Global Materials Undervalued based on future growth

Vedanta

Market Cap: ₹2.6t

A diversified natural resources company, explores, extracts, and processes minerals, and oil and gas in India, Europe, China, the United States, Mexico, and internationally.

Aluminum Corporation of China

Market Cap: HK$219.8b

Primarily engages in the exploration and mining of bauxite, coal, and other resources in the People's Republic of China and internationally.

Tata Steel

Market Cap: ₹2.4t

Engages in the manufacture and distribution of steel products in India and internationally.

Impala Platinum Holdings

Market Cap: R214.6b

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

Tianshan Aluminum GroupLtd

Market Cap: CN¥82.5b

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

Henan Shenhuo Coal Industry and Electricity Power

Market Cap: CN¥69.4b

Henan Shenhuo Coal Industry and Electricity Power Co.

Harmony Gold Mining

Market Cap: R160.0b

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

Lloyds Metals and Energy

Market Cap: ₹758.7b

Manufactures and sells sponge iron and iron ore in India.

Northam Platinum Holdings

Market Cap: R133.9b

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

Mosaic

Market Cap: US$7.9b

Through its subsidiaries, produces and markets concentrated phosphate and potash crop nutrients.

Steel Authority of India

Market Cap: ₹643.6b

A steel-making company, manufactures and sells iron and steel products in India and internationally.

Tongkun Group

Market Cap: CN¥44.3b

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

Eldorado Gold

Market Cap: CA$8.9b

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

China Nonferrous Mining

Market Cap: HK$47.9b

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.

SSR Mining

Market Cap: CA$7.9b

Engages in the acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina.

B2Gold

Market Cap: CA$7.9b

Operates as a gold producer company in Canada.

Huaibei Mining HoldingsLtd

Market Cap: CN¥37.1b

Primarily engages in coal mining, washing, processing, sales, and production of coal chemical products in China.

UPL

Market Cap: ₹502.1b

Manufactures and sells pesticides, insecticides, and micronutrients in India, Brazil, the United States, the United Kingdom, and internationally.

thyssenkrupp

Market Cap: €4.6b

Provides industrial and technology solutions and services in Germany and internationally.

Hunan Valin Steel

Market Cap: CN¥34.8b

Engages in the production and sale of ferrous and non-ferrous metal products in China.

Alamtri Minerals Indonesia

Market Cap: Rp82.2t

Engages in metallurgical coal mining business in Indonesia.

Trimegah Bangun Persada

Market Cap: Rp73.7t

PT Trimegah Bangun Persada TBK engages in the nickel ore mining and processing in Indonesia and distributes the products to China, Switzerland, Hong Kong, Sweden, and Singapore.

Xinfengming Group

Market Cap: CN¥29.2b

Researches, develops, produces, and sells polyester filaments.

Westgold Resources

Market Cap: AU$5.9b

Engages in the exploration, development, and operation of gold mines in Western Australia.

Nine Dragons Paper (Holdings)

Market Cap: HK$32.2b

Manufactures and sells packaging paper, printing and writing paper, and specialty paper products and pulp in the People’s Republic of China.

Hochschild Mining

Market Cap: UK£3.1b

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.

Lygend Resources & Technology

Market Cap: HK$31.7b

Engages in the production, smelting, and trading of nickel products in Mainland China and internationally.

Torex Gold Resources

Market Cap: CA$5.6b

A mineral exploration company, engages in the acquisition, exploration, and development of mineral properties in Mexico and the United States.

K92 Mining

Market Cap: CA$5.5b

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

Pan African Resources

Market Cap: UK£2.8b

Engages in the mining, extraction, production, and sale of gold in South Africa.

Regis Resources

Market Cap: AU$5.4b

Engages in the exploration, evaluation, and development of gold projects in Australia.

Vale Indonesia

Market Cap: Rp60.6t

Engages in the mining and processing of nickel in Indonesia.

HBIS

Market Cap: CN¥24.3b

Hbis Company Limited produces and sells steel products in China and internationally.

Indah Kiat Pulp & Paper

Market Cap: Rp54.4t

Manufactures and sells cultural paper, pulp, tissue, and industrial paper in Indonesia, rest of Asia, the United States, Australia, the Middle East, Africa, and Europe.

Shandong Humon Smelting

Market Cap: CN¥21.7b

Engages in smelting of gold in China and internationally.

Wienerberger

Market Cap: €2.5b

Produces and sells clay blocks, facing bricks, roof tiles, and ceramic pavers in Europe West, Europe East, and North America.