25 World’s Biggest Mining Companies

25 World’s Biggest Mining Companies

25 World’s Biggest Mining Companies– Based on the published annual report of 2020, there are 25 World’s Biggest Mining Companies. There are the main producers of diversified mining products with billion dollars of assets and Net Income. Some of them are the well-known companies we all know the name. With the risk of health and environmental pollution, they can do their business from time to time.

25 World’s Biggest Mining Companies -Mining companies

Mining is an activity of exploring valuable and economic mineral deposits from the earth’s crust, both mechanically and manually, on the earth’s surface, below the earth’s surface, and below the water surface. Some of the common products of this activity, namely coal, iron sand, tin ore, nickel ore, bauxite ore, copper ore, gold ore, silver, and manganese ore.

25 World’s Biggest Mining Companies- Logo

In 2020, with the global pandemic, some companies have mixed results with positive and negative business performance. Their performance depends on the international markets of mining products. It’s very volatile and risky. In the future, we cannot predict the growth of income in these mining companies because of fluctuations in international mining market products. Here is the Rank of 25 World’s Biggest Mining Companies based on the net income.

The Rank of 25 World’s Biggest Mining Companies Based on Net Income in 2020

RankName of CompanyRevenueRevenueNet IncomeNet Income
Origin CurrencyUS DollarOrigin CurrencyUS Dollar
1Rio Tinto PLC 44.6 Billion US Dollar 44.6 Billion US Dollar 10.4 Billion US Dollar 10.4 Billion US Dollar
2Fortescue22.2 Billion US Dollar 22.2 Billion US Dollar 10.2 Billion US Dollar 10.2 Billion US Dollar
3BHP Group Ltd. 42.9 Billion US Dollar 42.9 Billion US Dollar 8.6 Billion US Dollar 8.6 Billion US Dollar
4China Shenhua Energy Co. Ltd. 233.2 Billion CNY37.3 Billion US Dollar43.9 Billion CNY7 Billion US Dollar
5Vale SA 40 Billion US Dollar 40 Billion US Dollar 4.5 Billion US Dollar 4.5 Billion US Dollar
6Barrick Gold 12.6 Billion US Dollar 12.6 Billion US Dollar 3.6 Billion US Dollar 3.6 Billion US Dollar
7NORILSK NICKEL15.4 Billion US Dollar 15.4 Billion US Dollar 3.6 Billion US Dollar 3.6 Billion US Dollar
8Anglo American PLC 30.9 Billion US Dollar 30.9 Billion US Dollar 3.3 Billion US Dollar 3.3 Billion US Dollar
9Newmont Corp11.4 Billion US Dollar 11.4 Billion US Dollar 2.7 Billion US Dollar 2.7 Billion US Dollar
10Shaanxi Coal and Chemical Industry90.8 Billion CNY14.5 Billion US Dollar14.8 Billion CNY2.3 Billion US Dollar
11China Northen Rare Earth 25.5 Billion CNY4 Billion US Dollar11.3 Billion CNY1.8 Billion US Dollar
12Polyus 4.9 Billion US Dollar 4.9 Billion US Dollar 1.6 Billion US Dollar 1.6 Billion US Dollar
13Coal India90 Thousand Crore11.7 Billion US Dollar 12 Thousand Crore1.5 Billion US Dollar
14Southern Copper 7.9 Billion US Dollar 7.9 Billion US Dollar 1.5 Billion US Dollar 1.5 Billion US Dollar
15Zijin Mining Group Co. Ltd. 171 Billion CNY27 Billion US Dollar8.4 Billion CNY1.34 Billion US Dollar
16China Coal Energy140 Billion CNY22 Billion US Dollar8.3 Billion CNY1.3 Billion US Dollar
17Yanzhou Coal Mining Co. Ltd 69.1 Billion CNY11 Billion US Dollar5.5 Billion CNY0.88 Billion US Dollar
18Freeport Mcmoran 14.1 Billion US Dollar 14.1 Billion US Dollar 865 Million US Dollar 0.86 Billion US Dollar
19Albermarle3.1 Billion US Dollar 3.1 Billion US Dollar 446 Million US Dollar0.44 Billion US Dollar
20Jiangxi Copper Co. Ltd. 317.7 Billion CNY50.8 Billion US Dollar 2.3 Billion CNY0.36 Billion US Dollar
21Franco Nevada1 Billion US Dollar 1 Billion US Dollar 326 Million US Dollar 0.32 Billion US Dollar
22Aluminum Corporation of China Ltd 28.5 Billion US Dollar 28.5 Billion US Dollar 241 Million US Dollar 0.24 Billion US Dollar
23Tianqi Lithium Corporation3.2 Billion CNY 0.5 Billion US Dollar(-1.8 Billion CNY)(-0.2 Billion US Dollar)
24Ma'aden 18.5 Billion Riyals Saud4.9 Billion US Dollar (-847 Million Riyal Saud)(-0.22 Billion US Dollar)
25Glencore PLC (GLNCY)142 Billion US Dollar 142 Billion US Dollar (-3.9 Billion US Dollar)(-3.9 Billion US Dollar)
Currency Rate :
1 Chinese Yuan (CNY) = 0.16 US Dollar (USD)
1 Indian Rupee (INR) = 0,013 US Dollar (USD)
1 Crore = 10 Million Indian Rupee (INR)
1 Saudi Arabian Riyal (SAR) = 0.27 US Dollar (USD)


