In this article, we discuss the 25 richest billionaires in metals and mining industry. To skip the detailed analysis of the metals and mining industry, go directly to the 5 Richest Billionaires in Metals and Mining Industry.
Global Metals and Mining Industry Outlook
The global metals and mining industry holds a lot of value due to the significance of some precious earth metals and minerals. According to a report by The Business Research Company, the global metals and mining market size was valued at $7.91 trillion in 2023 and is expected to reach $8.37 trillion in 2024, growing at a compound annual growth rate of 5.8%. The market size is anticipated to see strong growth in the next few years. It is projected to grow to $10.19 trillion by 2028, growing at a compound annual growth rate of 5%.
China and the US are the top countries with the highest rare metals production. Australia, Myanmar, and Thailand are the other three top rare metal producers. As per a report by the US Geological Survey, China accounts for almost 70% of the global production of rare earth metals, while the US, Australia, and Myanmar collectively comprise 24% of the world’s total production of rare earth metals. China produced almost 0.21 million metric tons of rare earth metals in 2022. China possesses 44 million metric tons of rare earth element reserves, yet to be exploited.
The global precious metals segment is a major player in the metals and mining industry, considering the industrial and economic factors. According to a report by Sky Quest, the global precious metals market was valued at $290.82 billion in 2022 and is projected to grow to $449.72 billion by 2030, growing at a compound annual growth rate of 5.6% between 2023 and 2030.
In recent times, the demand for lithium has increased due to its usage in batteries. Excluding the US, global production for lithium increased from 146,000 tons in 2022 to 180,000 tons in 2023, reflecting a 23% rise driven by strong demand from the lithium-ion battery market. The global consumption of lithium was equivalent to its production and was around 180,000 tons, as per the US Geological Survey.
However, the weaker demand for EVs, short-term lithium oversupply, and the expiration of the Chinese Government’s decade-long program of subsidies for EV purchases led to a decrease in lithium prices in 2023. In China, the spot price of lithium carbonate plunged from almost $76,000 per ton in January 2023 to $23,000 per ton in November 2023. The annual average US lithium carbonate price was $46,000 per ton for fixed contracts in 2023, a drop of 32% compared to 2022.
On April 22, Reuters reported that according to commodity trader Trafigura, there will be around 10 million metric tons of additional copper consumption over the next decade. Trafigura believes that the demand will be driven by power infrastructure, AI, EVs, and automation sectors. The increasing production of EVs, solar panels, and grid investment in China has already boosted the demand for copper. This has led to copper’s price to a two-year peak near $10,000 a ton on the London Metal Exchange (LME).
Big Players in Metals and Mining Industry
Rio Tinto (NYSE:RIO), Newmont Corporation (NYSE:NEM), and Zijin Mining Group (SHA:601899) are some of the leading companies in the metals and mining industry. Let’s take a look at their latest updates.
Rio Tinto (NYSE:RIO) is one of the largest mining companies in the world. On April 10, Rio Tinto (NYSE:RIO) announced that it is collaborating with Founders Factory, a leading global venture studio and start-up investor, to invest A$14.4 million in global pre-seed and seed-stage start-ups over the next three years. The company will invest in start-ups whose focus will be on technologies in decarbonization, safe mine operations, automation, and exploration processing. Start-ups will receive cash investment and take part in a four-month accelerator program to support their product development and commercialization.
Newmont Corporation (NYSE:NEM) is another leading company in the metals and mining industry and the best precious metals stock to invest in now according to hedge funds. On April 25, Newmont Corporation (NYSE:NEM) reported its earnings for the first quarter of 2024. The mining company posted earnings per share of $0.55, beating consensus estimates by $0.18. The revenue came in at around $4.02 billion, surpassing estimates by $339.72 million. Here are some of the comments from the Q1 2024 earnings call:
“We are firmly on track to deliver our 2024 guidance. We are pleased with our operational performance in the first quarter and remain focused on delivering consistent results as guided over the remainder of this year and beyond. I also want to reiterate the four key commitments that we have made to our shareholders.
