This Series B financing round was also supported by Andium’s existing investors Climate Investment, Intrepid Financial Partners and former Citadel chief information officer, Thomas Miglis.

Combined with the company’s $15 million Series A funding in 2021, this investment brings the total funding to over $40 million.

The new capital will help Andium accelerate its global expansion, including scaling operations across oil and gas basins in the US and the Middle East. It will also reduce technology and equipment costs, support ongoing research and development, and enhance the range of services Andium offers in industrial automation and emissions monitoring.

Andium’s solution combines AI-powered software with on-site sensors and cameras to provide a comprehensive, real-time solution for remote field monitoring. This enables accurate tracking of environmental, social and governance (ESG) metrics, detecting issues like methane leaks, fires and equipment malfunctions.

By providing instant insights, Andium helps companies ensure continuous asset performance and regulatory compliance. The technology has already proven effective in reducing greenhouse gas emissions by up to 65% per location while lowering field operational costs by up to 45% for major energy companies like BP and ConocoPhillips, the company says.

Andium’s real-time monitoring automation is also able to reduce windshield time by over 80%, addressing labor challenges, empowering workers, and improving efficiency across remote locations, it adds.

“This investment is a powerful endorsement of our platform, which will be pivotal as we enter our next stage of growth,” said Jory Schwach, founder and CEO at Andium.

“Our end-to-end operating system, which monitors and provides real-time, verifiable emissions data from remote locations, has already been proven to lower operational costs, cut emissions, and improve safety — helping energy, mining and waste companies meet their net-zero and zero-harm goals.”

Aramco Ventures’ $1.5 billion sustainability fund supports innovative technologies that reduce Scope 1 and Scope 2 greenhouse gas emissions. This investment aligns with Aramco’s goal of achieving net-zero emissions by 2050, the group said.

Bruce Niven, executive MD at Aramco Ventures, commented: “We are delighted to be partnering with Andium. This technology platform has the potential to reduce fugitive emissions as well as provide operational benefits in a variety of applications. It is an elegant and cost-effective solution.”

The total stock market valuation of the world’s biggest mining companies is up a fairly modest 8% year to end-September and despite the good run is still $240 billion below the peak hit in the second quarter of 2022. And judging by the performance of the top tier in the final quarter (BHP down 8% QTD, Rio Tinto –5%, Vale –3%, Glencore –5%, Newmont –9%, Zijin –5%, Freeport –7%) the gap won’t be closing anytime soon.

In contrast, Nvidia — the maker of chips highly prized for artificial intelligence (AI) computing — is up nearly 200% so far this year (and 2,600% over five). When comparing the graphics card maker’s stock valuation to the mining industry’s collective worth, it’s difficult not to wonder if something is not awry with how global investors appraise the industrial economy.  

Should Nvidia (or Microsoft or Apple for that matter) be worth more than twice the top 50 miners? Outside the top 50 the average market cap quickly shrinks to the low teens so Nvidia is in fact worth more than the entire listed mining industry. 

Even when extending the top 50 into metals and energy –  steel, aluminium and electricity companies often operate their own mines – Nvidia can still throw shade. BHP does not even crack the top 100 most valuable companies in the world and is worth less than Booking.com, and Temu and Zara’s owners, none of which can exactly be called the building blocks of the global economy. 

Nvidia briefly surpassed Apple on Friday to become the world’s most valuable company. Its market capitalization is approximately $3.5 trillion, just below Apple’s, which remains the highest-valued firm globally.

Beijing has sought to develop its ties with the Taliban since they took control of Afghanistan in 2021, but like all governments has refrained from formally recognizing the Islamic fundamentalist group’s rule amid international concern over its human rights record and those of women and girls.

But the impoverished country could offer a wealth of mineral resources to boost Beijing’s supply chain security although it risks becoming a haven for militant groups threatening China’s Xinjiang region and huge investments in neighbouring Pakistan.

Selling Afghanistan’s lithium, copper and iron deposits to feed China’s enormous battery and construction industries would help the Taliban prop up their economy, which the UN says has “basically collapsed”, and provide a much needed revenue stream as the country’s overseas central bank reserves remain frozen.

“China will offer Afghanistan zero-tariff treatment for 100% tariff lines,” Zhao Xing, Chinese ambassador to Afghanistan, wrote on his official X account late on Thursday, above a photo of him meeting acting deputy prime minister Abdul Kabir.

Afghanistan exported $64 million worth of goods to China last year, according to Chinese customs data, close to 90% of which was shelled pine nuts, but the Taliban government has said it is determined to find foreign investors willing to help it diversify its economy and profit from its minerals wealth.

The country exported no commodities to China last year, the data shows, but Zhao has regularly posted photos of him meeting Taliban officials responsible for mining, petroleum, trade and regional connectivity since his appointment last September.

