US rare earth stock cracks top 50 mining companies for the first time

[Redator]

At the end of the second quarter the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of just under $1.50 trillion, up a respectable $213 billion so far in 2025. 

The total stock market valuation of the world’s biggest mining companies remains nearly $250 billion below the all-time  high reached three years ago however. The Top 50 also once again underperformed the broader market despite new multi-year highs and record prices for a number of major metals over the last three months.  

Rare event

Since the inception of the Top 50, China Northern Rare Earth has been the only producer of the 17 elements in the ranking despite the frenzy surrounding the sector as China tightens control and rare earth becomes a geopolitical hot potato. 

At the end of Q1, these pages speculated that there are no obvious REE candidates that could join the Top 50 in short order. It took a groundbreaking deal with the Pentagon to prove investors wrong and reorder an industry that despite its high profile has few large caps.    

MP Materials, which operates the Mountain Pass mine in California, is now up three-fold in value year to date with  the Las Vegas-based debuting at position 40 at an $11 billion valuation. The counter did come close in March 2022, but the whole mining industry was riding high at the time and the ticket for entry meant it fell just outside the ranking. 

While the MP Materials-DoD deal is certainly a game-changer in the US rare earth landscape, how much will filter through to the rest of the industry still suffering from depressed Chinese pricing for the magnet material is debatable.

Australia’s Lynas Rare Earths have come close in the past and is up more than 50% this year for a valuation of $6.1 billion but given rare earth mining’s relatively small overall size – in the single billions of dollars – MP Materials and China Northern Rare Earth may have the field to themselves for the foreseeable future.

Lithium lift

Lithium’s representation in the ranking is set to increase again after Zangge Mining – controlled by Zijin Mining which comfortably occupies the no 4 slot – announced the suspension of operations at its lithium mine in China’s west. 

That breathed some life into lithium stocks which have been decimated since peaking in 2022 with six stocks in the ranking. Those days are long gone, but China’s Ganfeng Lithium did manage to squeak back in to join Chile’s SQM. 

Albemarle only just missed the cut and now ranks as the 51st most valuable mining firm at a $9.1 billion valuation but Australian producers like Minerals Resources and Pilbara Minerals have a long road ahead as does another former constituent, China’s Tianqi. 

Whether other producers follow Zangge’s move, which was at the behest of the local government after all, is yet to be determined but the brutal economics of EV battery lithium means the game of chicken among producers outside China must be entering its final innings.

Despite the recent flicker, the value destruction caused by the slump in lithium prices has been eye-popping. Lithium stocks in the index peaked in the second quarter of 2022 with a combined value of nearly $120 billion – now the two remaining counters barely make it to $20 billion.

More precious 

Unsurprisingly, precious metals counters dominate the best performer list and make up the majority of new entrants. After a long absence Impala Platinum returns to the ranks at no 50 after jumping 16 places to join the only other PGM representative, Valterra (formerly Anglo Platinum), which itself has gained 9 places so far in 2025. 

Gold, silver and PGM miners, and royalty companies now represent 31%  of the value of the Top 50, up from 24% at the start of the year. The strength in precious metals has also seen Canada overtake Australia for the first time in terms of the value of miners headquartered there. 

At 22% of the index, the 13 Canadian companies collectively are worth $320 billion compared to $293 billion for the now five  Australian firms with the inclusion this year for the first time of Sydney-based gold stock Evolution Mining. 

In their current form Melbourne-based BHP and Rio Tinto have been the top two global mining stocks since the turn of the century, together worth $234 billion today.

Old guard 

For the Q2 snapshot the lowest ranked entry must now be worth $9 billion from less than $7 billion at the end of last year, providing some support for the index as the old guard continues to underperform.  

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 losing a collective $120 billion over the course of the year.  So far this year investors in the group have seen these counters recoup only 1% of those losses. 

In the past these companies would, apart from wobbles as the Chinese supercycle became just a cycle, consistently occupied the top five slots in the ranking, supported by vast asset portfolios covering a range of commodities across many regions. 

Now the big diversified stocks – the mining industry’s now erstwhile version of the Mag 7 – make up less than 24% of the total index, down from a height of 38% at the end of 2022. 

Diversification and an extensive metal portfolio is not the ticket it used to be and for the second quarter another longtime occupant drops out for the first time. 

Sweden’s Boliden, which operates Europe’s largest copper mine and can make the most of PGM credits at its other base metal operations, follows another European stalwart – Polish copper producer KGHM – out the door proving that despite the bellwether metal’s bright prospects, investors have become very picky. 

KGHM dropped out at the end of 2024 and now languishes in the mid-60s after a lacklustre year not far behind South32, a base and minor metal specialist, which exited at the end of the Q1 after an unbroken entry since being spun out of BHP a decade ago.

  

NOTES:
Source: MINING.COM, stock exchange data, company reports. Share data from primary-listed exchange at close July 18, 2025 close of trading converted to US$ where applicable. Percentage change based on US$ market cap difference, not share price change in local currency.  
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 (the gold and uranium giant may list later this year), Eurochem, a major potash firm, and a number of entities in China and developing countries around the world.
Another central criterion was the depth of involvement in the industry, and how far upstream is the bulk of its revenue, before an enterprise can rightfully be called a mining company.
For instance, should smelter companies or commodity traders that own minority stakes in mining assets be included, especially if these investments have no operational component or even warrant a seat on the board?
This is a common structure in Asia and excluding these types of companies removed well-known names like Japan’s Marubeni and Mitsui, Korea Zinc and Chile’s Copec. 
Levels of operational or strategic involvement and size of shareholding were other central considerations. Do streaming and royalty companies that receive metals from mining operations without shareholding qualify or are they just specialised financing vehicles? We included Franco Nevada, Royal Gold and Wheaton Precious Metals on the basis of their deep involvement in the industry.
Vertically integrated concerns like Alcoa and energy companies such as Shenhua Energy or Bayan Resources where power, ports and railways make up a large portion of revenues pose a problem. The revenue mix also tends to change alongside volatile coal prices. Same goes for battery makers like China’s CATL which is increasingly moving upstream, but where mining will continue to represent a small portion of its valuation.  
Another consideration is diversified companies such as Anglo American with separately listed majority-owned subsidiaries. We’ve included Angloplat in the ranking but excluded Kumba Iron Ore in which Anglo has a 70% stake to avoid double counting. Similarly we excluded Hindustan Zinc which is listed separately but majority owned by Vedanta. 
With other groups like Mexico’s Penoles where refining and chemicals make up a substantial part of the business where possible the Top 50 would include separately listed operating subsidiaries that are dedicated to mining. This is also why Southern Copper represents Grupo Mexico in the ranking.
Many steelmakers own and often operate iron ore and other metal mines, but in the interest of balance and diversity we excluded the steel industry, and with that many companies that have substantial mining assets including giants like ArcelorMittal, Magnitogorsk, Ternium, Baosteel and many others.
Head office refers to operational headquarters wherever applicable, for example BHP and Rio Tinto are shown as Melbourne, Australia, but Antofagasta is the exception that proves the rule. We consider the company’s HQ to be in London, where it has been listed since the late 1800s.
Please let us know of any errors, omissions, deletions or additions to the ranking or suggest a different methodology: email Frik Els at fels@mining.com with Top 50 in the subject line.