With this sustainable foundation in place, we have created the industry’s strongest portfolio of world-class gold and copper assets in the most favorable mining jurisdictions. And from this portfolio, we produced 1.7 million ounces of gold at an all-in sustaining cost of $1,439 an ounce in the first quarter.”
Zijin Mining Group (SHA:601899) is one of the largest copper producers in China. On March 29, Zijin Mining Group (SHA:601899) announced that it was recognized as China’s ‘First Million-Tonne Copper Miner’ by the China Nonferrous Metals Industry Association. The company has achieved this title following a record copper production of 1.01 million tonnes in 2023. The historic milestone reflects Zijin Mining Group’s (2899 (SHA:601899) long-term commitment to the extraction of nonferrous metal resources and sustainable development. The firm’s next goal is to sustain its growth and focus on global competitiveness to become a green, high-tech, first-tier global mining company by 2028.
The global metals and mining industry holds a lot of importance considering the demand for metals such as copper, lithium, and gold, among others. With that, let’s take a look at the 25 richest billionaires in the metals and mining industry.
25 Richest Billionaires in Metals and Mining Industry
Our Methodology
We gathered the data for the 25 richest billionaires in the metals and mining industry from the Forbes Real Time Billionaires Index. The list of billionaires from the metals and mining industry is ranked in ascending order of billionaires’ net worths, as of May 6.
25 Richest Billionaires in Metals and Mining Industry
25. Andrei Kozitsyn
Net Worth: $4.4 Billion
Andrei Kozitsyn co-founded the top Russian mining firm, Ural Mining Metallurgical Company (UMMC), with Iskander Makhmudov. Kozitsyn was CEO of the company until 2022. Andrei Kozitsyn has a net worth of $4.4 billion and ranks 25th among the richest billionaires in the metals and mining industry.
24. Igor Altushkin
Net Worth: $4.6 Billion
Igor Altushkin founded the Russian Copper Company (RCC) and is the largest shareholder of the firm. Igor Altushkin has a net worth of around $4.6 billion.
23. Xiang Guangda
Net Worth: $4.8 Billion
Xiang Guangda is the chairman of Tsingshan Holding Group, one of the leading producers of crude stainless steel. Xiang Guangda ranks 23rd among the richest billionaires in the metals and mining industry.
22. Gianfelice Rocca
Net Worth: $5.3 Billion
Gianfelice Rocca and his brother Paolo run the Techint Group, which was founded by their grandfather Agostino Rocca. Techint Group operates in steel production, mining, engineering and construction projects, oil and gas, and the healthcare sector. Gianfelice runs the group’s healthcare company, Humanitas. Gianfelice Rocca is one of the richest people in the metals and mining industry.
21. Paolo Rocca
Net Worth: $5.3 Billion
Paolo Rocca is the CEO of the Techint Group and has a net worth of around $5.3 billion. Paolo Rocca ranks among the richest billionaires in the metals and mining industry.
20. Alexander Abramov
Net Worth: $6.4 Billion
Alexander Abramov ranks 20th among the richest billionaires in the metals and mining industry. Abramov is the chairman of the steel manufacturing and mining firm, Evraz. Abramov owns two US steel firms including Claymont Steel and Oregon Steel.
19. Agoes Projosasmito
Net Worth: $6.5 Billion
Agoes Projosasmito is the president of PT Amman Mineral Internasional Tbk (IDX:AMMN), one of the largest copper-and-gold mining firms in Indonesia. Projosasmito also owns stakes in oil and gas company Medco Energi Internasional and coal miner Bumi Resources.
18. Andrei Skoch
Net Worth: $6.7 Billion
Andrei Skoch has been a member of Russia’s legislative body, the State Duma, since 1999. Along with his former partner, Lev Kvetnoi, Skoch merged business with billionaire Alisher Usmanov. Being a member of the State Duma, Andrei Skoch isn’t allowed to own stakes in his USM Holdings. Therefore, the shares in USM are held by Skoch’s father Vladimir and his daughter Varvara.
