Global Materials Undervalued based on future growth

Shandong Hongqiao Aluminum Industry Holding

Market Cap: CN¥270.7b

Engages in the research, development, production, and sale of aluminum products in China and internationally.

Coeur Mining

Market Cap: US$18.1b

Operates as a gold and silver producer in the United States, Canada, and Mexico.

Zhongjin GoldLtd

Market Cap: CN¥113.0b

Engages in exploration, mining, beneficiation, and smelting of gold and other non-ferrous metals in China.

Endeavour Mining

Market Cap: CA$20.1b

Operates as a gold mining company in West Africa.

Impala Platinum Holdings

Market Cap: R205.6b

Engages in the mining, concentrating, refining, and sells of platinum group metals (PGMs) and associated base metals in South Africa, Zimbabwe, and Canada.

Amman Mineral Internasional

Market Cap: Rp215.1t

Operates as a copper and gold producer in Indonesia.

Tongling Nonferrous Metals GroupLtd

Market Cap: CN¥79.4b

Tongling Nonferrous Metals Group Co.,Ltd.

Tianshan Aluminum GroupLtd

Market Cap: CN¥71.4b

Produces and sells primary aluminum, prebaked anodes, high-purity aluminum, alumina, and aluminum foil products in China and internationally.

Harmony Gold Mining

Market Cap: R168.0b

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

Zhaojin Mining Industry

Market Cap: HK$78.2b

An investment holding company, engages in exploration, mining, processing, smelting, and sale of gold and other metallic products in the People’s Republic of China and internationally.

Henan Shenhuo Coal Industry and Electricity Power

Market Cap: CN¥67.2b

Henan Shenhuo Coal Industry and Electricity Power Co.

IAMGOLD

Market Cap: CA$13.5b

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

Shanjin International Gold

Market Cap: CN¥65.6b

Explores for, mines, and trades in precious and non-ferrous metal ores in China.

Lloyds Metals and Energy

Market Cap: ₹930.5b

Manufactures and sells sponge iron and iron ore in India.

Shandong Nanshan AluminiumLtd

Market Cap: CN¥59.0b

Engages in the aluminum processing business worldwide.

Eldorado Gold

Market Cap: CA$11.3b

Engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, and Greece.

G Mining Ventures

Market Cap: CA$11.3b

A mining company, engages in the acquisition, exploration, evaluation, development, and operation of mineral properties.

China Gold International Resources

Market Cap: CA$11.0b

A gold and base metal mining company, acquires, explores, develops, and mines mineral resources in the People’s Republic of China and Canada.

Hoa Phat Group

Market Cap: ₫201.1t

Produces and sells steel products in Vietnam.

Northam Platinum Holdings

Market Cap: R125.7b

Through its subsidiary, Northam Platinum Limited, engages in the production and sale of platinum group metals.

Hengyi Petrochemical

Market Cap: CN¥50.5b

Produces and sells chemical fiber products in China and internationally.

Tongkun Group

Market Cap: CN¥47.1b

Manufactures and sells civilian polyester filament yarns in China and internationally.

China Nonferrous Mining

Market Cap: HK$52.4b

An investment holding company, engages in the exploration, mining, ore processing, leaching, smelting, and sale of copper and cobalt in Zambia and the Democratic Republic of Congo.

Asia-potash International Investment (Guangzhou)Co.Ltd

Market Cap: CN¥45.2b

Engages in the processing, production, sale, and marketing of potash fertilizers in China and internationally.

JFE Holdings

Market Cap: JP¥1.0t

Through its subsidiaries, engages in steel, engineering, and trading businesses in Japan and internationally.

B2Gold

Market Cap: CA$9.0b

Operates as a gold producer company in Canada.

Wanguo Gold Group

Market Cap: HK$47.6b

An investment holding company, engages in mining, ore processing, and sale of concentrate products in the People’s Republic of China and Solomon Islands.

JCHX Mining ManagementLtd

Market Cap: CN¥39.3b

Engages in mine engineering, development, and construction activities in the People’s Republic of China and internationally.

Chuangxin Industries Holdings

Market Cap: HK$44.9b

Produces and sells electrolytic aluminum and alumina in the People's Republic of China.

Artemis Gold

Market Cap: CA$7.7b

Engages in the identification, acquisition, and development of gold properties in Canada.

Century Aluminum

Market Cap: US$5.4b

Produces primary aluminum and alumina in the United States and Iceland.

K92 Mining

Market Cap: CA$6.4b

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

Orla Mining

Market Cap: CA$6.4b

Acquires, explores, develops, and exploits mineral properties.

Mondi

Market Cap: UK£3.2b

Engages in the manufacture and sale of packaging and paper solutions in Africa, Western Europe, Emerging Europe, North America, South America, Asia, and Australia.

Henan Zhongfu IndustrialLtd

Market Cap: CN¥29.3b

Processes, manufactures, and sells electrolytic aluminum and aluminum products in China.

Antam (Persero)

Market Cap: Rp74.5t

Operates as a diversified metals and mining company in Indonesia.