As additional data, we also provide the financial position of each company in 2020. These data are obtained from the balance sheet of the company in 2020. Here are the conditions of the financial position of 25 World’s Biggest Mining Companies. We ranked it based on the Assets of each company

The Rank of 25 World’s Biggest Mining Companies Based on Assets in 2020

RankName of CompanyAssetsAssetsLiabilitiesLiabilities
Origin CurrencyUS DollarOrigin CurrencyUS Dollar
1Glencore PLC 118 Billion US Dollar118 Billion US Dollar83.5 Billion US Dollar 83.5 Billion US Dollar
2BHP Group Ltd. 104.7 Billion US Dollar 104.7 Billion US Dollar 52.5 Billion US Dollar 52.5 Billion US Dollar
3Rio Tinto PLC 97.3 Billion US Dollar 97.3 Billion US Dollar 45.4 Billion US Dollar 45.4 Billion US Dollar
4Vale SA 92 Billion US Dollar 92 Billion US Dollar 57.1 Billion US Dollar 57.1 Billion US Dollar
5China Shenhua Energy Co. Ltd. 562.9 Billion CNY90 Billion US Dollar 133.3 Billion CNY21.3 Billlion US Dollar
6Anglo American PLC 62.5 Billion US Dollar 62.5 Billion US Dollar 29.7 Billion US Dollar29.7 Billion US Dollar
7Barrick Gold 46.5 Billion US Dollar 46.5 Billion US Dollar 14.7 Billion US Dollar 14.7 Billion US Dollar
8China Coal Energy281 Billion CNY44.9 Billion US Dollar 157 Billion CNY25 Billion US Dollar
9Yanzhou Coal Mining Co. Ltd. 273 Billion CNY43.7 Billion US Dollar 180.9 Billion CNY28.9 Billion US Dollar
10Freeport Mcmoran 42.1 Billion US Dollar 42.1 Billion US Dollar 23.4 Billion US Dollar 23.4 Billion US Dollar
11Newmont Corp41.3 Billion US Dollar 41.3 Billion US Dollar 17.4 Billion US Dollar 17.4 Billion US Dollar
12Aluminum Corporation of China Ltd. 29.8 Billion US Dollar 29.8 Billion US Dollar 18.9 Billion US Dollar 18.9 Billion US Dollar
13Zijin Mining Group Co. Ltd. 182.3 Billion CNY29.1 Billion US Dollar 107 Billion CNY17 Billion US Dollar
14Fortescue28.3 Billion US Dollar 28.3 Billion US Dollar 10.6 Billion US Dollar 10.6 Billion US Dollar
15Ma'aden 96 Billion Riyals Saud25.9 Billion US Dollar 59 Billion Riyals Saud15.9 Billion US Dollar
16Shaanxi Coal and Chemical Industry148.9 Billion CNY23.8 Billion US Dollar 59 Billion CNY 9.4 Billion US Dollar
17Jiangxi Copper Co. Ltd. 140.8 Billion CNY22.4 Billion US Dollar74 Billion CNY11.8 Billion US Dollar
18Coal India161 Thousand Crore20.9 Billion US Dollar124 Thousand Crore16.2 Billion US Dollar
19NORILSK NICKEL20.7 Billion US Dollar 20.7 Billion US Dollar 16 Billion US Dollar 16 Billion US Dollar
20Southern Copper 16.9 Billion US Dollar 16.9 Billion US Dollar 9.7 Billion US Dollar 9.7 Billion US Dollar
21Albermarle10.4 Billion US Dollar 10.4 Billion US Dollar 5.9 Billion US Dollar 5.9 Billion US Dollar
22Polyus 7.2 Billion US Dollar 7.2 Billion US Dollar 4.8 Billion US Dollar 4.8 Billion US Dollar
23Tianqi Lithium Corporation42 Billion CNY 6.7 Billion US Dollar 34.6 Billion CNY5.5 Billion US Dollar
24Franco Nevada5.5 Billion US Dollar 5.5 Billion US Dollar 149 Million US Dollar 149 Million US Dollar
25China Northen Rare Earth 21.1 Billion CNY3.3 Billion US Dollar 833 Million CNY133 Million US Dollar
Currency Rate :
1 Chinese Yuan (CNY) = 0.16 US Dollar (USD)
1 Indian Rupee (INR) = 0,013 US Dollar (USD)
1 Crore = 10 Million Indian Rupee (INR)
1 Saudi Arabian Riyal (SAR) = 0.27 US Dollar (USD)

