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Public Comps and Valuation Multiples for Metals & Mining

Benchmark revenue and EBITDA valuation multiples for public comps like
BHP Group, Rio Tinto, Rio Tinto UK, Southern Copper and Zijin Mining.

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Metals & Mining

Viewing 50 of 584 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
BHP Group	$215B	$229B	$56B	4.1x	7.4x
Rio Tinto	$211B	$227B	$60B	3.8x	8.6x
Rio Tinto UK	$166B	$182B	$60B	3.1x	7.0x
Southern Copper	$149B	$151B	$14B	10.5x	17.2x
Zijin Mining	$116B	$126B	$58B	2.2x	7.6x
Newmont	$116B	$112B	$25B	4.5x	7.1x
Howmet Aerospace	$104B	$106B	$9B	12.1x	39.0x
Grupo México	$91B	$91B	$19B	4.7x	8.4x
Freeport-McMoRan	$90B	$96B	$27B	3.6x	9.2x
Glencore	$89B	$128B	$259B	0.5x	8.1x
Agnico Eagle	$89B	$86B	$14B	6.2x	8.7x
Vale	$69B	$86B	$40B	2.2x	5.4x
Maaden	$65B	$71B	$10B	6.8x	16.2x
Wheaton Precious Metals	$58B	$56B	$3B	18.5x	22.1x
Anglo American	$54B	$64B	$19B	3.3x	9.0x
CMOC Group	$54B	$52B	$32B	1.6x	6.9x
Nucor	$52B	$56B	$35B	1.6x	11.1x
Antofagasta	$51B	$53B	$9B	5.8x	9.3x
Fortescue	$48B	$49B	$17B	2.9x	5.7x
ArcelorMittal	$48B	$57B	$63B	0.9x	7.9x
Zijin Gold	$47B	$44B	$7B	6.2x	9.6x
AngloGold Ashanti	$46B	$46B	$11B	4.0x	6.3x
Franco-Nevada	$44B	$43B	$2B	19.7x	21.5x
Shandong Hongqiao	$40B	$40B	$24B	1.7x	7.1x
China Hongqiao Group	$39B	$41B	$24B	1.7x	5.6x
Gold Fields	$36B	$37B	$10B	3.6x	5.2x
Kinross Gold	$34B	$33B	$8B	4.0x	6.2x
Steel Dynamics	$33B	$37B	$20B	1.9x	13.7x
Shaanxi Coal Industry	$33B	$31B	$24B	1.3x	4.7x
Fresnillo	$33B	$31B	$5B	5.7x	8.8x
JSW Steel	$32B	$40B	$20B	2.0x	12.2x
Teck Resources	$31B	$34B	$9B	3.8x	8.9x
Coal India	$29B	$25B	$17B	1.4x	5.7x
China Coal Energy	$28B	$27B	$22B	1.2x	5.0x
Hindustan Zinc	$28B	$27B	$5B	5.8x	11.7x
China Northern Rare Earth	$27B	$28B	$7B	4.0x	34.9x
Tata Steel	$27B	$35B	$25B	1.4x	9.4x
Aluminum Corporation of China	$26B	$30B	$36B	0.8x	4.3x
Hindalco	$25B	$30B	$28B	1.1x	8.3x
Yankuang Energy	$25B	$38B	$21B	1.8x	6.3x
Lundin Mining	$24B	$23B	$4B	5.5x	10.8x
Norsk Hydro	$23B	$25B	$23B	1.1x	7.3x
Pan American Silver	$23B	$22B	$4B	5.3x	9.7x
China National Nuclear Corporation	$23B	$23B	$3B	8.0x	43.6x
Sociedad Química y Minera	$23B	$25B	$6B	4.5x	11.3x
POSCO Holdings	$22B	$32B	$48B	0.7x	7.0x
Industrias Peñoles	$22B	$22B	$10B	2.3x	5.7x
Ganfeng Lithium	$22B	$26B	$5B	5.4x	24.6x
ATI	$22B	$23B	$5B	4.9x	25.0x
First Quantum Minerals	$22B	$27B	$6B	4.8x	14.2x
Carpenter Technology	$22B		$3B
Valterra Platinum	$22B		$8B
Albemarle	$20B		$6B
Bayan Resources	$20B		—
Jiangxi Copper	$20B		$83B
Cerro Verde	$19B		$5B
Northern Star Resources	$19B		$5B
