The market capitalization of the world's 50 largest mining companies has reached a record high.

According to Mining.com, the combined market capitalization of the world's 50 largest mining companies reached nearly $1.97 trillion by the end of the third quarter, a year-to-date increase of nearly $700 billion, with most of the gains occurring in the third quarter.

The total market capitalization of these mining companies has now surpassed the previous record set three years ago. The ranking of the largest mining companies has also shifted during this period.

A trend that has persisted in the global mining sector for over a decade has finally broken through mainstream attention: critical minerals have suddenly become a hot topic of discussion for everyone from the US president to taxi drivers.

The weak US dollar is the primary reason—the rankings are based on the company's market capitalization in the local currency of its listed exchange, which is then converted to US dollars at the exchange rate.

The surge in precious metal prices, including a broad rebound in platinum group metals, is the primary driver. However, despite gains of over 60% for platinum group metals, this was not enough to propel producers back into the top 50.

The top performers were mostly gold and silver companies, with Coeur Mining's share price surging an astonishing sixfold thanks to its well-timed acquisition of a Mexican silver mine. Meanwhile, Fresnillo, a London-listed silver company controlled by Mexico's Peñoles, saw its share price surge 305%.

In addition to gold and silver, rare earths have also been a strong performer. Perth-based Lynas Rare Earth climbed to 49th place after its share price surged 280%.

Las Vegas-based Mountain Pass Materials (MPM) saw its share price surge in the second quarter following a breakthrough agreement with the Pentagon. The company's market capitalization has now increased by 500%.

Source: https://geoglobal.mnr.gov.cn/zx/kydt/zhyw/202510/t20251017_10025014.htm