Brief Description of 25 World’s Biggest Mining Companies


25 World’s Biggest Mining Companies- Brief Description

1. Glencore PLC 

25 World’s Biggest Mining Companies- Glencore

Glencore plc is an Anglo-Swiss Multinational mining companies that was founded in 1974 by March Rich. Along with development of the company, Glencore has 145,000 employees and contractor with operational area in thirty-five countries. In 2020, Glencore can market some of mining products, namely Copper metal and concentrates 3.4 metric tonnes, Zinc metal and concentrates 2.8 metric tonnes, Lead metal and concentrates 1.0 metric tonnes, Gold 2.0 Million Ounces (Moz), Silver 64.9 Million Ounces (Moz), Nickel 149 thousand tonnes (kt), Ferroalloys (incl. agency) 8.5 metric tonnes, Alumina/aluminium 7.2 metric tonnes, Iron ore 57.6  Metric tonnes, Thermal coal 67.1 metric tonnes, and Metallurgical coal2 1.3  metric tonnes. Financially, in 2020, Glencore can generate revenue of 142 billion US Dollar but suffered net loss -3.9 Billion US Dollar. Based on the assets, this company has the biggest of all.


2.BHP Group Ltd.

25 World’s Biggest Mining Companies- BHP

BHP is Anglo-Australian multinational mining, metals and petroleum companies that was founded on September 29th, 1860. Officially, this company has primary office in Melbourne, Australia and London, England. Along with development of the company, BHP has around eighty thousand of employees and ninety locations of operational area. Operationally, in 2020, BHP can produce Iron ore 248 metric tonnes, Copper 1,724 thousand tonnes (kt), Petroleum 109 MMboe, and Metallurgical coal forty-one metric tonnes. Financially, in 2020, BHP group generates revenue of 42.9 billion US Dollar and net income around 8.6 billion US Dollar.