Managem	$19B		$2B
Baosteel	$19B		$46B
Royal Gold	$19B		$1B
Shandong Gold Mining	$19B		$17B
Reliance	$19B		$15B
Coeur Mining	$18B		$4B
National Atomic Co	$18B		—
Nippon Steel	$18B		$65B
KGHM	$18B		$11B
Alcoa	$17B		$14B
Evolution Mining	$17B		$4B
Korea Zinc	$17B		$13B
Alamos Gold	$17B		$2B
Boliden	$16B		$11B
Zhejiang Huayou Cobalt	$16B		$13B
Lundin Gold	$15B		$2B
Mueller Industries	$15B		$4B
Endeavour Mining	$14B		$5B
PLS Group	$14B		$1B
Lynas Rare Earths	$13B		$718M
Vedanta	$13B		$19B
South32	$13B		$7B
Implats	$13B		$8B
Jordan Phosphates Mines	$13B		—
Jindal Steel	$13B		$6B
Amman Mineral Internasion	$12B		$3B
Ivanhoe Mines	$12B		$585M
Hecla Mining	$12B		$1B
MP Materials	$11B		$314M
Harmony Gold Mining	$11B		$6B
New Gold	$11B		$1B
First Majestic Silver	$10B		$1B
Hudbay Minerals	$10B		$2B
Mineral Resources	$10B		$4B
Equinox Gold	$10B		$3B
Zhaojin Mining Industry	$10B		$3B
Aurubis	$10B		$25B
SSAB AB (publ)	$9B		$11B
Severstal	$9B		—
China Steel	$9B		$10B
Ternium	$9B		$16B
Minas Buenaventura	$9B		$2B
Gerdau	$9B		$14B
Sibanye Stillwater	$8B		$9B
Eldorado Gold	$8B		$2B
South Bow	$8B		$2B
Commercial Metals	$8B		$9B
thyssenkrupp	$8B		$38B
Northam Platinum Holdings	$8B		$3B
Rusal	$8B		—
DPM Metals	$7B		$1B
Capstone Copper	$7B		$3B
G Mining Ventures	$7B		$664M
NexGen Energy	$7B		$251K
OR Royalties	$7B		$345M
Triple Flag Precious Metals	$7B		$444M
OceanaGold	$7B		$2B
Metlen Energy & Metals	$6B		$9B
Aura Minerals	$6B		$1B
SSR Mining	$6B		$2B
Jindal Stainless	$6B		$5B
Greatland Resources	$6B		$1B
B2Gold	$6B		$4B
Cleveland-Cliffs	$6B		$19B
Sandfire Resources	$6B		$2B
Kumba Iron Ore	$6B		$4B
Century Aluminum	$6B		$3B
ESAB	$6B		$3B
Viohalco	$5B		—
Artemis Gold	$5B		$858M
Almonty Industries	$5B		—
Minsur	$5B		$3B
Erdemir	$5B		$5B
Liontown	$5B		$506M
Merdeka Gold Resources	$5B		$160M
Perseus Mining	$5B		$1B
Discovery Silver	$5B		$924M
Danieli & C. Officine	$5B		$5B
Evolution Metals & Technologies	$5B		$9M
IGO	$5B		$302M
CSN Mineração	$5B		$3B
Grupo Simec	$5B		—
Kobe Steel	$5B		$16B
Genesis Minerals	$5B		$1B
Energy Fuels	$4B		$98M
Constellium	$4B		$9B
K92 Mining	$4B		$757M
Acerinox	$4B		$7B
Ramelius Resources	$4B		$780M
Industrias CH	$4B		$2B
Orla Mining	$4B		$1B
Core Natural Resources	$4B		$4B
Capricorn Metals	$4B		$524M
Jiaxin International Res	$4B		$387M
Montage Gold	$4B		$29M
Hochschild Mining	$4B		$1B
Aperam	$4B		$7B
Mitsubishi Materials	$4B		$12B
NGEx Minerals	$4B		—
Torex Gold Resources	$4B		$2B
Pan African Resources	$4B		$1B
Skeena Resources	$4B		$718K
Minera Frisco	$4B		—
Salzgitter	$4B		$11B
Novagold Resources	$3B		—
Westgold Resources	$3B		$2B
Regis Resources	$3B		$2B
