Global Materials Undervalued based on future growth

Nine Dragons Paper (Holdings)

Market Cap: HK$14.7b

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

Guizhou Chanhen Chemical

Market Cap: CN¥13.1b

Engages in the mining and beneficiation of phosphate and processing of phosphorus in China.

Westgold Resources

Market Cap: AU$2.8b

Engages in the exploration, operation, development, mining, and treatment of gold and other assets primarily in Western Australia.

Hubei Yihua Chemical Industry

Market Cap: CN¥13.1b

Manufactures and sells chemical raw materials and products in China.

Anhui Jinhe IndustrialLtd

Market Cap: CN¥13.0b

Engages in the chemicals business in China.

Lingbao Gold Group

Market Cap: HK$14.1b

Primarily engages in mining, processing, smelting, refining, and sale of gold products in the People’s Republic of China.

RHI Magnesita

Market Cap: UK£1.3b

Develops, produces, sells, installs, and maintains refractory products and systems used in industrial high-temperature processes worldwide.

Jindal Saw

Market Cap: ₹150.3b

Engages in the manufacture and supply of iron and steel pipes, and pellets in India and internationally.

Guangxi Huaxi Nonferrous MetalLtd

Market Cap: CN¥12.3b

Trades in steel, bulk commodities, and other products in China.

Kaneka

Market Cap: JP¥246.0b

Engages in the manufacture and sale of polyvinyl chloride (PVC), crosslinked PVC, PVC-PVAc polymers, paste PVC, acryl grafted-vinyl chloride copolymer, and chlorinated PVC in Japan and internationally.

Hochschild Mining

Market Cap: UK£1.3b

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.

Century Aluminum

Market Cap: US$1.7b

Produces and sells standard-grade and value-added primary aluminum products in the United States and Iceland.

Mayr-Melnhof Karton

Market Cap: €1.5b

Manufactures and sells cartonboard and folding cartons in Germany, Austria, and internationally.

West African Resources

Market Cap: AU$2.5b

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

Anhui Honglu Steel Construction(Group)

Market Cap: CN¥11.5b

Manufactures and sells steel structures and supporting products in China and internationally.

Lizhong Sitong Light Alloys Group

Market Cap: CN¥11.5b

Lizhong Sitong Light Alloys Group Co., Ltd.

Shengda ResourcesLtd

Market Cap: CN¥10.9b

Through its subsidiaries, engages in the mining development, resource trading, and investment management businesses in China.

Shenzhen Noposion Crop Science

Market Cap: CN¥10.7b

Researches and develops, produces, and sells agricultural inputs in China and internationally.

Alpha Metallurgical Resources

Market Cap: US$1.5b

A mining company, produces, processes, and sells met and thermal coal in Virginia and West Virginia.

Stanley Agriculture GroupLtd

Market Cap: CN¥10.5b

Engages in the research and development, production and sale of compound fertilizers in China.

Tokuyama

Market Cap: JP¥210.6b

Produces and sells various chemical products in Japan.

Anhui Guangxin Agrochemical

Market Cap: CN¥10.4b

Researches, develops, produces, and sells pesticides and phosgene products in China.

Duc Giang Chemicals Group

Market Cap: ₫37.0t

Manufactures industrial products in Vietnam.

Tangshan Sanyou Chemical IndustriesLtd

Market Cap: CN¥10.1b

Produces and sells chemical products.

Shenzhen Batian Ecotypic Engineering

Market Cap: CN¥9.8b

Shenzhen Batian Ecotypic Engineering Co., Ltd.

Godawari Power & Ispat

Market Cap: ₹116.7b

Engages in the mining of iron ores in India.

Pan African Resources

Market Cap: UK£997.4m

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

Loma Negra Compañía Industrial Argentina Sociedad Anónima

Market Cap: US$1.3b

Manufactures and sells cement and its derivatives in Argentina.

Gränges

Market Cap: SEK 12.7b

Engages in the development, production, and distribution of rolled aluminum products for thermal management systems, specialty packaging, and niche applications in Asia Pacific, Europe, and North and South Americas.

Orbia Advance Corporation. de

Market Cap: Mex$24.5b

Orbia Advance Corporation, S.A.B. de C.V.

Egypt Aluminum

Market Cap: ج.م64.7b

Engages in the production and sale of aluminum products.

Kaiser Aluminum

Market Cap: US$1.2b

Manufactures and sells semi-fabricated specialty aluminum mill products.

HBIS Resources

Market Cap: CN¥8.8b

Engages in the mining, processing, selling, and servicing of mineral products in Asia, Africa, Europe, and the Americas.

Stepan

Market Cap: US$1.2b

Produces and sells specialty and intermediate chemicals to other manufacturers for use in various end products worldwide.

Aris Mining

Market Cap: CA$1.7b

Engages in the acquisition, exploration, development, and operation of gold properties in Canada, Colombia, and Guyana.

Sunstone Development

Market Cap: CN¥8.7b

Engages in the research and development, production, and sales of prebaked carbon anodes for the aluminum industry in China and internationally.