In this article, we will take a look at the Top 15 Mining Companies in the World by Revenue. You can also check out 25 Richest Billionaires in Metals and Mining Industry for our discussion on the metals industry outlook.

Mining is the process of extracting useful materials from the earth. Some examples of substances that are mined include coal, gold, other precious metals, and iron ore – and, all these profitable substances that are mined from the earth are called minerals.

Despite challenges like geopolitical and market uncertainties, the mining industry has been thriving. The global shift from traditional fossil fuels to green and renewable energy has been boosting the demand for minerals like copper, cobalt, and lithium. The mining sector is projected to grow at a Compound Annual Growth Rate of 6.5% in 2024, reaching a market size of $2276.8 billion in 2024 from $2138.73 billion in 2023, as stated in the Insider Monkey article. It is further expected to expand and maintain its upward trajectory reaching a valuation of $2825.81 billion in 2028 at an impressive Compound Annual Growth Rate of 5.5%. This continuous growth is a clear indication of the potential that the mining industry holds in years to come.

However, this industry still faces strict policies and regulations that impact its operations. A few such regulations influenced the precious metals market in 2023. Gold prices were extremely volatile throughout the year recording their highest values and also declining because of economic issues worldwide. For example, in November, the price of gold soared beyond $2,000 due to predictions about future Federal Reserve interest rate changes and a positive view of the U.S. economy.

What we can establish through this discussion is that regardless of the challenges, mining is one of the most important operations as these minerals hold immense value globally. So let us take a dive and look at the countries that are rich in these minerals and boast the largest reserves.

In terms of global regions, Asia-Pacific is one of the leaders of the global iron ore market, with a projected growth of 2.69% annually. Due to the construction boom in countries like India and China, the iron ore market has been experiencing growth; the top of the chart in such regard is China, with Japan, India, and Korea following. The U.S., on the other hand, is the 9th largest iron producer in the world! The iron ore market comprises various types of iron ore like hematite, magnetite, limonite, and siderite.

On the other hand, the demand for Gold is widespread across the globe. Emerging markets, particularly China and India, account for approximately 75% of the annual global demand for gold. The rest of the demand comes from developing countries. Meeting these high levels of demand are countries like China, Russia, and Australia, as the largest producers of gold, with each country’s production levels being 375 tons, 325 tons, and 314 tons, respectively.

As discussed earlier, copper is one of the most important minerals mined and its demand is projected to increase manifold in the coming years. The biggest increase in demand for copper is coming from the shift towards a green economy. Technologies like EVs, solar panels, wind turbines, and batteries require a lot more copper than traditional fossil fuel-based technologies. Relying on the Insider Monkey article we can tell that Chile, Peru, and the Democratic Republic of Congo have the record for highest levels of copper production currently.

So, what companies make these countries the largest producers of these minerals? That’s what we are going to see by shedding light on our list of Top 15 Mining Companies in the World by Revenue.

Also see: 26 Largest Mining Companies by Market cap and 20 Biggest Iron Ore Mining Companies in Australia, 2024.

Methodology

For the purpose of this ranking, we referred to the top 50 mining companies across several sources. We then picked the top 15 companies with the highest revenues reported for last year and arranged them in ascending order. The list starts with the company that had the lowest revenue of all 15 companies given in this ranking.

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15. Teck Resources Limited (NYSE:TECK)

Revenue Reported in 2023: $10.99 billion

Teck Resources Limited (NYSE:TECK) is a Canadian mining company that has its operations spread across North and South America. Its primary focus is on the production and mining of copper, zinc, steelmaking coal, and energy.

Due to an increase in the prices for copper and steelmaking coal, Teck Resources Limited (NYSE:TECK) reported an adjusted EBITDA of $1.2 million in the third quarter of 2023. However, the company underperformed in terms of its steelmaking coal sales which came at about 5.2 million tons, which were lower than their estimate of 5.6 to 6.0 million tons.

14. Barrick Gold Corporation (NYSE:GOLD)

Revenue Reported in 2023: $11.40 billion

Barrick Gold Corporation (NYSE:GOLD) is headquartered in Canada and holds a significant position as a global gold mining company. It also stands among the leading gold producers worldwide.

The year 2023 did not come without challenges for Barrick Gold Corporation (NYSE:GOLD), wherein, the production levels dipped and costs per ounce production increased at its Pueblo Viejo and Nevada Gold Mines. Despite these issues, the company generated EBITDA margins over 40%, higher year-on-year operating cash flow, a 50% increase in free cash flow, and a 200% increase in earnings per share.

13. Newmont Corporation (NYSE:NEM)

Revenue Reported in 2023: $11.81 billion

Newmont Corp. (NYSE:NEM) is a prominent mining company that is primarily focused on gold production. The company operates across various geographical segments, including North America, South America, Australia, and Africa.

In March 2024 Newmont Corp. (NYSE:NEM) initiated its sale of the Akyem gold mine in Ghana and several companies like Shandong Gold Mining and Zijin Mining Group have shown interest. This interest stems from the recently rising gold prices and Akyem would serve as a major asset, reporting annual gold production of 420,000oz in 2022, according to Mining Technology.

12. Coal India Limited (NSE:COALINDIA.NS)

Revenue Reported in 2023: $15.63 billion

Coal India Limited (NSE:COALINDIA.NS) is an Indian mining company that produces coal and coal products in India. The company offers coking and non-coking coal for steel-making and metallurgical industries.

