In this article, we will look at the 20 Biggest Precious Metals and Minerals Companies in Australia in 2024. If you want to see more of the Biggest Precious Metals and Minerals Companies in Australia in 2024, go directly to the 5 Biggest Precious Metals and Minerals Companies in Australia in 2024.
Given several industrial and economic factors, the global precious metals market has seen considerable changes in recent years, mainly in 2023 and 2024. The value of the global market for precious metals was $275.4 billion in 2021, and it is expected to grow to $449.72 billion by 2030 from $290.82 billion in 2022. This growth refers to a 5.6% compound annual growth rate (CAGR) for the 2023–2030 projected period. With a noteworthy revenue share of 59.0% in 2022, the Asia Pacific market is seen as a leading force in the region, driven by booming domestic manufacturing sectors in economies such as China.
Several significant policies and regulations in 2023 have influenced the precious metals market, reflecting both investor sentiments and broader economic trends. Gold prices varied during the year, reaching record highs and then declining due to multiple global economic issues. For example, in November, the price of gold soared beyond $2,000 due to predictions about future Federal Reserve interest rate changes and a positive view of the U.S. economy.
With two market giants namely Coeur Mining (NYSE: CDE) and Hecla Mining (NYSE: HL), the US leads the world in the sector of precious metals. A key player in the precious metals market, Coeur Mining (NYSE: CDE) has a very diverse portfolio of mines located in Mexico and North America. It’s not just limited to other by-products like zinc and lead, the firm is also well-known for producing gold and silver.
At its Rochester facility in Nevada, Coeur Mining (NYSE: CDE) gained record production levels in 2023 producing around 10.3 million ounces of silver and 317,671 ounces of gold., Driven by the new Stage 6 leach pad and Merrill-Crowe process plant, it represented notable gains from quarter to quarter and year to year. Expecting to complete it in the first half of 2024, the company has made progress on commissioning its new three-stage crushing circuit, which will majorly boost throughput levels.
In contrast, Hecla Mining (NYSE: HL), a well-known producer of silver, was founded in 1891 in the Coeur d’Alene mining zone in Idaho. Hecla Mining (NYSE: HL) has its network spread in the U.S., Canada, and Mexico, with mention worthy mines like the Greens Creek mine in Alaska. Hecla Mining (NYSE: HL) recorded the second-highest figures in the company’s history in the fourth quarter of 2023 when it produced 14.3 million ounces of silver, attained 238 million ounces of silver reserves, and reported $720.2 million in total sales.
Coming on to the country we are going to focus on, Australia, by 2024, will have a larger and more visible presence in the global precious metals and minerals industry, with a wide variety of top production and exploration businesses, such as BHP Group, Rio Tinto and Fortescue Metals – which are one of the biggest mining companies in the country. Australia, which is well-known for having an abundance of natural resources, with the Cannington underground mine located in north-west Queensland being the biggest silver mine in Australia, has made the most of its geological richness to maintain its leadership position in the supply of vital minerals to global markets. It is the largest global producer of lithium, while it enjoys the reputation of being one of the top 5 producers of gold and iron ore in the world. The industry in the country is made up of well-established titans and up-and-coming companies that concentrate on a range of commodities such as gold, silver, rare earth elements, and other vital minerals. Therefore, we will now be discussing 20 Biggest Precious Metals and Minerals Companies in Australia in 2024.
A golden nugget illuminated under direct lighting, hinting at the value of precious metals.
Methodology
For our list of the 20 Biggest Precious Metals and Minerals Companies in Australia in 2024, we have ranked the companies by market capitalization. Market capitalization data has been sourced from Yahoo Finance with the metric being extracted at the time of the writing. The market capitalization figures in Australian Dollars have been converted to US Dollars using the exchange rate provided by X-Rates, as of March 21, 2024. The exchange rate used for conversion is 1 AUD = 0.66 USD. With this, we present a list of the 20 Biggest Precious Metals and Minerals Companies in Australia in 2024.
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