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.

Harmony Gold Mining

Market Cap: R206.3b

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

IAMGOLD

Market Cap: CA$15.8b

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

Tianshan Aluminum GroupLtd

Market Cap: CN¥79.2b

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

Satellite ChemicalLtd

Market Cap: CN¥74.7b

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

Eldorado Gold

Market Cap: CA$12.3b

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

Ternium

Market Cap: US$8.8b

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

OceanaGold

Market Cap: CA$11.2b

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

New Gold

Market Cap: CA$11.1b

An intermediate gold mining company, engages in the development and operation of mineral properties in Canada.

thyssenkrupp

Market Cap: €6.6b

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

Asia-potash International Investment (Guangzhou)Co.Ltd

Market Cap: CN¥50.0b

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

Lloyds Metals and Energy

Market Cap: ₹649.1b

Manufactures and sells sponge iron and iron ore in India.

B2Gold

Market Cap: CA$9.1b

Operates as a gold producer company in Canada.

China National Building Material

Market Cap: HK$47.4b

An investment holding company, engages in building material, new materials, and engineering technical services businesses.

Chuangxin Industries Holdings

Market Cap: HK$45.6b

Produces and sells electrolytic aluminum and alumina in China.

Lygend Resources & Technology

Market Cap: HK$42.5b

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

Inner Mongolia ERDOS ResourcesLtd

Market Cap: CN¥37.3b

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

Trimegah Bangun Persada

Market Cap: Rp91.3t

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.

SSR Mining

Market Cap: CA$7.2b

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

Huaibei Mining HoldingsLtd

Market Cap: CN¥35.2b

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

Sasol

Market Cap: R79.7b

Operates as a chemical and energy company.

K92 Mining

Market Cap: CA$6.5b

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

Eregli Demir ve Çelik Fabrikalari T.A.S

Market Cap: ₺207.1b

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.

Henan Zhongfu IndustrialLtd

Market Cap: CN¥32.5b

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

Alamtri Minerals Indonesia

Market Cap: Rp76.2t

Engages in metallurgical coal mining business in Indonesia.

Inner Mongolia Berun Chemical

Market Cap: CN¥31.0b

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

Torex Gold Resources

Market Cap: CA$5.7b

Operates as an intermediate gold producer.

Wienerberger

Market Cap: €3.3b

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

HBIS

Market Cap: CN¥24.7b

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

Verallia Société Anonyme

Market Cap: €2.7b

Manufactures and sells glass packaging products for beverages and food products worldwide.

Indah Kiat Pulp & Paper

Market Cap: Rp53.9t

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.

OYAK Çimento Fabrikalari

Market Cap: ₺133.3b

Engages in the production and sale of clinker and cement in Turkey.

West African Resources

Market Cap: AU$4.0b

Engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa.

Ta Chen Stainless Pipe

Market Cap: NT$87.9b

Manufactures, processes, and sells stainless steel pipes, plates, and fittings, and venetian blinds in Taiwan, the United States, China, and internationally.

Dongyue Group

Market Cap: HK$21.3b

An investment holding company, manufactures, distributes, and sells polymers, organic silicone, refrigerants, dichloromethane, liquid alkali, and other products in the People's Republic of China and internationally.

Ningbo Boway Alloy Material

Market Cap: CN¥18.2b

Researches, develops, manufactures, and sells non-ferrous alloy materials in Asia, Europe, North America, and internationally.