Top Mining Firms Lose $264 Billion as Gold, Lithium Prices Fall

The world’s 50 most valuable mining stocks lost $264 billion in September. Their total value closed at $2.26 trillion. This marked the second-largest monthly decline in the ranking’s history.

Gold futures in New York fell 6.4% to $4,158 an ounce by month-end. The metal had traded at $4,441 an ounce in August. This drop leaves gold below its start-of-year price, driven by the Federal Reserve’s rate hike, a global bond selloff, and a stronger dollar. Silver also fell, dropping 9% for the month.

Gold mining companies lost $79 billion, a 12.7% sector decline. Newmont and Agnico Eagle both suffered double-digit billion-dollar damage. Agnico fell back below the $100 billion mark. Lithium stocks also lost more than a fifth of their value in September.

Copper producers lost $44 billion, a 7.6% fall. Copper itself ended the month at $6.56 a pound, just three cents below its starting price. BHP suffered the largest individual loss, down 11% or $26.4 billion, after a worker fatality at its Escondida mine led to suspended operations. Gold Fields shares fell 21% over the month, an $8.6 billion loss, after its A$38.7 billion ($27 billion) bid for Northern Star was rejected.