Global Materials Undervalued based on future growth

Shandong Hongqiao Aluminum Industry Holding

Market Cap: CN¥235.7b

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

Zijin Gold International

Market Cap: HK$258.3b

An investment holding company, engages in the exploration, mining, processing, smelting, refining, and sale of gold and other non-ferrous metals.

China Hongqiao Group

Market Cap: HK$217.0b

An investment holding company, manufactures and sells aluminum products in the People's Republic of China, India, Europe, Malaysia, North America, the rest of Southeast Asia, and internationally.

Hindalco Industries

Market Cap: ₹2.1t

Manufactures and distributes aluminum and copper products in India and internationally.

POSCO Holdings

Market Cap: ₩23.4t

Operates as an integrated steel producer in Korea and internationally.

Hengli PetrochemicalLtd

Market Cap: CN¥106.0b

Engages in petrochemical industry in China and internationally.

Ganfeng Lithium Group

Market Cap: CN¥93.4b

Manufactures and sells lithium products in China.

Zhongjin GoldLtd

Market Cap: CN¥92.4b

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

Yunnan Aluminium

Market Cap: CN¥87.1b

Produces and sells aluminum primarily in China.

Dangote Cement

Market Cap: ₦17.5t

Engages in the preparation, manufacturing, distribution, and sale of cement and related products in Nigeria.

Alamos Gold

Market Cap: CA$16.6b

Operates as a gold producer in Canada and Mexico.

Tongling Nonferrous Metals GroupLtd

Market Cap: CN¥77.6b

Tongling Nonferrous Metals Group Co.,Ltd.

Satellite ChemicalLtd

Market Cap: CN¥76.7b

A low-carbon chemical company, research, development, production, sale, and service of new electronic chemicals and functional materials in China and internationally.

Endeavour Mining

Market Cap: CA$15.6b

Operates as a gold mining company in West Africa.

Harmony Gold Mining

Market Cap: R150.3b

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

Voestalpine

Market Cap: €7.7b

Processes, develops, manufactures, and sells steel and technology products in Austria, the European Union, and internationally.

Ternium

Market Cap: US$8.8b

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

Chifeng Jilong Gold Mining Group

Market Cap: CN¥57.5b

Engages in the exploration, mining, beneficiation, and sale of gold in China, Southeast Asia, and West Africa.

Tianshan Aluminum GroupLtd

Market Cap: CN¥55.0b

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

Zhaojin Mining Industry

Market Cap: HK$62.1b

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¥53.6b

Henan Shenhuo Coal Industry and Electricity Power Co.

Shandong Hualu-Hengsheng Chemical

Market Cap: CN¥53.2b

Shandong Hualu-Hengsheng Chemical Co., Ltd.

Shanjin International Gold

Market Cap: CN¥51.4b

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

Hengyi Petrochemical

Market Cap: CN¥50.4b

Produces and sells chemical fiber products in China and internationally.

Eldorado Gold

Market Cap: CA$10.2b

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

Tongkun Group

Market Cap: CN¥48.7b

Produces and sells civilian-use polyester filaments in China and internationally.

China Gold International Resources

Market Cap: CA$9.8b

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: ₫184.5t

Produces and sells steel products in Vietnam.

Shanghai Putailai New Energy Technology GroupLtd

Market Cap: CN¥45.8b

Engages in the development and sale of materials of lithium-ion batteries and automation equipment in China and internationally.

Shandong Nanshan AluminiumLtd

Market Cap: CN¥45.2b

Engages in the aluminum processing business worldwide.

G Mining Ventures

Market Cap: CA$8.9b

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

China Nonferrous Mining

Market Cap: HK$47.6b

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¥38.9b

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

JCHX Mining ManagementLtd

Market Cap: CN¥37.9b

Engages in mining services and resource development in the People’s Republic of China, Africa, Europe, South America, Central Asia, Southeast Asia, Australia and internationally.

Artemis Gold

Market Cap: CA$7.4b

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

Wanguo Gold Group

Market Cap: HK$41.0b

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