Published on 3 Dec 2022 on Insider Monkey via Yahoo Finance
16 Biggest Mining Companies in the World
The In this article, we will be taking a look at the 16 biggest mining companies in the world. To skip our detailed analysis, you can go directly to see 5 biggest mining companies in the world.
The mining industry is easily one of the most important sectors in the global economy and was worth around $1.84 trillion in 2021 while growing to $2.06 trillion in 2022. This is a stunning increase at a CAGR of 12% and the industry is expected to continue growing at an even more exceptional CAGR of 12.9% and will cross $3.36 trillion by 2026.
2022 has been a bumper year for the mining industry as a result of the war between Russia and Ukraine. Since these two countries are major producers of several metals such as copper, iron and nickel while also being involved in other raw materials extraction such as of palladium, neon and platinum. When the war started, the supply of these metals was affected which led to an increase in prices. Prices also soared amid the West's sanctions on Russia. For example, palladium was being traded at $2,700 in February 2022, which showed an 80% increase in prices in a period of just two months.