The mining industry has contributed greatly to the world economy. Developed countries owe their existing economic power to this sector by using their natural resources effectively. The top 50 mining companies in the world reported that they increased their earnings in the first quarter of 2023, but it was seen that they remained below the valuations of last year.
Last year, the metals and mining market had been bustling with hopes for the post-pandemic Chinese economy rebound, inflation in the developed world being temporary, and then the end of the Ukraine war in a month.
At the end of the first quarter of 2022, all products, besides copper, gold and uranium, began to rise in the ranking of the world's top 50 mining companies, with a total value of $ 1.75 trillion, breaking a record. However, it was reported that China lost a total of $600 billion at the end of June as zero covid restrictions, interest rates were increased to curb inflation, and the Ukraine war churned energy markets.
At the end of the first quarter of this year, according to the statement of the world's top 50 mining companies, after a total value of $ 1.43 trillion in March 2022, it lost more than half its value this year.
It was observed that it was not much above the levels seen in March 2021 and increased by $ 49 billion towards the end of last year.
Newcrest Mining and China Molybdenum had the highest rate of change among companies, while Anglo American Platinum and Glencore companies had the lowest changes with -34.2 % and -16.0 %.
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