U.S. Materials Potentially Undervalued Companies

Torex Gold Resources

Market Cap: US$3.6b

Operates as an intermediate gold producer.

Zijin Mining Group

Market Cap: US$503.2b

A mining company, engages in the exploration, mining, processing, refining, and sale of gold, non-ferrous metals, and other mineral resources in Mainland China and internationally.

Shin-Etsu Chemical

Market Cap: US$9.1t

Provides infrastructure, electronics, and functional materials in Japan.

Equinox Gold

Market Cap: US$3.8b

Engages in the acquisition, exploration, development, and operation of mineral properties in the Americas.

OceanaGold

Market Cap: US$4.0b

A gold and copper producer, engages in exploration, development, and operation of mineral properties in the United States, the Philippines, and New Zealand.

Quaker Chemical

Market Cap: US$1.9b

Quaker Chemical Corporation, doing business as Quaker Houghton, provides industrial process fluids worldwide.

K92 Mining

Market Cap: US$3.1b

Engages in the exploration and development of mineral deposits in Papua New Guinea.

Nucor

Market Cap: US$27.4b

Engages in the manufacture and sale of steel and steel products.

CMOC Group

Market Cap: US$166.6b

Engages in the mining, beneficiation, smelting, and refining of base and rare metals.

Newmont

Market Cap: US$55.7b

Engages in the production and exploration of gold properties.

IAMGOLD

Market Cap: US$5.1b

Through its subsidiaries, operates as a gold producer and developer in Canada and Burkina Faso.

Fortuna Mining

Market Cap: US$2.4b

Engages in the precious and base metal mining and related activities in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, Peru, and Senegal.

Century Aluminum

Market Cap: US$1.6b

Produces and sells standard-grade and value-added primary aluminum products in the United States and Iceland.

Axalta Coating Systems

Market Cap: US$7.2b

Through its subsidiaries, manufactures, markets, and distributes high-performance coatings systems in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America.

Hochschild Mining

Market Cap: US$1.4b

A precious metals company, engages in the exploration, mining, processing, and sale of gold and silver deposits in Peru, Argentina, the United Kingdom, Canada, Brazil, and Chile.

Wesdome Gold Mines

Market Cap: US$2.5b

Wesdome Gold Mines Ltd. mines, develops, and explores for gold and silver deposits in Canada.

Interfor

Market Cap: US$735.3m

Produces and sells wood products in Canada, the United States, Japan, China, Taiwan, and internationally.

Barrick Mining

Market Cap: US$31.2b

Engages in the exploration, development, production, and sale of mineral properties.

Dundee Precious Metals

Market Cap: US$3.2b

A gold mining company, engages in the acquisition, exploration, development, mining, and processing of precious metals.

Major Drilling Group International

Market Cap: US$693.2m

Provides contract drilling services to mining and mineral exploration companies in the United States, Canada, South and Central America, Australasia, and Africa.

Champion Iron

Market Cap: US$2.5b

Engages in the acquisition, exploration, development, and production of iron ore deposits in Canada.

Anhui Conch Cement

Market Cap: US$131.2b

Manufactures, sells, and trades in clinker and cement products in China and internationally.

Fortescue

Market Cap: US$52.2b

Engages in the exploration, development, production, processing, and sale of iron ore in Australia, China, and internationally.

Ramaco Resources

Market Cap: US$527.3m

Engages in the development, operation, and sale of metallurgical coal.

American Vanguard

Market Cap: US$127.0m

Through its subsidiaries, develops, manufactures, and markets specialty chemicals for agricultural, commercial, and consumer uses in the United States and internationally.

Vale

Market Cap: US$235.5b

Produces and sells iron ore, iron ore pellets, nickel, and copper in Brazil and internationally.

Norsk Hydro

Market Cap: US$114.7b

Engages in the power production, bauxite extraction, alumina refining, aluminium smelting, and recycling activities worldwide.

Aspen Aerogels

Market Cap: US$488.1m

An aerogel technology company, designs, develops, manufactures, and sells aerogel materials primarily for use in the energy industrial, sustainable insulation materials, and electric vehicle (EV) markets in the United States, Canada, Asia, Europe, and Latin America.

Ferroglobe

Market Cap: US$746.5m

Produces and sells silicon metal, and silicon and manganese-based ferroalloys in the United States, Europe, and internationally.

Taseko Mines

Market Cap: US$909.7m

A mining company, acquires, develops, and operates mineral properties.

Gold Fields

Market Cap: US$324.6b

Operates as a gold producer with reserves and resources in Australia, South Africa, Ghana, Peru, Chile, and Canada.

Harmony Gold Mining

Market Cap: US$159.3b

Engages in the exploration, extraction, and processing of mineral properties in South Africa, Papua New Guinea, and Australasia.

BHP Group

Market Cap: US$200.2b

Operates as a resources company in Australia, Europe, China, Japan, India, South Korea, the rest of Asia, North America, South America, and internationally.

Asahi Kasei

Market Cap: US$1.4t

Manufactures and sells chemicals.

Central Asia Metals

Market Cap: US$279.0m

Operates as a base metals producer.

Macmahon Holdings

Market Cap: US$580.7m

Provides surface mining, underground mining and mining support, and civil infrastructure services to mining companies in Australia and Southeast Asia.