3.Rio Tinto PLC

25 World’s Biggest Mining Companies- Rio Tinto

Rio Tinto Group is an Anglo-Australian multinational that has primary office in Melbourne, Australia and London, England. It was founded in 1873. In 2020, the company can produce Iron Ore of 333.4 metric tonnes (Mt), bauxite 56.1 metric tonnes (Mt), aluminium 3,180 kt, mined copper 528 kt, titanium dioxide 1,120 kt, iron ore pellets and concentrates 10.4 metric tonnes. Based on the human forces, this company has forty thousand of employees. Financially, this company generates revenue 44.6 billion US Dollar and net income 10.4 billion US Dollar


4.Vale SA 

25 World’s Biggest Mining Companies- VAle

Vale is multinational mining companies from Brazil. Officially, this company has central office in Rio de Janeiro, Brazil. Financially, in 2020, this company generates revenue of 40 billion US Dollar and net income reach 4.5 billion US Dollar. Based on the performance in 2020, Vale has main products that has biggest contribution. These products are Iron ore 27.2 billion US Dollar, Iron ore pellets   4.2 billion US Dollar, Nickel, and other products 4.9 billion US Dollar, and Copper 2.1 billion US Dollar.


5.China Shenhua Energy Co. Ltd.

25 World’s Biggest Mining Companies- China Shenhua

China Shenhua Energy Company is Chinese mining companies that is founded in Beijing in November 2004. The Group is principally engaged in the production and market of coal mining. As of the end of 2020, among the coal mining rights possessed and controlled by the Group, the coal resources are 29.68 billion tonnes and recoverable coal reserves 14.42 billion tonnes under the PRC Standard; the marketable coal reserves are 7.73 billion tonnes under the JORC Standard. Financially, in 2020, the company generates revenue of 233.2 billion CNY or equivalent to 37.3 billion US Dollar with net income of 43.9 billion CNY or equivalent to 7 billion US Dollar.


6.Anglo American PLC 

25 World’s Biggest Mining Companies- Anglo AMerican

Anglo American plc is a British multinational mining company that has headquarters in London, England. Historically, this company was founded in 1917 by Sir Ernest Oppenheimer. Along with development of company, Anglo-American PLC has employees of sixty thousand. Financially, in 2020, this company generates revenue of 30.9 billion US Dollar and net income around 3.3 billion US Dollar. Based on products contribution, Copper contributes around 7.1 billion US Dollar to company’s revenue, followed by Platinum Group Metal with 8.4 billion US Dollar, Iron Ore 7.9 billion US Dollar, Coal 3.7 billion US Dollar, Nickel and Manganese 1.2 billion US Dollar.


7.Barrick Gold

25 World’s Biggest Mining Companies-Barrick

Barrick owns and operates six Tier One gold mines: Cortez, Carlin and Turquoise Ridge in Nevada, Loulo-Gounkoto in Mali, Kibaki in the Democratic Republic of Congo, and Pueblo Viejo in the Dominican Republic. It has gold and copper mines and projects in 13 countries in North and South America, Africa, Papua New Guinea, and Saudi Arabia. Barrick’s diversified portfolio spans the world’s most prolific gold districts and is focused on high margin, long-life assets. Financially, in 2020, this company generates revenue of 12.6 billion US Dollar with net income reach 3.6 billion US Dollar.


8.China Coal Energy

25 World’s Biggest Mining Companies- China Coal

China coal energy is mining company that has central office in Beijing, China. The Company is a large-scale energy enterprise integrating businesses such as coal production and trading, coal chemical operations, coal mining equipment manufacturing and relevant services as well as pit-mouth power generation. This Company principally engaged in coal business with overall strength leading the industry due to its advanced technology for coal mining, washing and preparation of coal and comprehensive marketing and customer service networks. Financially, in 2020, the company generates revenue of 140 billion CNY or equivalent to 22 billion US Dollar and net income reach 8.3 billion CNY or equivalent to 1.3 billion US Dollar.


9.Yanzhou Coal Mining Co. Ltd.

25 World’s Biggest Mining Companies- Yanzhou

Yangzhou Coal Mining Company is Chinese mining company that has primary office in Jining, Shandong, China. Historically, this company was founded in 1997. The Company is one of the main coal producers, suppliers and traders in China and Australia. The products of the Company include thermal coal, PCI coal and coking coal applicable to electric power, metallurgy, and chemical industry, etc., which are mostly sold to East China, North China, South China, Northwest China, and other regions of China, as well as Japan, South Korea, Singapore, Australia, and other countries.