17. Pavel Tykac
Net Worth: $7.6 Billion
Pavel Tykac is an entrepreneur and investor with long-term experience in the energy sector. Tykac is the sole owner of Sev.en Energy Group. With a net worth of around $7.6 billion, Pavel Tykac ranks 17th among the richest billionaires in the metals and mining industry.
16. Iskander Makhmudov
Net Worth: $8.3 Billion
Iskander Makhmudov co-founded Ural Mining Metallurgical Company (UMMC) along with Andrei Kozitsyn. In 2022, UMMC press office reported that Makhmudov was no longer the controlling beneficiary of the company and left the board of directors. Iskander Makhmudov has a net worth of around $8.3 billion.
15. Nicky Oppenheimer
Net Worth: $9.5 Billion
Nicky Oppenheimer sold his 40% stake in De Beers Group to Anglo American for $5.1 billion in 2012. Oppenheimer started Fireblade Aviation in Johannesburg in 2014, which operates chartered flights. Nicky Oppenheimer ranks 15th among the richest billionaires in the metals and mining industry.
14. Ivan Glasenberg
Net Worth: $11.2 Billion
Ivan Glasenberg holds the largest individual stake in the world’s biggest commodity trading and mining firm, Glencore plc (OTC:GLNCY). Glasenberg served the company as CEO from 2002 to 2021. Ivan Glasenberg is one of the richest billionaires in the metals and mining industry.
13. Zheng Shuliang
Net Worth: $11.3 Billion
Zheng Shuliang is the vice chairman of one of China’s largest aluminum producing firms, China Hongqiao Group. Zheng Shuliang has a net worth of around $11.3 billion.
12. Alisher Usmanov
Net Worth: $13.6 Billion
Alisher Usmanov owns a large stake in iron ore and steel giant Metalloinvest. Usmanov was one of the early investors in Facebook. Usmanov has also headed Gazprom Investholding from 2000 to 2014. Alisher Usmanov ranks 12th among the richest billionaires in the metals and mining industry.
11. Dang Yanbao
Net Worth: $14 Billion
Dang Yanbao is the chairman of the coal chemical product supplier, Ningxia Baofeng Energy Group Co., Ltd. (SHA:600989). In addition, Yanbao’s solar farm company Baofeng New Energy is seeking an IPO in China.
10. Lakshmi Mittal
Net Worth: $16.2 Billion
Lakshmi Mittal ranks 10th among the richest billionaires in the metals and mining industry. Mittal is the chairman of one of the world’s largest steel and mining companies, ArcelorMittal S.A. (AMS:MT).
9. Andrew Forrest
Net Worth: $18.5 Billion
In 2002, Andrew Forrest founded Fortescue Ltd (OTC:FSUGY). Andrew Forrest has a net worth of around $18.5 billion. Andrew Forrest is one of the richest people in the metals and mining industry.
8. Andrey Melnichenko
Net Worth: $19 Billion
Andrey Melnichenko founded the fertilizer producer Eurochem and coal energy firm SUEK. With a net worth of around $19 billion, Andrey Melnichenko ranks eighth among the richest billionaires in the metals and mining industry.
7. Vladimir Potanin
Net Worth: $23.7 Billion
Vladimir Potanin acquired a stake in Norilsk Nickel during Russia’s privatization in 1995. In 2022, Potanin bought Rosbank from Societe Generale. Vladimir Potanin has a net worth of around $23.7 billion.
6. Alexey Mordashov
Net Worth: $25.4 Billion
Alexey Mordashov is the majority shareholder in the steel firm, Severstal. Mordashov ran the company as CEO for almost 19 years before he resigned in 2015. Alexey Mordashov ranks sixth among the richest billionaires in the metals and mining industry.
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Disclosure. None. 25 Richest Billionaires in Metals and Mining Industry is originally published on Insider Monkey.
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