Metals, mining companies’ market value falls 6.9% in June
The median market capitalisation of companies in the metals and mining sector fell by 6.9% through June after two previous consecutive months of increases, analysis from S&P Global Market Intelligence shows.
However, across the metals and mining companies analysed by S&P Global Market Intelligence, market capitalisations remain 81.1% above year-ago levels as at the end of June.
The 25 largest mining and metals companies assessed held a cumulative market capitalisation of $1.16-trillion as at the end of June, less than the top 25 metals and mining companies in May, with a cumulative market value of $1.22-trillion.
The three largest companies — BHP Group, Rio Tinto Group and Vale — account for 36.5% of the market value of the top 25 in the sector.
Six companies — Newmont, Freeport-McMoRan, China Molybdenum, Zijin Mining Group, PJSC Polyus and Barrick Gold — among the top 25 by market capitalisation saw double-digit losses in market value during June.
While some also focus on other materials, all of these companies mine gold, highlights S&P Global Market Intelligence.
A few mining companies, including Saudi Arabian Mining Company, Fortescue Metals Group, Hindustan Zinc and Tata Steel, saw modest market value gains in the period.
After hitting record levels in the summer of 2020, the price of gold dropped 6.6% in the first half of this year as gains in the second quarter were primarily wiped out in late June.
While some observers have been optimistic about the price of gold in the second half of the year, there are also numerous headwinds facing the sector, S&P Global Market Intelligence notes.
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