Operationally, the Company’s coal chemical business is concentrated in Shandong Province, Shaanxi Province, and Inner Mongolia Autonomous Region. The main products including methanol, liquid wax, stable light hydrocarbon, acetic acid, ethyl acetate, etc. are mostly sold to North China, East China, South China, and Northwest China. Financially, the company generates revenue of 69.1 billion CNY or equivalent to 11 billion US Dollar and net income of 5.5 billion CNY or equivalent to 0.88 billion US Dollar.


10.Freeport McMorran

25 World’s Biggest Mining Companies- Freeport Mcmoran

Freeport-McMoRan Inc. (FCX) is a leading international mining company that has central office in Phoenix, Arizona. Commonly, FCX operates large, and geographically diverse assets with reserves of copper, gold, and molybdenum. FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. Financially, in 2020, the company generates revenue of 14.1 billion US Dollar and net income reach 865 million US Dollar.


11.Newmont Corp

25 World’s Biggest Mining Companies- Newmont

Newmont Corporation is primarily a gold producer with significant operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. On December 31, 2020, Newmont had gold reserves of 94.2 million ounces and a land position of 22,700 square miles (58,900 square kilometres). Newmont engaged in the production of copper, silver, lead and zinc. Newmont Corporation was incorporated in 1921 and is completing its 100th year as the world’s leading gold company. Financially, in 2020, this company generates revenue of 11.4 billion US Dollar and net income of 2.7 billion US Dollar.


12.Aluminum Corporation of China Ltd.

25 World’s Biggest Mining Companies- Aluminium Corporation of China

Aluminium Corporation of China Limited or simply known as Chalco was incorporated on September 10th, 2001, in China. Chalco is a leading company in China’s non-ferrous industry, it is also the only large company in China’s aluminum industry that is engaged in the whole value chain, from exploration and mining of bauxite and coal, the production, sales, and R&D of alumina, primary aluminium, and aluminium alloy products, to international trade, logistics, and power generation from both fossil fuels and new energy. Financially, in 2020, the company generates 28.5 billion US Dollar and net income reach 0.24 billion US Dollar.


13.Zijin Mining Group Co. Ltd.

25 World’s Biggest Mining Companies- Zijin

Zijin Mining is a multinational Chinese mining group dedicated to exploration and development of gold, copper, and other mineral resources globally, and covers refining, processing, trading, and other businesses to an optimal extent. It has a complete industrial chain. Operationally, the company owns significant mining investment projects in twelve overseas countries and fourteen provinces (regions) in the PRC. It is one of the Chinese companies owning the largest metal resources volume, controlling the largest reserve volumes of copper and gold resources overseas and having the largest output of mine-produced products. Financially, in 2020, the company generates revenue 171 billion CNY or equivalent to 27 billion US Dollar and net income reach 8.4 billion CNY or equivalent to 1.34 billion US Dollar.


14.Fortescue

25 World’s Biggest Mining Companies-Fortesque

Established in 2003, Fortescue Metals Group Ltd (Fortescue) is West Australian company, recognised for our culture, innovation and industry-leading development of infrastructure and mining assets. Fortescue operations include three mining hubs in the Pilbara, Western Australia, which are connected to the five berth Herb Elliott Port and the Judith Street Harbour towage infrastructure in Port Hedland via 760 kilometres of the fastest heavy haul railway in the world. Financially, in 2020, the company generates revenue 22.2 billion US Dollar and net income around 10.2 billion US Dollar.


15.Ma’aden

25 World’s Biggest Mining Companies- Maaden

MA’ADEN (Saudi Arabian Mining Co.) is diversified mining company that has some gold, base metals productions. Operationally, the total of employee of this company reaches seven thousand. Financially, this company reach 18.5 billion Riyals Saud or equivalent to 4.9 billion US Dollar but suffered net loss -847 Million Riyal Saud or equivalent to -0.22 Billion US Dollar.