In February 2024 Coal India Limited (NSE:COALINDIA.NS) signed an agreement for a joint venture with Bharat Heavy Electricals Ltd. (BHEL) to undertake a coal chemical business. On 28 March 2024, it announced the incorporation of a subsidiary firm, Bharat Coal Gasification and Chemicals Ltd. Coal India holds a majority 51% stake in the new entity while the remaining 49% is owned by BHEL.

11. Fortescue Ltd (OTC:FSUMF)

Revenue Reported in 2023: $16.78 billion

Fortescue Ltd Fortescue Ltd (OTC:FSUMF), one of the largest mining companies in Australia, is running the iron ore operations smoothly. They have their three big mining hubs in the Pilbara region and the Iron Bridge magnetite mine. A vast 760km rail line connects these hubs while running straight to Herb Elliott Port and Judith Street Harbor in Port Hedland, according to Insider Monkey.

The company had many significant milestones in the year 2023, which included the first production at their Iron Bridge Magnetite project, and the first ore mined from the Belinga Iron Ore project in Gabon as part of the early-stage mine development. This success was also reflected in the company’s financial results for the year 2023, with Fortescue Ltd (OTC:FSUMF) reporting underlying net profit after tax of $5.5 billion and free cash flow of $4.3 billion.

10. Vedanta Limited (NSE:VEDL.NS)

Revenue Reported in 2023: $17.01 billion

Vedanta Limited (NSE:VEDL.NS) works in the exploration, extraction, and production of oil and gas, zinc, lead, silver, copper, aluminum, iron ore, steel, pig iron, and metallurgical coke. Vedanta Limited (NSE:VEDL.NS) also owns and operates a thermal coal-based commercial power facility with a capacity of 600 megawatts (MW) located in eastern India, according to Yahoo Finance.

With Axis Bank Ltd. subsidiary Axis Capital and Citigroup Inc. as its advisers, Vedanta Limited (NSE:VEDL.NS) is considering a share sale in the first few weeks of June 2024. This stock offering has the potential to raise almost $1 billion. As a result, Middle Eastern funds have already started expressing interest in this share sale, according to Bloomberg.

9. Freeport-McMoRan Inc. (NYSE:FCX)

Revenue Reported in 2023: $22.86 billion

Headquartered in Phoenix, Arizona, Freeport-McMoRan Inc (NYSE:FCX) is known for its specialization in the extraction of copper, gold, and molybdenum. It owns the Grasberg mine in Indonesia, one of the largest copper and gold mines globally. The company also operates several significant mines in North America, notably the Morenci mine in Arizona, which holds one of the largest copper reserves in the United States, with proven copper reserves amounting to a whopping 12.3 million tons, as of 2022.

According to Insider Monkey, Freeport-McMoRan Inc (NYSE:FCX) extracted record quantities in Q3 of 2023, producing 1.1 billion pounds of copper, 16.62 tons of gold, and 20 million pounds of molybdenum. These high levels of production were matched with a revenue of $5.842 billion for the same period.

8. Nutrien Ltd. (NYSE:NTR)

Revenue Reported in 2023: $29.06 billion

Nutrien (NYSE:NTR) is a fertilizer company headquartered in Canada that dominates potash production globally. It is among the top three producers of nitrogen fertilizer, with 2,000+ retail outlets across North America, South America, and Australia.

For the year 2023, Nutrien (NYSE:NTR) reported revenue of $29.06 billion, which even though impressive, was a major decline from $37.88 billion recorded in 2022. This figure marked a substantial decrease of 23% compared to the previous year.

7. Anglo American plc (LSE:AAL.L)

Revenue Reported in 2023: $30.65 billion

Anglo American plc (LSE:AAL.L) is a mining company that not only operates in the United Kingdom, but also internationally. It is involved in the exploration of rough and polished diamonds, copper, platinum group metals and nickel, steelmaking coal, iron ore, nickel, polyhalite, and manganese ores.

Earlier in April 2024, Anglo American plc (LSE:AAL.L) announced that it had received an all-share buyout proposal from BHP Group (NYSE:BHP). BHP’s latest offer values the company at $49.2 billion, according to previous Reuters calculations.

However, according to The Guardian, Anglo-American on 29 May 2024, rejected a request from BHP Group to extend takeover talks; the British miner said BHP’s latest bid failed to address the board’s “fundamental concerns relating to the disproportionate execution risk” surrounding the deal.

6. Zijin Mining Group (Shanghai:601899.SS)

Revenue Reported in 2023: $40.50 billion

Zijin Mining Group Co., Ltd. (Shanghai:601899.SS) operates as an exploration company, specializing in the exploration, mining, and smelting processing of various metal mineral resources, including gold, copper, and zinc. The company’s business activities encompass the exploration or acquisition of mineral resources, mining development resources, and the smelting and processing stages to enhance the industrial chain.

5. Vale S.A. (NYSE:VALE)

Revenue Reported in 2023: $41.78 billion

Vale (NYSE:VALE) is a Brazilian powerhouse in the mining industry and the world’s second-largest supplier of iron ore. The division, dominated by iron ore and iron ore pellets, contributes significantly to the company’s financial performance.

Vale (NYSE:VALE) saw an impressive increase of  11% in its iron production in the fourth quarter of 2023, reaching 89.4 million tons (mt) compared to the corresponding period in 2022. Furthermore, the annual iron ore production for 2023 reached 321.2mt, surpassing the company’s earlier estimates of 315mt.