Global Materials Undervalued based on future growth

Shandong Hongqiao Aluminum Industry Holding

Market Cap: CN¥197.7b

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

China Hongqiao Group

Market Cap: HK$211.1b

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: ₹2.2t

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

Aluminum Corporation of China

Market Cap: HK$160.2b

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

Hengli PetrochemicalLtd

Market Cap: CN¥131.9b

Engages in petrochemical industry in China and internationally.

Zhongjin GoldLtd

Market Cap: CN¥99.9b

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

Endeavour Mining

Market Cap: CA$18.5b

Operates as a gold mining company in West Africa.

Tongling Nonferrous Metals GroupLtd

Market Cap: CN¥84.5b

Tongling Nonferrous Metals Group Co.,Ltd.

Yunnan Aluminium

Market Cap: CN¥79.3b

Produces and sells aluminum primarily in China.

MMG

Market Cap: HK$87.9b

An investment holding company, engages in the exploration, development, and mining of mineral properties.

Dangote Cement

Market Cap: ₦14.9t

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

Harmony Gold Mining

Market Cap: R171.9b

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

Impala Platinum Holdings

Market Cap: R165.2b

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

Eldorado Gold

Market Cap: CA$12.7b

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

Zhaojin Mining Industry

Market Cap: HK$67.5b

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.

Voestalpine

Market Cap: €7.5b

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

Chifeng Jilong Gold Mining Group

Market Cap: CN¥58.0b

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

Shanjin International Gold

Market Cap: CN¥56.0b

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

Tongkun Group

Market Cap: CN¥55.9b

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

Ternium

Market Cap: US$8.2b

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

Shandong Hualu-Hengsheng Chemical

Market Cap: CN¥55.0b

Shandong Hualu-Hengsheng Chemical Co., Ltd.

Tianshan Aluminum GroupLtd

Market Cap: CN¥53.3b

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

Hengyi Petrochemical

Market Cap: CN¥52.3b

Produces and sells chemical fiber products in China and internationally.

G Mining Ventures

Market Cap: CA$10.8b

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

Hoa Phat Group

Market Cap: ₫195.0t

Produces and sells steel products in Vietnam.

Henan Shenhuo Coal Industry and Electricity Power

Market Cap: CN¥50.3b

Henan Shenhuo Coal Industry and Electricity Power Co.

China Gold International Resources

Market Cap: CA$10.3b

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

Shandong Nanshan AluminiumLtd

Market Cap: CN¥47.6b

Engages in the aluminum processing business worldwide.

China Nonferrous Mining

Market Cap: HK$49.0b

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¥40.8b

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

Northam Platinum Holdings

Market Cap: R97.3b

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

JCHX Mining ManagementLtd

Market Cap: CN¥40.6b

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

B2Gold

Market Cap: CA$7.9b

Operates as a gold producer company in Canada.

Artemis Gold

Market Cap: CA$7.9b

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

Wanguo Gold Group

Market Cap: HK$42.0b

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

Perseus Mining

Market Cap: AU$6.9b

Explores, evaluates, develops, and mines for gold properties in Ghana, Côte d’Ivoire, Tanzania, and Sudan.