“In the Horn of Africa, China’s Special Envoy Xue Bing said that the best way to resolve security and terrorism challenges is through economic development. I think they are bringing that same mindset to Afghanistan,” said Eric Orlander, co-founder of the China-Global South Project.

“I don’t buy the whole strategic minerals line that we hear in Washington about how China is eyeing Afghanistan’s vast lithium reserves,” Orlander added, citing the cost and security challenges involved in extracting them.

“(China’s) answer to everything is build a road, and from that economic development will lead to peace and harmony.”

Several Chinese companies operate in Afghanistan, including the Metallurgical Corp of China Ltd, which has held talks with the Taliban administration over plans for a potentially huge copper mine, and was highlighted in an August feature in Chinese state media on Chinese companies rebuilding Afghanistan.

Chinese President Xi Jinping at a Beijing summit for more than 50 African leaders in September announced that from Dec. 1 goods entering his country’s $19 trillion economy from “the least developed countries that have diplomatic relations with China” would not be subject to import duties, without giving details.

The policy was then repeated on Wednesday by vice commerce minister Tang Wenhong at a press conference in Beijing on the preparations for upcoming China’s annual flagship import expo.

Lin Jian, a Chinese foreign ministry spokesperson, confirmed on Friday the policy would apply to Afghanistan, adding it would promote mutually beneficial trade and economic cooperation.

The Afghanistan embassy in Beijing did not respond to a request for comment.

Last October, Afghanistan’s acting commerce minister told Reuters the Taliban wanted to formally join Xi’s flagship “Belt and Road” infrastructure initiative.

Kabul has also asked China to allow it to be a part of the China-Pakistan Economic Corridor, a $62 billion connectivity project connecting China’s resource-rich Xinjiang region to Pakistan’s Arabian Sea port of Gwadar.

(By Joe Cash and Mei Mei Chu; Editing by Raju Gopalakrishnan)

Read More: Taliban says it signed mining deals worth over $6.5 billion

At the end of the third quarter of 2024, the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of $1.51 trillion, up just under $76 billion from end-June, largely on the back of gold and royalty stocks.

The total stock market valuation of the world’s biggest mining companies is up a fairly modest 8% year to end-September and despite the good run is still $240 billion below the peak hit in the second quarter of 2022.  

Ranks, value of gold stocks swell

The value of precious metals and royalty companies climbed by a combined $42 billion, or 16% during the quarter and gold counters dominate the best performing ranks. 

Were it not for the limited tradability of stock in Russia’s Polyus, which lost some ground over the last three months despite gold’s stellar performance, bullion’s effect on the Top 50 would have been even more pronounced. 

Canada’s Alamos Gold joins the top 50 for the first time with a more than 31% jump in value, lifting it six places to number 48 with a valuation of $8.2 billion at the end of the quarter while the second quarter’s newcomer Pan American Silver (following its absorption of Yamana Gold) hangs on at no 50.

Alamos Gold last month raised its production guidance by over 20% for 2025-2026 with the inclusion of the Magino mine and its integration with its Island Gold operation in Ontario. The Toronto- based miner has long term ambitions to grow its production base to 900,000 ounces per year.

Uzbekistan is readying an IPO for Navoi Mining and Metallurgy Combinat – the world’s fourth largest gold mining company and significant uranium producer in 2025. NMMC debuted a $1 billion bond offering last week, marking the first global debt market issuance from a gold mining company since June 2023.

Navoi should easily join the ranks of gold producers in the top 50 thanks to ownership of the world’s largest gold mine, Muruntau, and annual production of 2.9 million ounces at grades and per ounce extraction costs the envy of the sector.  

The Muruntau open pit mine southwest of the Kyzylkum desert, originally developed during the Soviet era as a source of uranium, has estimated reserves of around 130 million ounces of gold. 

Goldilocks copper

Copper specialists, and those with fat gold credits, have gained a combined 36% year to date as the copper price continues to flirt with the $10,000 a tonne level, but momentum slowed dramatically during Q3 with the group contributing only $7.2 billion in added market worth during the quarter. 

Amman Mineral’s fierce rally also came to an abrupt halt during the quarter with the counter losing 18% over the three months and coming close to falling out of the top 10.

Investors who bought Amman, owner of the world’s third largest mine worldwide in terms of copper equivalent, at the IPO price in Jakarta a year ago, are still enjoying 400% gains since then, however. 

Southern Copper’s position as the world’s third most valuable mining stock seems entrenched after a double digit percentage gain in Q3 compared to a much more sedate performance by Freeport-McMoRan, which now has to gain a full $20 billion in market cap to haul in its Mexico City-based rival.

Light on lithium 

Rio Tinto’s vote of confidence in the long term future of the lithium sector (and its own ability to make M&A work) dominated the news at the start of the December-quarter but it’s worth noting that Arcadium’s more than 90% surge since the all-cash offer was first announced is not enough for the stock to enter the rankings.