16.Shaanxi Coal and Chemical Industry

25 World’s Biggest Mining Companies- Shanxii

Shaanxi Coal and Chemical Industry Group Co is a coal company based in Xi’an, China that is founded in 2004. Financially, this company generates revenue of 90.8 billion CNY or equivalent to14.5 billion US Dollar and net income reach 14.8 billion CNY or equivalent to 2.3 billion US Dollar.


17.Jiangxi Copper Co. Ltd.

25 World’s Biggest Mining Companies- Jiangxi

Jiangxi copper is Chinese company that was founded in 1979. Operationally, this company has primary office in Guixi, Jiangxi, China. The principal business of the Group included copper and gold mining and dressing, smelting, and processing extraction and processing of scattered metals and sulphuric chemistry. Financially, the company generates revenue of 317.7 billion CNY or equivalent to50.8 billion US Dollar and net income reach 2.3 billion CNY or equivalent to 0.36 billion US Dollar.


18.Coal India

25 World’s Biggest Mining Companies- Coal  India

Coal India Limited is an Indian government-owned coal mining and refining corporation. Based on the ownership, this company is fully owned by Ministry of Coal, Government of India. Operationally, this company has central office in Kolkata, West Bengal, India. Financially, the company generates revenue of Ninety thousand Crore or equivalent to 11.7 billion US Dollar and net income reach twelve thousand Crore or equivalent to 1.5 billion US Dollar.


19.Norilsk Nickel

25 World’s Biggest Mining Companies- Norelsk Nickel

Norilsk Nickel, or simply known as Nornickel is a Russian nickel and palladium mining and smelting company that has primary office in Moscow, Russia. Historically, it was founded in 1993. financially, in 2020, this company generates revenue of 15.4 billion US Dollar and net income 3.6 billion US Dollar.


 20.Southern Copper

25 World’s Biggest Mining Companies- Southern Copper

Southern Copper Corporation is a Mexican-based mining company that was founded in 1952. Operationally, this company has central office in Mexico City, Mexico. Financially, this company generates revenue of 7.9 billion US Dollar and net income reach 1.5 billion US Dollar.


21.Albermarle

25 World’s Biggest Mining CompaniesA- lbermale

Albemarle Corporation was founded Virginia in 1993. this company is one of leading global developer, manufacturer and marketer of highly engineered specialty chemicals that are designed to meet our customers’ needs across a diverse range of end markets. Financially, this company generates revenue of 3.1 billion US Dollar and net income reach 446 million US Dollar.


22.Polyus

25 World’s Biggest Mining Companies- Polyus

PJSC Polyus is gold mining companies based in Moscow, Russia. Operationally, this company has principal operations are in Krasnoyarsk Territory, Irkutsk and Magadan Regions and the Republic of Sakha (Yakutia). Financially, this company generates revenue of 4.9 billion US Dollar and net income reach 1.6 billion US Dollar in 2020.


23.Tianqi Lithium Corporation

25 World’s Biggest Mining Companies-TQC

Tianqi Lithium is mining company from China with Lithium as core business. Along with development of the company, the employee reach 1600 people and 170 patent number. The operational area is spread in Shehong (Sichuan), Zhangjiagang (Jiangsu), Tongliang (Chongqing), Kiwana (Australia), and Anju (Sichuan). Financially, this company generates revenue of 3.2 billion CNY or equivalent to 0.5 billion US Dollar but suffered net loss around -1.8 Billion CNY or equivalent to -0.2 Billion US Dollar.


24.Franco Nevada

25 World’s Biggest Mining Companies- Franco Nevada

Franco-Nevada Corporation is a Toronto, Ontario, Canada-based mining company. Financially, this company has generated revenue of 1 billion US Dollar and net income 326 million US Dollar in 2020.


25.China Northern Rare Earth

25 World’s Biggest Mining Companies- China Northen Rare

This company financially generates revenue of 25.5 billion CNY or equivalent to 4 billion US Dollar and net income reach 11.3 billion CNY or equivalent to 1.8 billion US Dollar.



