Abitibi Metals boosts resource by 62% at B26 polymetallic deposit in Quebec
Indicated resources increased to 11.3 million tonnes from 6.9 Mt.
Gold has consolidated its post-Brexit gains this month and continues to be the best-performing commodity so far this year, filling the pockets of most producers of the precious metal, a new study shows.
According to SNL Metals & Mining, gold-focused companies have climbed the most in the ranking of the world’s top 25 mining companies by market capitalization from April to June this year, helped by rising gold prices, declining mining costs and, most recently, global economic uncertainty as a result of the UK’s decision to leave the European Union in June.
(Courtesy of SNL Metals & Mining)
Barrick Gold (TSX, NYSE: ABX), Newmont Mining (NYSE:NEM) and Goldcorp (TSX:G) (NYSE:GG) are the biggest winners of the period, the report notes, as they have seen their share prices rise by 189%, 117% and 65%, respectively, since Jan. 1. This has pushed their rankings up 13, 11 and four points to number five, nine and 12 respectively, when compared with the corresponding quarter a year ago.
BHP Billiton (ASX, NYSE:BHP) (LON:BLT), the world’s No.1 mining company, remains in the top spot, despite its market cap decline, followed by rivals Rio Tinto (LON:RIO) and Glencore (LON:GLEN), ranking at number two and three respectively, with respective year-on-year decreases in market cap of 24.9% and 44.4%.
(Courtesy of SNL Metals & Mining)
BHP’s market value, however, has shrunk 34% in the past year, partly due to continuing fallout from the November 2015 tailings dam disaster at its Samarco joint venture with Vale SA (NYSE:VALE), the analysts say.
Another major miner, Canada’s Potash Corp (TSX, NYSE:POT). — the world’s largest fertilizer company by capacity — slipped down the list by eight positions from last year, as its market cap dropped 48% on weak prices, sales.
