Mining and Metals

Editorial summary. Qualitative drivers are general industry context written by Invest Global, last reviewed 2026-10-08. They are not forecasts. Figures elsewhere on this page are sourced and dated.

• Resource nationalism, royalty increases and licence cancellation
• Community, environmental and safety incidents
• Power and water availability
• Logistics bottlenecks to export ports
• Commodity price volatility

Investing in frontier and emerging markets carries significant risk, including total loss. This list is illustrative and not exhaustive.

1. Exploration and permitting
2. Mine development and construction
3. Extraction and beneficiation
4. Smelting and refining
5. Logistics and offtake

Ranked by exposure score, a weighted percentile of sourced indicators. Select Sources on any row to see each input, its period, source and as-of date.

Top countries by Mining and Metals exposure score

#	Country	Score	Band	Why
01	Democratic Republic of the Congo	98	High	Mineral rents are 28.8% of GDP; ores and metals are 76.5% of merchandise exports (2021, 2024). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.21
02	Chile	97	High	Ores and metals are 58.6% of merchandise exports; mineral rents are 16.2% of GDP (2021, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.03
03	Peru	96	High	Ores and metals are 47.8% of merchandise exports; mineral rents are 12.1% of GDP (2021, 2024). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.01
04	Zambia	96	High	Mineral rents are 28.2% of GDP; ores and metals are 73.0% of merchandise exports (2021, 2024). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.17
05	Australia	95	High	Mineral rents are 10.5% of GDP; ores and metals are 34.6% of merchandise exports (2021, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.24
06	New Caledonia	94	High	Mineral rents are 16.8% of GDP; ores and metals are 37.8% of merchandise exports (2015, 2021). Sources
07	Bolivia	93	High	Ores and metals are 46.6% of merchandise exports; mineral rents are 5.9% of GDP (2021, 2025). Sources
08	Tajikistan	92	High	Ores and metals are 52.8% of merchandise exports; mineral rents are 7.1% of GDP (2021, 2023). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.08
09	Zimbabwe	91	High	Ores and metals are 33.8% of merchandise exports; mineral rents are 4.2% of GDP (2021, 2024). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.25
10	South Africa	90	High	Ores and metals are 30.4% of merchandise exports; mineral rents are 3.8% of GDP (2021, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.03
11	Kazakhstan	89	High	Mineral rents are 9.1% of GDP; ores and metals are 15.8% of merchandise exports (2021, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.04
12	Armenia	87	High	Mineral rents are 6.8% of GDP; ores and metals are 18.3% of merchandise exports (2021, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.02

Exposure scores describe how large and relevant a sector is in a country's economy and opportunity set relative to other countries. They are not a measure of attractiveness, expected return or risk. Educational content only, not investment advice.

Exposure scores show relative weight. This ranking shows absolute size on one sourced measure: mineral rents. World Bank mineral rents (percent of GDP) times GDP of the same year.

Largest countries by Mineral rents

#	Country	Mineral rents	Period
01	Australia	$163 billion	2021
02	China	$92.8 billion	2021
03	Brazil	$75.0 billion	2021
04	Chile	$51.2 billion	2021
05	India	$41.7 billion	2021
06	Russia	$37.6 billion	2021
07	Peru	$27.4 billion	2021
08	United States of America	$24.2 billion	2021
09	Canada	$24.0 billion	2021
10	Indonesia	$22.7 billion	2021
11	Mexico	$18.0 billion	2021
12	Kazakhstan	$17.9 billion	2021

Derived from the cited sources as described above. A larger economy ranks higher on absolute measures even when the sector is a smaller share of its output.

Largest listed companies tagged to this sector in the Invest Global capital markets dataset, ranked by market capitalisation in US dollars. Coverage is the markets in that dataset, so it is not a global census.

Largest listed companies in Mining and Metals

#	Company	Country	Market cap	Basis
01	BHP Group BHP	Australia	$216 billion	Invest Global sector tag
02	Rio Tinto RIO	United Kingdom	$154 billion	Invest Global sector tag
03	Grupo México GMEXICOB	Mexico	$98.6 billion	Invest Global sector tag
04	Agnico Eagle Mines AEM	Canada	$98.5 billion	Invest Global sector tag
05	Ma'aden 1211	Saudi Arabia	$63.2 billion	Invest Global sector tag
06	Vale VALE3	Brazil	$57.9 billion	Invest Global sector tag
07	ArcelorMittal MTL	Luxembourg	$53.2 billion	Invest Global sector tag
08	AngloGold Ashanti ANG	South Africa	$50.1 billion	Invest Global sector tag
09	Zijin Gold International Company Limited 2259	Hong Kong	$48.8 billion	Invest Global sector tag
10	Gold Fields GFI	South Africa	$36.0 billion	Invest Global sector tag
11	Fresnillo FRES	Mexico	$27.5 billion	Invest Global sector tag
12	Bayan Resources BYAN	Indonesia	$22.5 billion	Invest Global sector tag
13	Nornickel GMKN	Russia	$21.5 billion	Invest Global sector tag
14	Industrias Peñoles PE&OLES	Mexico	$20.2 billion	Invest Global sector tag
15	PT Amman Mineral Internasional Tbk AMMN	Indonesia	$19.1 billion	Invest Global sector tag

Not recommendations. A list of the largest companies is not a list of suggested investments. Sector tags marked Invest Global are an editorial classification of each company's main business. Market capitalisation is a snapshot, not a live quote.

Regulatory summaries are general and change often. Confirm current rules with local counsel. Not legal advice.

• Listed miners on home and international exchanges
• Metals and mining sector funds
• Royalty and streaming arrangements, typically institutional
• Project equity and offtake finance for qualified investors

• XME
  State Street SPDR S&P Metals & Mining ETF
  SPDR SERIES TRUST
• PICK
  iShares MSCI Global Metals & Mining Producers ETF
  iShares, Inc.
• COPX
  Global X Copper Miners ETF
  Global X Funds
• GDX
  VanEck Gold Miners ETF
  VanEck ETF Trust

Examples, not recommendations. Each fund is confirmed in the SEC series and class file. These are US-listed funds whose holdings are mostly developed-market issuers; check each prospectus for current holdings, fees and domicile. No prices, yields or fees are shown because none are verified here.

Charts show historical data from the cited sources. Past levels do not indicate future results. Commodity series are World Bank nominal US dollar monthly benchmarks.

Each score is a weighted average of percentile ranks. For every indicator, a country's latest observation (not older than 2014) is ranked against all other countries with data (mid-rank percentile, 0 to 1). Where a lower raw value signals more headroom (for example electricity access), the rank is inverted. The weighted average of the available percentiles is scaled to 0 to 100. A cell is published only if indicators holding at least 60 percent of the weight are available; otherwise the country is omitted for that sector.

The score describes how large and relevant a sector is in a country's economy and opportunity set, relative to other countries. It is not a measure of attractiveness, return or risk, and it is not investment advice.

• World Bank, World Development Indicators CC BY 4.0
• U.S. SEC, Investment Company Series and Class Information U.S. Government work, public domain
• companiesmarketcap.com (via the Invest Global capital markets dataset) Third-party data carried over from the existing Invest Global capital markets dataset; reuse licence to be confirmed
• OECD FDI Regulatory Restrictiveness Index CC BY 4.0 (OECD content published from 1 July 2024)
• World Bank, Commodity Price Data (The Pink Sheet) CC BY 4.0

Data version 2026-10-09. Every datapoint carries its source and as-of date; hover or tap a dotted value to see them.