The ongoing coronavirus Covid-19 pandemic has so far wiped $282bn from the value of the top 50 mining companies worldwide, according to new figures published by Mining.com.
The figures show a struggling industry overall, despite a resurgent gold price in recent months. The top 50 companies by market value compiled by Mining.com showed a combined market value of almost $1tn in 2019, after adding close to $160bn in market capitalisation over the previous year.
In the first quarter of 2020, the top 10 mining companies lost a combined $170bn in market value. Glencore has dropped to ninth place in the ranking following a 50% drop in market value. Two years ago the commodities giant was the third-largest mining company in the world.
The only company to see double-digit growth was Polyus, Russia’s largest producer of gold. The company rose 10.2% so far this year.
The combined market cap for all the top 50 mining companies now sits at just under $704bn. Over 30% of that value comes from the six Australian companies on the list. Canadian and US companies are the other major players, contributing 16.4% and 11.1% respectively to the overall value of the top 50 companies.
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