Global Materials Undervalued based on future growth

Vedanta

Market Cap: ₹2.3t

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

Steel Dynamics

Market Cap: US$25.2b

Operates as a steel producer and metal recycler in the United States.

Pan American Silver

Market Cap: CA$30.2b

Engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil.

KGHM Polska Miedz

Market Cap: zł54.6b

Engages in the exploration and mining of copper, nickel, precious metals, and non-ferrous metals in Poland and internationally.

Harmony Gold Mining

Market Cap: R211.1b

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

Endeavour Mining

Market Cap: CA$16.9b

Operates as a multi-asset gold producer in West Africa.

Tianshan Aluminum GroupLtd

Market Cap: CN¥71.4b

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

IAMGOLD

Market Cap: CA$13.6b

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

Satellite ChemicalLtd

Market Cap: CN¥58.0b

A low-carbon chemical company, manufactures and sells functional chemicals, new polymer materials, and new energy materials in China and internationally.

JFE Holdings

Market Cap: JP¥1.3t

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

Hoa Phat Group

Market Cap: ₫204.9t

Produces and sells steel products in Vietnam.

Ternium

Market Cap: US$7.5b

Manufactures and distributes steel products in Mexico, Southern Region, Brazil, and internationally.

Eldorado Gold

Market Cap: CA$9.8b

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

DPM Metals

Market Cap: CA$9.4b

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

thyssenkrupp

Market Cap: €5.8b

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

Artemis Gold

Market Cap: CA$8.7b

Focuses on the identification, acquisition, and development of gold properties.

B2Gold

Market Cap: CA$8.6b

Operates as a gold producer company in Canada.

OceanaGold

Market Cap: CA$8.6b

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

Asia-potash International Investment (Guangzhou)Co.Ltd

Market Cap: CN¥42.6b

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

Tongkun Group

Market Cap: CN¥39.9b

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

Torex Gold Resources

Market Cap: CA$6.6b

Operates as an intermediate gold producer.

Henan Zhongfu IndustrialLtd

Market Cap: CN¥31.3b

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

SSR Mining

Market Cap: CA$6.1b

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

Lygend Resources & Technology

Market Cap: HK$33.9b

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

Huaibei Mining HoldingsLtd

Market Cap: CN¥30.3b

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

Trimegah Bangun Persada

Market Cap: Rp70.9t

PT Trimegah Bangun Persada TBK engages in the nickel ore mining and processing business in China, Switzerland, Sweden, and Indonesia.

Inner Mongolia ERDOS ResourcesLtd

Market Cap: CN¥29.5b

Engages in clothing, power metallurgy, and chemical businesses in China.

Sasol

Market Cap: R68.0b

Operates as a chemical and energy company.

Alamtri Minerals Indonesia

Market Cap: Rp65.4t

Engages in metallurgical coal mining business in Indonesia.

Inner Mongolia Berun Chemical

Market Cap: CN¥27.3b

Engages in the production and sale of soda ash, baking soda, fertilizers and other chemical products in China.

Wienerberger

Market Cap: €3.3b

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

Eregli Demir ve Çelik Fabrikalari T.A.S

Market Cap: ₺165.5b

Produces and sells iron and steel rolled products, alloyed and non-alloyed iron, steel and pig iron castings, cast and pressed steel, coke, and by-products in Turkey and internationally.

Century Aluminum

Market Cap: US$3.6b

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

Nine Dragons Paper (Holdings)

Market Cap: HK$27.6b

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

HBIS

Market Cap: CN¥24.3b

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

Hochschild Mining

Market Cap: UK£2.6b

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.