Bibliography 25 World’s Biggest Mining Companies

Glencore PLC .2021. Annual Report 2020. Accessed via https://www.glencore.com/investors/reports-results/2020-annual-report  on November 27th, 2021.

BHP Group Ltd.2021. Annual Report 2020. Accessed via https://www.bhp.com/investors  on November 27th, 2021.

Rio Tinto PLC.2021. Annual Report 2020. Accessed via https://www.riotinto.com/invest/reports/annual-report  on November 27th, 2021.

Vale SA. 2021. Annual Report 2020. Accessed via http://www.vale.com/en/investors/information-market/annual-reports/pages/default.aspx  on November 27th, 2021. 

China Shenhua Energy Co. Ltd. 2021. Annual Report 2020. Accessed via http://www.csec.com/zgshwwEn/dqbg/tzzgxList.shtml  on November 27th, 2021.

Anglo American PLC. 2021. Annual Report 2020. Accessed via https://www.angloamerican.com/investors/annual-reporting  on November 27th, 2021.

Barrick Gold. 2021. Annual Report 2020. Accessed via https://www.barrick.com/English/investors/annual-report/default.aspx  on November 27th, 2021.

China Coal Energy. 2021. Annual Report 2020. Accessed via https://www.wsj.com/market-data/quotes/CN/601898/financials   on November 27th, 2021.

Yangzhou Coal Mining Co. Ltd. 2021. Annual Report 2020. Accessed via http://www.yanzhoucoal.com.cn/en/announcement/node_158.htm  on November 27th, 2021.

Freeport McMorran. 2021. Annual Report 2020. Accessed via https://investors.fcx.com/investors/default.aspx   on November 27th, 2021.

Newmont Corp. 2021. Annual Report 2020. Accessed via https://www.newmont.com/investors/reports-and-filings/default.aspx  on November 27th, 2021.

Aluminium Corporation of China Ltd. 2021. Annual Report 2020. Accessed via http://www.chalco.com.cn/en/report/2020/202104/t20210421_79276.html  on November 27th, 2021.

Zijin Mining Group Co. Ltd. 2021. Annual Report 2020. Accessed via https://www.zijinmining.com/investors/Annual-Reports.jsp  on November 27th, 2021.

Fortescue. 2021. Annual Report 2020. Accessed via https://www.fmgl.com.au/investors/asx-announcements  on November 27th, 2021.

Ma’aden. 2021. Annual Report 2020. Accessed via https://www.maaden.com.sa/en/investor/report  on November 27th, 2021.

Shaanxi Coal and Chemical Industry. 2021. Annual Report 2020. Accessed via https://www.wsj.com/market-data/quotes/CN/XSHG/601225/financials  on November 27th, 2021.

Jiangxi Copper Co. Ltd. 2021. Annual Report 2020. Accessed via https://www.wsj.com/market-data/quotes/CN/XSHG/600362/financials  on November 27th, 2021.

Coal India. 2021. Annual Report 2020. Accessed via https://www.coalindia.in/performance/financial/  on November 27th, 2021.

NORILSK NICKEL. 2021. Annual Report 2020. Accessed via https://www.nornickel.com/investors/reports-and-results/  on November 27th, 2021.

Southern Copper. 2021. Annual Report 2020. Accessed via https://www.annualreports.com/Company/southern-copper-corp  on November 27th, 2021.

Albemarle. 2021. Annual Report 2020. Accessed via https://investors.albemarle.com/financial-information/annual-reports  on November 27th, 2021.

Polyus. 2021. Annual Report 2020. Accessed via https://polyus.com/en/investors/results-and-reports/  on November 27th, 2021.

Tianqi Lithium Corporation. 2021. Annual Report 2020. Accessed via http://en.tianqilithium.com/relationship/achievement.html  on November 27th, 2021.

Franco Nevada. 2021. Annual Report 2020. Accessed via https://www.franco-nevada.com/investors/  on November 27th, 2021.

China Northern Rare Earth. 2021. Annual Report 2020. Accessed via https://www.wsj.com/market-data/quotes/CN/600111/financials  on November 27th, 2021.

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