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Gold rout drags miners, MINING.COM Top 50 loses $228B in Q2
The MINING.COM TOP 50 miners’ total value fell to $2.19 trillion in Q2, and Newmont’s smaller 16% drop helped it move up to fourth overall.
Gold prices falling back below $4,000 an ounce in the final stretch of June reversed much of the 2026 gains for the world’s largest gold miners, according to Mining.com. The outlet said the MINING.COM TOP 50 ranking of the most valuable miners ended Q2 with combined market capitalization of $2.19 trillion, down $228 billion from the start of the quarter.
Mining.com reported that the January period pushed the index to $2.41 trillion, but nearly all those gains were given back in the June quarter as gold broke through the $4,000 level in the last week. It said the precious-metals segment, which still includes 17 companies, saw broad declines across the group.
The outlet cited steep pullbacks among miners including Agnico Eagle, which gave back $28 billion or 26%, and Kinross and Gold Fields, which fell by similar proportions, as well as Shandong Gold down 40%. It added that Wheaton, Franco-Nevada, and Royal Gold, a trio often used as a defensive royalty and streaming exposure, declined between 18% and 23%.
Mining.com said Newmont was the notable exception, falling 16% and moving up over Zijin Mining into fourth place, with the publication attributing the smaller decline to Denver not having run as hot earlier in the gold rally. It also noted Newmont’s Red Chris mine in British Columbia received regulatory approval for an expansion in June, while copper set a record $6.72 a pound on COMEX in mid-May before fading.
Latest closeGold $4,128.90 ▼0.0%|Copper $6.285 ▲1.1%