Perpetua Resources	$3B		—
Allied Gold	$3B		$2B
İsdemir	$3B		—
Centerra Gold	$3B		$2B
Vault Minerals	$3B		$1B
Seabridge Gold	$3B		—
Grupa Kety	$3B		$2B
Sims	$3B		$6B
Nickel Industries	$3B		$2B
Outokumpu	$3B		$7B
Hycroft Mining Holding	$3B		—
Peabody Energy	$3B		$4B
Aluminium Bahrain	$3B		$5B
Shandong Humon Smelting	$3B		$18B
Denison Mines	$3B		—
Koza Altin	$3B		$580M
Fortuna Mining	$3B		$1B
Poderosa	$3B		—
Wesdome Gold Mines	$3B		$795M
Ero Copper	$3B		$964M
Kaiser Aluminum	$3B		$4B
Endeavour Silver	$3B		$608M
Emerald Resources	$3B		$436M
Silvercorp Metals	$3B		$457M
Metalúrgica Gerdau	$3B		$180M
QAMCO	$3B		—
Aluminium of Egypt	$3B		$945M
Predictive Discovery	$3B		$624M
African Rainbow Minerals	$2B		$990M
Nanshan Aluminium	$2B		$1B
Aya Gold & Silver	$2B		$305M
West African Resources	$2B		$2B
Taseko Mines	$2B		—
Ligeance Aerospace	$2B		—
Iluka Resources	$2B		$663M
Pucobre	$2B		—
DRDGold	$2B		$621M
Usiminas	$2B		$5B
TMC The Metals	$2B		—
Alleima	$2B		$2B
Emsteel	$2B		—
Elvalhalcor	$2B		—
Granges	$2B		$3B
AVZ Minerals	$2B		—
Ternium Argentina	$2B		—
Worthington Steel	$2B		$3B
Nexa Resources	$2B		$3B
Americas Gold And Silver	$2B		—
Resolute Mining	$2B		$1B
Champion Iron	$2B		$1B
Aluar Aluminio Argentino	$2B		—
Eramet	$2B		$3B
Ora Banda Mining	$2B		$591M
Almasane Alkobra Mining	$2B		—
Lithium Americas	$2B		—
Central Mine Planning & Design Institute	$2B		—
Sigma Lithium	$2B		$215M
Duro Dakovic Grupa	$2B		—
Critical Metals	$2B		—
Solaris Resources	$2B		—
Companhia Siderúrgica Nacional	$2B		$9B
Atalaya Mining Copper	$2B		$585M
EVRAZ	$2B		—
Bellevue Gold	$2B		$447M
Lithium Argentina	$2B		—
SMI - Ste Metallurgique d'Imiter	$2B		—
Graphite India	$2B		$299M
Molymet	$1B		—
Elevra Lithium	$1B		$234M
Alkane Resources	$1B		$627M
Volcán	$1B		—
Sunrise Energy Metals	$1B		$650K
Companhia Brasileira de Aluminio	$1B		$2B
AMG Critical Materials	$1B		$2B
Alphamin Resources	$1B		$748M
Scope Metals Group	$1B		—
Minerals 260	$1B		—
Brazilian Rare Earths	$1B		$2M
Develop Global	$1B		$258M
McEwen	$1B		$231M
Compass Minerals	$1B		$1B
Nexa Resources Perú	$1B		—
Zimplats Holdings	$1B		—
CVK Maden	$1B		—
United States Antimony	$1B		$71M
Gold.com	$1B		$25B
IperionX	$1B		$4M
AMAG Austria Metall	$1B		$2B
Kingsgate	$1B		$429M
SolGold	$1B		—
CAP	$1B		$2B
Elemental Royalty	$1B		$61M
Mineros	$1B		$901M
Kardemir	$1B		$2B
FireFly Metals	$1B		—
Arafura Rare Earths	$1B		—
Metals X	$1B		$232M
Catalyst Metals	$1B		$427M
El Brocal	$963M		—
Lindian Resources	$876M		$182K
Energy Resources of Australia	$870M		—
Pantoro Gold	$869M		$370M
Sonasid	$868M		$709M
EQ Resources	$851M		—
