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Gold miners and silver stocks lift global mining rankings in August
The gold miners added about $138 billion in four weeks, with AngloGold Ashanti jumping 41.6% after higher second-quarter profit and a $2 billion buyback.
Mining.com says the top 50 biggest mining companies globally regained a combined value above $2.5 trillion in August, helped by a rise in bullion and a stronger performance from precious metals miners.
The outlet attributes part of the rally to gold climbing from $4,043 an ounce at the start of the month to almost $4,660 by August 25, its highest since mid-May, before a retreat tied to a hawkish Jackson Hole speech by Federal Reserve chair Kevin Warsh and fresh US strikes on Iran. Even after the pullback, Mining.com reports bullion finished almost 10% higher for the month, while silver at times rose about 20% in three weeks to $70 an ounce.
Mining.com notes that gold, silver and royalty companies contributed $183 billion of the monthly gain, with gold miners alone adding $138 billion, a 31% rise in four weeks. It highlights AngloGold Ashanti’s 41.6% advance, worth nearly $17 billion, after second-quarter profit rose 58% and the board approved a $2 billion buyback, while several other large names also finished higher.
For the biggest dollar movers, Mining.com points to Newmont adding $34 billion after beating profit estimates on strength in the gold price despite output slipping, and Agnico Eagle adding $29 billion on record free cash flow and record shareholder returns. The outlet also cites Southern Copper’s brief leap during a period when copper set a fresh record above $14,000 a tonne, with Southern Copper reaching an all-time high market value of roughly $183 billion before a late-month pullback restored the prior rankings.
Latest closeGold $4,431.70 ▲1.9%|Silver $65.91 ▲2.0%|Copper $6.606 ▲1.5%