Global Materials Price disconnect

Zijin Mining Group

Market Cap: CN¥721.8b

Engages in exploration and extraction of metals in Mainland China and internationally.

BASF

Market Cap: €40.9b

Operates as a chemical company worldwide.

Nan Ya Plastics

Market Cap: NT$1.4t

Engages in the manufacture and sale of plastic products, polyester fibers, petrochemical products, and electronic materials in Taiwan, China, the United States, and internationally.

AngloGold Ashanti

Market Cap: US$41.4b

Operates as a gold mining company in Africa, Australia, and the Americas.

Heidelberg Materials

Market Cap: €30.2b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

Zijin Gold International

Market Cap: HK$263.1b

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

Shandong Hongqiao Aluminum Industry Holding

Market Cap: CN¥188.3b

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

Lundin Mining

Market Cap: CA$29.4b

A diversified base metals mining company, engages in the exploration, development, and mining of mineral properties in Chile, Brazil, and Argentina.

Qinghai Salt Lake IndustryLtd

Market Cap: CN¥134.4b

Manufactures and sells potash fertilizers in China and internationally.

Pan American Silver

Market Cap: CA$26.4b

Engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala.

Zhejiang Juhua

Market Cap: CN¥117.2b

Engages in the research, development, production, and sale of chemical raw materials and products in China, the United Arab Emirates, and Hong Kong.

PhosAgro

Market Cap: ₽1.0t

Public Joint-Stock Company PhosAgro, together with its subsidiaries, engages in the production and distribution of apatite concentrate and mineral fertilizers in Russia and internationally.

Coeur Mining

Market Cap: US$16.6b

Operates as a gold and silver producer in the United States, Canada, and Mexico.

Shandong Gold Mining

Market Cap: CN¥106.1b

Engages in mining, smelting, processing, and precious metals in the People’s Republic of China.

Rongsheng Petrochemical

Market Cap: CN¥104.8b

Engages in the research, development, production, and sale of chemical, oil, and polyester products in China.

Nippon Paint Holdings

Market Cap: JP¥2.5t

Engages in the paints and fine chemicals businesses in Japan, Asia, the United States, Europe, and internationally.

Asahi Kasei

Market Cap: JP¥2.5t

Engages in material, homes, and healthcare businesses in Japan, the United States, China, and internationally.

Xiamen TungstenLtd

Market Cap: CN¥100.6b

Engages in the sale of tungsten, molybdenum, rare earth, battery materials, and other industrial products in China.

Zhongjin GoldLtd

Market Cap: CN¥98.6b

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

Korea Zinc Company

Market Cap: ₩21.3t

Operates as a general non-ferrous metal smelting company primarily in South Korea.

Alcoa

Market Cap: US$12.9b

Engages in the bauxite mining, alumina refining, aluminum production, and energy generation business in Australia, Brazil, Canada, Iceland, Norway, Spain, the United States, and internationally.

Alamos Gold

Market Cap: CA$17.8b

Operates as a gold producer in Canada and Mexico.

Endeavour Mining

Market Cap: CA$16.8b

Operates as a gold mining company in West Africa.

Yunnan Aluminium

Market Cap: CN¥80.3b

Produces and sells aluminum primarily in China.

Yara International

Market Cap: NOK 113.2b

Provides crop nutrition, ammonia, and industrial solutions in Norway, European Union, Europe, Africa, Asia, North America, Latin America, Australia, and New Zealand.

MMG

Market Cap: HK$86.9b

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

Western MiningLtd

Market Cap: CN¥72.5b

Engages in the mining, beneficiation, smelting, and trading of metals in Mainland China and internationally.

Chifeng Jilong Gold Mining Group

Market Cap: CN¥60.0b

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

Inner Mongolia Xingye Silver & Tin Mining

Market Cap: CN¥58.6b

Engages in the mining and beneficiation of non-ferrous and precious metals in China, Hong Kong, and Mongolia.

Zhaojin Mining Industry

Market Cap: HK$65.5b

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.

Shanjin International Gold

Market Cap: CN¥55.5b

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

DPM Metals

Market Cap: CA$11.1b

A gold mining company, engages in the acquisition, exploration, development, mining, and processing of precious metals.

Henan Shenhuo Coal Industry and Electricity Power

Market Cap: CN¥52.5b

Henan Shenhuo Coal Industry and Electricity Power Co.

Shanghai Putailai New Energy Technology GroupLtd

Market Cap: CN¥51.9b

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

Orica

Market Cap: AU$11.0b

Manufactures, distributes, and sells commercial blasting systems, explosives, mining and tunnelling support systems, and various chemical products and services in Australia, Canada, the United States, and internationally.

Tianshan Aluminum GroupLtd

Market Cap: CN¥51.3b

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