JSW S.A.	$851M		$3B
Osisko Development	$833M		$23M
Compagnie Miniere de Touissit	$829M		$74M
Honbridge Holdings	$815M		—
NioCorp	$775M		—
Metallus	$771M		$1B
Ferroglobe	$768M		$1B
Magnetic Resources	$766M		$130K
Aclara Resources	$764M		—
Santacruz Silver Mining	$757M		$397M
WA1 Resources	$743M		—
BCI Minerals	$725M		—
Core Lithium	$706M		$10M
Blue Moon Metals	$702M		—
Troax Group	$693M		$328M
Nouveau Monde Graphite	$663M		—
Guardian Metal Resources	$640M		—
Mennica Polska	$624M		—
Corporación Aceros Arequipa	$581M		—
Metals Exploration	$580M		$205M
REalloys	$578M		$3M
Politeknik	$576M		—
Ferbasa	$559M		—
Wildcat resources	$558M		$447K
Oando	$557M		—
Black Cat Syndicate	$550M		$252M
Olympic Steel	$539M		—
Dateline Resources	$528M		—
ACG Metals	$504M		—
Algoma Steel Group	$499M		$1B
European Lithium	$497M		—
Wia Gold	$497M		$269K
St Barbara	$476M		$177M
Larvotto Resources	$463M		$25M
Kocaer Çelik	$462M		—
Tharisa	$460M		$683M
Pensana	$459M		—
Tivan	$454M		—
Caledonia Mining Corporation	$446M		$301M
Viscaria	$442M		—
Lifezone Metals	$427M		—
African Gold	$426M		$2M
Rox Resources	$422M		$2M
Tubacex	$420M		$849M
Endomines	$417M		$64M
Vox Royalty	$415M		$24M
Santana Minerals	$412M		—
Chalice Mining	$388M		$59K
Turaco Gold	$388M		—
Galan Lithium	$386M		$4M
AltynGold	$386M		$195M
Focus Minerals	$385M		—
Meteoric Resources	$382M		—
Cognor Holding	$368M		$637M
Jupiter Mines	$358M		$4M
AIC Mines	$356M		$176M
Aeris Resources	$355M		$477M
Central Asia Metals	$352M		$249M
Aurelia Metals	$351M		$313M
Tupy	$350M		$2B
Sylvania Platinum	$348M		—
Stalprodukt	$346M		—
Serabi Gold	$338M		$191M
New Murchison Gold	$334M		$151K
Bravo Mining	$330M		—
Ioneer	$330M		$421K
Minera Corona	$327M		—
Empire Metals	$327M		—
Invercap	$322M		—
29Metals	$319M		$392M
Aurion Resources	$318M		—
Ausgold	$315M		$679K
Rana Gruber	$312M		—
Antipa Minerals	$310M		$1M
Southern Peru Copper	$310M		—
Mermeren Kombinat	$307M		—
KME Group	$299M		—
Andean Silver	$299M		$563K
MGX Resources	$295M		$214M
ST George Mining	$295M		$15K
Sovereign Metals	$291M		$575K
Les Eaux Minerales	$290M		$368M
Unico Silver	$287M		—
Brightstar Resources	$286M		$61M
Metro Mining	$286M		$282M
Silverco Mining	$280M		—
Viridis Mining	$275M		$3K
Metallium	$266M		—
Coronado Global Resources	$264M		$2B
Centaurus Metals	$253M		$279K
Meeka Metals	$253M		$111M
U.S. Gold	$251M		—
Hot Chili	$248M		$320K
Tolu Minerals	$246M		$2M
Siderperú	$244M		—
Medallion Metals	$236M		—
Rainbow Rare Earths	$235M		—
Mkango Resources	$235M		—
Silver Mines	$231M		—
İzmir Demir Çelik	$231M		—
Alro	$227M		—
Ferrexpo	$226M		$862M
Foraco International	$225M		$276M
