The total stock market valuation of the world’s biggest mining companies declined by 9% or a combined $126.2 billion over the course of 2024.
A promising Q3, when the index touched its second highest level on record, quickly turned sour and only eight constituents made gains over the final three months of the year.
The Top 50 is now trading a stomach churning $480 billion below the peak hit in the second quarter of 2022, when the entire mining complex was riding high from uranium and nickel to copper and gold.
Much of the blame for the drift lower can be laid at the door of mining’s traditional champions.
Passing parade
Mining’s traditional big 5 – BHP, Rio Tinto, Glencore, Vale and Anglo American – that trace their roots back many decades if not more than a century, were pounded down in 2024.
Together the stalwarts shed 25.3% or $119.7 billion of their value as their bread and butter…
