Global Materials Undervalued based on future growth

Zijin Mining Group

Market Cap: CN¥844.7b

Engages in the exploration, mining, processing, refining, and sale of gold, non-ferrous metals, and other mineral resources in Mainland China and internationally.

CMOC Group

Market Cap: CN¥372.3b

Engages in the mining, beneficiation, smelting, and refining of base and rare metals.

Aluminum Corporation of China

Market Cap: HK$223.5b

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

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.

Tata Steel

Market Cap: ₹2.4t

Engages in the manufacture and distribution of steel products in India and internationally.

Jiangxi Copper

Market Cap: HK$158.4b

Engages in mining, smelting, and processing of copper and gold in Chinese Mainland, China, Hong Kong, and internationally.

KGHM Polska Miedz

Market Cap: zł54.8b

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

Endeavour Mining

Market Cap: CA$19.9b

Operates as a gold mining company in West Africa.

Impala Platinum Holdings

Market Cap: R222.9b

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

MMG

Market Cap: HK$95.9b

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

Tianshan Aluminum GroupLtd

Market Cap: CN¥75.0b

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

Harmony Gold Mining

Market Cap: R156.4b

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

Northam Platinum Holdings

Market Cap: R138.1b

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

New Gold

Market Cap: CA$11.2b

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

Voestalpine

Market Cap: €6.8b

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

Eldorado Gold

Market Cap: CA$10.1b

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

Lloyds Metals and Energy

Market Cap: ₹666.7b

Manufactures and sells sponge iron and iron ore in India.

Steel Authority of India

Market Cap: ₹630.1b

A steel-making company, manufactures and sells iron and steel products in India and internationally.

B2Gold

Market Cap: CA$8.9b

Operates as a gold producer company in Canada.

Artemis Gold

Market Cap: CA$8.7b

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

Tongkun Group

Market Cap: CN¥40.7b

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

SSR Mining

Market Cap: CA$7.9b

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

UPL

Market Cap: ₹517.4b

Manufactures and sells pesticides, insecticides, and micronutrients in India, Brazil, the United States, the United Kingdom, and internationally.

Huaibei Mining HoldingsLtd

Market Cap: CN¥36.2b

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

China National Building Material

Market Cap: HK$40.1b

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

Alamtri Minerals Indonesia

Market Cap: Rp80.3t

Engages in metallurgical coal mining business in Indonesia.

Perseus Mining

Market Cap: AU$6.4b

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

Torex Gold Resources

Market Cap: CA$6.1b

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

Nine Dragons Paper (Holdings)

Market Cap: HK$34.1b

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

K92 Mining

Market Cap: CA$5.9b

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

Trimegah Bangun Persada

Market Cap: Rp72.1t

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.

Hochschild Mining

Market Cap: UK£3.0b

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.

Lygend Resources & Technology

Market Cap: HK$31.0b

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

Pan African Resources

Market Cap: UK£2.9b

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

Xinfengming Group

Market Cap: CN¥26.1b

Researches, develops, produces, and sells polyester filaments.

HBIS

Market Cap: CN¥25.0b

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