Kore Potash	$222M		—
Red Hill Minerals	$221M		—
KEFI Gold and Copper	$215M		—
Nova Minerals	$212M		—
Challenger Gold	$209M		—
Strickland Metals	$207M		—
Toubani Resources	$207M		—
Tungsten Mining	$205M		$35K
Ramada Investimentos	$202M		—
Shougang Hierro Peru	$201M		—
Saturn Metals	$199M		$850K
Tribune Resources	$199M		—
Vişne Madencilik	$197M		—
GreenX Metals	$195M		—
Gulf Island Fabrication	$192M		—
Beacon Minerals	$189M		$97M
West Wits Mining	$189M		—
Gorilla Gold Mines	$189M		—
Polymetals Resources	$188M		$101M
Northern Minerals	$184M		$184K
Canyon Resources	$184M		$3M
Sotkamo Silver	$183M		$61M
MC Mining	$181M		—
Astron	$181M		$8M
Emmerson Resources	$181M		—
Astral Resources	$180M		$56K
Alicanto Minerals	$180M		—
Broken Hill Mines	$177M		$99M
ZJK Industrial	$176M		—
Prospect Resources	$175M		$14K
Horizon Minerals	$173M		$71M
Orion Minerals	$172M		$2M
Theta Gold Mines	$172M		—
Cyprium Metals	$165M		$3M
Fenix Resources	$164M		$409M
Syrah Resources	$163M		$57M
PanAtlântica	$162M		—
Aurum Resources	$161M		—
Boab Metals	$161M		$12K
Sun Silver	$161M		$350K
KGL Resources	$157M		—
Barton Gold Holdings	$155M		$1M
Torque Metals	$153M		—
Bougainville Copper	$152M		—
American Rare Earths	$151M		—
Waratah Minerals	$149M		—
Austral Resources	$146M		$28M
Friedman Indus	$146M		—
US Goldmining	$145M		—
Horizon Gold	$141M		—
Nordic Mining	$141M		—
Autlán	$137M		$330M
Felix Gold	$131M		—
Atlas Lithium	$129M		$21M
Ascent Industries	$129M		—
Grange Resources	$128M		—
Mangata Holding	$126M		$214M
Jubilee Metals Group	$126M		$280M
Tesoro Gold	$125M		—
MERF	$125M		$516M
Lotus Resources	$119M		$6M
Victory Metals	$116M		—
Echelon Resources	$115M		—
Eurasia Mining	$110M		—
Renascor Resources	$109M		$3M
Mevaco	$106M		—
Hillgrove Resources	$105M		$141M
Odlewnie Polskie	$104M		—
Gateway Mining	$103M		—
Encounter Resources	$100M		$69K
NexMetals Mining	$100M		—
Kaiser Reef	$100M		$120M
Rand Mining	$99M		—
Energy Transition Minerals	$99M		—
Largo Inc.	$97M		$124M
Copper Giant Resources	$97M		—
Quantum Graphite	$96M		—
Ecograf	$96M		—
Collado	$94M		—
Aluminium du Maroc	$94M		$142M
Ardea Resources	$94M		—
Installux	$94M		—
Scully Royalty	$93M		—
Alita Resources	$90M		—
ArcelorMittal South Africa	$88M		—
GBM Resources	$88M		—
Aspire Mining	$87M		—
Afarak Group	$83M		—
Brockman Mining	$83M		—
Fosfatos del Pacifico	$82M		—
Adyton Resources	$79M		—
Cintac	$79M		—
ProfilGruppen	$78M		—
Dreadnought Resources	$78M		$289K
Falcon Metals	$77M		—
Namib Minerals	$74M		—
Lion Rock Minerals	$71M		—
Anson Resources	$69M		—
HAKI Safety	$69M		$131M
Hastings Technology Metals	$68M		$4M
