Global Materials Undervalued based on future growth

Vedanta

Market Cap: ₹3.1t

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: R195.2b

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

Northam Platinum Holdings

Market Cap: R149.6b

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.

Chuangxin Industries Holdings

Market Cap: HK$60.6b

Produces and sells electrolytic aluminum and alumina in China.

Hengyi Petrochemical

Market Cap: CN¥52.0b

Produces and sells chemical fiber products in China and internationally.

OceanaGold

Market Cap: CA$10.3b

Engages in the exploration, development, and operation of gold and gold/copper mines in the United States, the Philippines, and New Zealand.

Asia-potash International Investment (Guangzhou)Co.Ltd

Market Cap: CN¥49.7b

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

Tongkun Group

Market Cap: CN¥46.3b

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

Eldorado Gold

Market Cap: CA$9.3b

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

China Nonferrous Mining

Market Cap: HK$52.5b

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.

B2Gold

Market Cap: CA$9.1b

Operates as a gold producer company in Canada.

Ramelius Resources

Market Cap: AU$7.5b

Engages in the exploration, evaluation, mine development and operation, production, and sale of gold.

Mondi

Market Cap: UK£3.8b

Engages in the manufacture and sale of packaging and paper solutions in Africa, Western Europe, Emerging Europe, North America, South America, Asia, and Australia.

Hunan Valin Steel

Market Cap: CN¥34.6b

Produces and sells steel products in China.

K92 Mining

Market Cap: CA$6.4b

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

Pan African Resources

Market Cap: UK£3.4b

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

Alamtri Minerals Indonesia

Market Cap: Rp79.1t

Engages in metallurgical coal mining business in Indonesia.

Trimegah Bangun Persada

Market Cap: Rp77.5t

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.

Torex Gold Resources

Market Cap: CA$5.9b

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

Westgold Resources

Market Cap: AU$6.0b

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

Regis Resources

Market Cap: AU$5.7b

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

Nine Dragons Paper (Holdings)

Market Cap: HK$29.7b

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¥24.0b

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

Wienerberger

Market Cap: €2.9b

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

Fortuna Mining

Market Cap: CA$4.4b

Engages in the precious and base metal mining and related activities in Argentina, Côte d’Ivoire, Mexico, Peru, and Senegal.

Indah Kiat Pulp & Paper

Market Cap: Rp54.3t

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

Shandong Weifang Rainbow Chemical

Market Cap: CN¥21.3b

Operates as a crop protection company in China.

Wesdome Gold Mines

Market Cap: CA$4.1b

Wesdome Gold Mines Ltd. mines, develops, and explores for gold and silver deposits in Canada.

Lafarge Africa

Market Cap: ₦3.9t

Manufactures, markets, and sells cement and other cementitious products in Nigeria.

West African Resources

Market Cap: AU$3.9b

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

Ta Chen Stainless Pipe

Market Cap: NT$88.4b

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

OYAK Çimento Fabrikalari

Market Cap: ₺124.2b

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

Dongyue Group

Market Cap: HK$20.2b

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.

Taiheiyo Cement

Market Cap: JP¥409.0b

Engages in the cement, mineral resources, environmental, construction materials, and other businesses in Japan and internationally.

Lucky Cement

Market Cap: PK₨658.3b

Manufactures and markets cement in Pakistan.