Three lithium counters exited the rankings this year, Australia’s Pilbara Minerals and Mineral Resources and China’s Tianqi Lithium as the deep slump in prices for the battery metal continues to take its toll.  

Last quarter’s no 50, Ganfeng Lithium jumps six places after being swept up in the stimulus-induced rally on Chinese stock markets at the end of the quarter, while Tianqi’s performance so far in October should see it reenter the Top 50 in due course. 

Ganfeng was barely holding on at position 50 at end-June and with gold price momentum continuing and two gold mining companies waiting in the winds – Yintai and Alamos – only three lithium counters in the top 50 may be a reality for some time to come. 

After peaking in the second quarter of 2022 with a combined value of nearly $120 billion, the remaining lithium stocks’ market value has now shrunk to $34 billion.  

Iron ore ground down

Despite a modest improvement during the quarter, the mining industry’s traditional big 5 – BHP, Rio Tinto, Glencore, Vale and Anglo American – remain in the red for 2024, losing $24 billion since the start of the year. 

The big 5 diversifieds now make up 29% of the total index, down from a height of 38% at the end of 2022.  

Iron ore’s less than rosy outlook – the late boost China’s recent stimulus package notwithstanding – saw Fortescue once again feature on the biggest losers list and Cleveland Cliffs exit the ranking with the US iron ore miner’s 37% decline this year exacerbated by its inability to capitalize on the blocking of the Nippon-US Steel tie up. 

Iron ore’s representation in the top 50 have diminished in the last couple of years – Brazil’s CSN Mineração dropped out during Q1 this year while Anglo-controlled and separately-listed Kumba Iron Ore has lost touch with the top tier after a 40% fall year to date.

Click on image for full size table.

NOTES:

Source: MINING.COM, stock exchange data, company reports. Share data from primary-listed exchange at close Oct 4, 2024 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 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 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.

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.

Spot gold fell 0.4% to $2,650.57 per ounce by 12:30 p.m. ET, about $35 shy of the all-time high set in late September. US gold futures were down 0.6% at $2,672.90 per ounce.

Bullion closed the previous session 1.1% on news of an Iranian missile strike against Israel, which rekindled the allure of save haven assets.

“Geopolitical headlines often trigger immediate market reactions, but these tend to reverse if no significant assets are impacted,” said Charu Chanana, a strategist at Saxo Capital Markets Pte, told Bloomberg.

Chanana added that gold remained an attractive hedge. “When considering how markets might react next, the key worry would be risks of an escalation, particularly if Iran’s oil assets could be targeted.”

Gold has rallied almost 30% this year, hitting a series of record highs in the process. Recent gains have been fueled by anticipation for monetary easing by the Federal Reserve, which last month kicked off rate cutting cycle.

Along with any further escalation of conflicts in the Middle East, traders will be looking to the latest US jobs report due Friday, which may prove to be pivotal in offering insights on the Fed’s pace of rate cuts.

Swaps traders are wagering on a one-in-three chance the central bank will deliver another half-point reduction in November, according to Bloomberg.

(With files from Bloomberg)

“I have no reason to believe there will be an issue,” Minister Bandar Alkhorayef said in a Monday interview in Toronto, where he’s part of a Saudi delegation meeting with Canadian mining companies to discuss investment opportunities.

The minister of industry and mineral resources said he expects Saudi’s state-backed funds to buy stakes in Canadian metals businesses as the Middle Eastern kingdom expands its influence in the global mining industry. Canada’s rules targeting certain foreign investors won’t get in the way, he said.

Canada’s federal government introduced new rules in 2022 that added a layer of regulatory scrutiny to investments by foreign state-owned entities. Such deals will only be approved “on an exceptional basis” if they’re considered a net benefit to Canada.

The tougher stance has thwarted some efforts by Chinese state-backed firms to invest in Canadian companies, though it didn’t prevent two Saudi entities from buying a 10% stake in Vale SA’s base metals unit, which operates Canada’s largest nickel mines.

Saudi Arabia has sought to expand its access to critical minerals as the global energy transition accelerates, while building a metals-processing industry that could make it more attractive for international miners to exploit its mineral deposits — a central pillar of the kingdom’s efforts to diversify its economy away from oil.

Alkhorayef said his Canadian visit is partly to entice Canadian mineral explorers to help search for key metals like copper within the Arabian peninsula.

The Saudi delegation plans to meet with government officials in Ottawa including Industry Minister Francois-Philippe Champagne and Natural Resources Minister Jonathan Wilkinson, Alkhorayef said.

Canada-Saudi Arabia relations have been on the mend since a diplomatic feud broke out in 2018, when the Saudis expelled Canada’s ambassador after the Canadians criticized the kingdom’s record on human rights.

(By Jacob Lorinc)