Aldoro Resources	$68M		—
Electra Battery Materials	$66M		—
Odyssey Marine Explr	$64M		—
FST	$63M		$51M
Fox River Resources	$63M		—
Schwager	$62M		—
Sherritt	$61M		$130M
Blackstone Minerals	$61M		$1M
Alcomet	$60M		—
MFO	$59M		—
Golden Horse Minerals	$58M		—
Impol Seval	$58M		—
Componenta	$57M		$143M
BE Group	$55M		—
Botnia Gold	$54M		—
Matsa Resources	$52M		—
Sunstone Metals	$50M		—
Kingston Resources	$50M		$32M
Elastron	$50M		—
Miata Metals	$49M		—
Osmond Resources	$46M		—
Wesizwe Platinum	$44M		—
Akobo Minerals	$42M		—
Buscar	$42M		—
Bowim	$38M		—
AGES Industri	$38M		—
Native Mineral Resources	$37M		—
Blue Gold	$37M		—
ZBM ZREMB-Chojnice	$37M		—
Makstil	$35M		—
Compañía Minera Santa Luisa	$35M		—
Hongli Group	$34M		—
Terramin Australia	$34M		—
Bluelake Mineral	$34M		—
Aguia Resources	$33M		—
Nordic Iron Ore	$32M		—
Mindax	$30M		—
Locksley Resources	$29M		—
Tubos Reunidos	$29M		—
Future Fuels	$29M		—
Izostal	$28M		$283M
Pacific Booker Minerals	$28M		—
Murray & Roberts	$27M		—
Sidma Steel	$26M		—
PazdelRío	$26M		—
Culico Metals	$26M		—
Lappland	$25M		—
Zamet	$25M		—
Euromax Resources	$24M		—
Eurobattery Minerals	$21M		—
Perubar	$20M		—
Alumil Rom Industry	$19M		—
SIMSA	$19M		—
Alara Resources	$18M		—
Drillcon	$18M		—
Burgundy Diamond Mines	$17M		$186M
Polska Grupa Fotowoltaiczna	$17M		—
Antioquia Gold	$16M		—
Unior Kovaska industrija	$16M		—
Paranapanema	$16M		—
Gold By Gold	$15M		—
Unity Metals	$15M		—
Asturiana de Laminados	$14M		—
Aero Energy	$13M		—
Wishbone Gold	$13M		—
FASING S.A.	$13M		—
Castrovirreyna Compañía Minera	$12M		—
Afric Industries	$11M		—
Lir Life Sciences	$11M		—
Pearl Gold	$11M		—
Nyrstar	$10M		—
Bitros Holdings	$9M		—
Cell Impact	$8M		—
Mahvie Minerals	$8M		—
Coil	$8M		—
Naughty Ventures	$7M		—
Pipe Works L Girakian	$7M		—
Mangels	$7M		—
Lovisagruvan	$6M		—
Nordic Flanges Group	$6M		—
Catalina Resources	$6M		—
Mingteng International	$5M		—
American Lithium Minerals	$5M		—
Beowulf Mining	$5M		—
EKOPOL Gornoslaski Holding	$5M		—
Haga	$5M		—
Cross River Ventures	$4M		—
MMX Mineracao E Metalicos	$4M		—
Liberti Skopje	$4M		—
Precomp Solutions	$3M		—
Galvo	$3M		—
VISTAL Gdynia	$3M		—
Green Minerals	$3M		—
Leventeris	$3M		—
Harvest Minerals	$2M		—
Eco Oro Minerals	$2M		—
IEQSA	$2M		—
Geopulse Exploration	$2M		—
Ceritech	$1M		—
Greenhawk Resources	$1M		—
Minera IRL	$925K		—
Tarku Resources	$922K		—
Amnode	$699K		—
Africa Resources	$181K		—
Dana Resources	$80K		—
Sarissa Resources	$9K		—
Great Panther Mining	$0K		—
Meridian Mining	—		—
Contango Ore	—		—
Trigg Minerals	—		—
First Nordic Metals	—		—
Lannister Mining	—		—
Cadillac Ventures	—		—