{"id":60682,"title":"Global mining stocks lose $264 billion as gold and lithium prices retreat","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2026-10-05T06:29:56+00:00","modified":"2026-10-05T06:29:56+00:00","canonical_url":"https://stockmark.it/top-50-mining-companies-take-264-billion-hit-as-gold-trade-unwinds-lit/","markdown_url":"https://stockmark.it/top-50-mining-companies-take-264-billion-hit-as-gold-trade-unwinds-lit.md","json_url":"https://stockmark.it/top-50-mining-companies-take-264-billion-hit-as-gold-trade-unwinds-lit.json","category":"Global Trade","categories":["Global Trade","Gold Mining","Mining"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2026/10/global-mining-stocks-lose-264-billion-as-gold-and-lithium.png?fit=1536%2C1024&quality=80&ssl=1","format":"news","language":"en-GB","content":"The world’s 50 most valuable mining stocks experienced a significant decline in September, with the collective value of the ranking falling by $264 billion to close at $2.26 trillion. This represents the second-largest monthly drop in the history of the index, erasing three quarters of the record $357 billion gain recorded in August. The reversal was driven primarily by a sharp correction in precious metals, as bullion futures in New York slid from $4,441 an ounce at the end of August to $4,158 at the end of September. This 6.4% retreat left the metal trading below its level at the start of the year, reversing the momentum that had previously fuelled investor returns in the sector.\n\nMacro-economic headwinds played a decisive role in the downturn for gold, a commodity that relies heavily on price appreciation for investor gains. The Federal Reserve raised interest rates for the first time since 2023 on 16 September, while a global bond selloff pushed yields to their highest levels since 2008. Concurrently, the US dollar firmed, creating a challenging environment for non-yielding assets. Silver also fell sharply, dropping 9% for the month, while platinum group metals continued to decline into negative territory. Copper and iron ore, two critical metals for the top tier of the ranking, ended the month almost exactly where they began, offering little support to the broader index.\n\nGold miners, which had contributed $138 billion to the sector’s gains in August, gave up $79 billion in September. The sector suffered a 12.7% fall, with all fifteen companies in the ranking finishing lower on the month. Newmont and Agnico Eagle both incurred double-digit billion dollar losses, with Agnico falling back below the $100 billion market capitalisation mark it had previously cleared. AngloGold Ashanti, which had led the gains in August, fell 16.4% and shed $9.4 billion in value. Company-specific issues exacerbated the decline for some firms; Kinross lost 21.3% after cutting its 2026 and 2027 production guidance, citing winter storms in Chile and weaker grades in Nevada. Shandong Gold recorded the worst move in the ranking, falling 27.8% after its board lowered the group’s 2026 mined gold target.\n\nThe month also saw significant developments in corporate strategy, most notably the rejection of Gold Fields’ unsolicited $27 billion approach for Northern Star. The Australian company’s board dismissed the bid as highly opportunistic on 28 September. Gold Fields’ shares fell 21% over the month, resulting in an $8.6 billion loss of market value, while Northern Star, cushioned by the bid premium, was the best-performing gold miner in the ranking. In the copper sector, producers lost $44 billion in value, a 7.6% fall. Southern Copper ended the quarter in second place for the first time, overtaking Rio Tinto, which fell 8.9% as iron ore prices remained stuck below $100 a tonne. BHP suffered the largest dollar loss in the ranking, shedding $26.4 billion or 11% after a worker was killed at its Escondida mine and operations were suspended.\n\nLithium emerged as the worst-performing battery metal, with carbonate futures in Guangzhou falling 22.5% to 122,800 yuan a tonne. This marked the lowest close since early January and was 39% below the two-year high set in mid-May. The decline was driven by a change in methodology at a Chinese price reporting agency, which more than doubled reported stockpiles to 175,000 tonnes, triggering a sharp sell-off. Equities in the sector fared poorly, with Albemarle and Ganfeng Lithium each losing more than a fifth of their value. Only one company in the entire ranking finished higher in September: Amman Mineral, the Indonesian copper and gold producer, which gained 1.3%.\n\nChina lost the most value among mining addresses, with its six listed companies shedding $43 billion, or 15% of their combined value. Zijin Mining accounted for $19 billion of this fall, dropping 14.2% to $115 billion as it increasingly aligned with gold price movements. Canada moved back ahead of Australia as the most valuable mining address, with a total value of $488 billion compared to Australia’s $484 billion. Despite the monthly loss, the third quarter closed $107 billion higher than it opened, and the ranking remains $118 billion more valuable than at the end of the previous year. The index currently sits 18% below its record peak, with 33 of the 47 companies with a full year of trading setting their 52-week highs in the first quarter."}