Mining Companies See $357 Billion Value Gain in August

The combined market value of the world’s top 50 mining companies increased by $357 billion in August. This rally pushed their total worth above $2.5 trillion for the first time since February.

Gold prices saw a strong month, starting at $4,043 per ounce and climbing to nearly $4,660 by August 25. Bullion finished almost 10% higher, marking its best month since January. Silver performed even better, rising 20% within three weeks to reach $70 an ounce.

Gold, silver, and royalty companies together contributed $183 billion to the monthly gain. Gold miners alone added $138 billion, a 31% increase in four weeks. Despite the strong August, precious metals stocks remain 19% below their peak from late February.

Copper prices also hit a new record, exceeding $14,000 per tonne. Southern Copper briefly surpassed Rio Tinto to become the second-largest mining company with a market value of $183 billion. Copper companies collectively added $70 billion in August.

The number of companies valued over $100 billion grew from four to seven, including Newmont, Freeport-McMoRan, and Agnico Eagle. However, Russia’s largest gold miner, Polyus, saw its market value drop by 24.3%, losing $5.3 billion due to a dividend suspension.