from the shift towards a green economy. Technologies like EVs, solar panels, wind turbines, and batteries require a lot more copper than traditional fossil fuel-based technologies. Relying on the Insider Monkey article we can tell that Chile, Peru, and the Democratic Republic of Congo have the record for highest levels of copper production currently.
So, what company makes these countries the largest producers of these minerals? Go through our article on Top Mining Company in the World by Revenue to find out.
Two of the household names in the mining industry are Barrick Gold Corporation (NYSE:GOLD) and Newmont Corp (NYSE:NEM).
Barrick Gold Corporation (NYSE:GOLD) is headquartered in Canada and holds a significant position as a global gold mining company. It also stands among the leading gold producers worldwide. The year 2023 did not come without challenges for Barrick Gold Corporation (NYSE:GOLD), wherein, the production levels dipped and costs per ounce production increased at its Pueblo Viejo and Nevada Gold Mines. Despite these issues, the company generated EBITDA margins over 40%, higher year-on-year operating cash flow, a 50% increase in free cash flow, and a 200% increase in earnings per share.
Newmont Corp. (NYSE:NEM) is a prominent mining company that is primarily focused on gold production. The company operates across various geographical segments, including North America, South America, Australia, and Africa.
In March 2024 Newmont Corp. (NYSE:NEM) initiated its sale of the Akyem gold mine in Ghana and several companies like Shandong Gold Mining and Zijin Mining Group have shown interest. This interest stems from the recently rising gold prices and Akyem would serve as a major asset, reporting annual gold production of 420,000oz in 2022.
Methodology
For the purpose of this ranking, we referred to the top 50 mining companies and sourced their revenues for the year 2023. We then arranged them in ascending order and picked the top company with the highest revenue reported for last year.
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Is Glencore plc (LSE:GLEN.L) the Top 15 Mining Company in the World by Revenue?
Revenue Reported in 2023: $217.83 billion
Glencore plc (LSE:GLEN.L), with a revenue of $217.83 billion, is the Top Mining Company in the World by Revenue.
Renowned as a major producer and marketer of over 90 commodities, Glencore (LSE:GLEN.L) operates mining ventures involving copper, zinc, nickel, coal, and oil. Its mining and metallurgical operations are spread across the globe in locations such as Australia, Africa, South America, and Kazakhstan.
At the 2023 year end, Glencore (LSE:GLEN.L) announced plans to merge Teck’s steelmaking coal business with its existing coal assets. For this acquisition, Glencore will be paying $6.9 billion in cash for a 77% stake in Teck’s coal business. The remaining ownership will be distributed between Japan’s Nippon Steel and South Korea’s Posco, as given in Insider Monkey.
You can see the full free list by going to Top 15 Mining Companies in the World by Revenue.
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Disclosure: None. This article is originally published at Insider Monkey.