ASX Mining Stocks: 5 Biggest Companies in 2023

1. BHP

Market cap: AU$225.52 billion; current share price: AU$45.19

The largest Australian stock in the mining sector is none other than mining giant BHP (ASX:BHP). The company operates in over 90 locations, primarily in Australia and the Americas, with over 60,000 employees globally.

Formed through the merger of BHP and Billiton, both founded in the 1800s, the company has become a powerhouse. The company mines copper, iron ore, nickel, metallurgical coal and potash. Its key assets include the Australia-based Olympic Dam mine, one of the world’s largest orebodies and a major copper producer, and a 57.5 percent stake in the Escondida copper mine in Chile.

At the end of October this year, BHP announced that it was investing an additional US$4.9 billion into its Jansen potash project in Saskatchewan, a move that could double production capacity when the project goes live within the decade.

2. Rio Tinto

Market cap: AU$169.52 billion; current share price: AU$120.44

Rio Tinto (ASX:RIO) is another major diversified miner, and it’s no surprise to see that the company is a top Australian stock in the mining space. Its workforce stands at over 52,000 people across 35 countries and six continents, and like BHP it is strongly represented in Australia and the Americas. Rio Tinto also has operations in Asia, Europe and Africa.

Also like BHP, Rio Tinto has a history that stretches back nearly 150 years. The company is focused on products such as aluminium, copper, diamonds, iron ore, lithium and scandium, among others. It is the biggest producer of natural coloured diamonds, and has the largest integrated portfolio of iron ore assets.

3. Fortescue Metals Group

Market cap: AU$68.62 billion; current share price: AU$22.86

Fortescue Metals Group (ASX:FMG) is a leader in the iron ore production industry and is based in Western Australia. Currently the fourth largest iron ore producer globally, Fortescue is also looking to become a clean energy resource company with net zero emissions by 2040. Fortescue Metals runs three mining operation hubs in the Pilbara region as well as an integrated production centre in Perth.

In January 2023, Fortescue Metals announced the official arrival of a prototype for a battery-powered, emissions-free hauling truck. The truck was designed by WAE Technologies and the battery is a key part of the company’s US$6.2 billion dollar plan towards net zero.

In July, the company successfully completed the first shipment of high-grade magnetite from its Iron Bridge operation.

4. Newcrest Mining

Market cap: AU$20.82 billion; current share price: AU$23.35

Newcrest Mining (ASX:NCM) is among the largest gold companies in the world in addition to being one of the top Australian stocks in the mining space by market cap. Its mines are located in Australia, Canada and Papua New Guinea.

Its assets in Australia include the Cadia Valley gold operation in New South Wales, the Telfer gold-copper mine in Western Australia and the early construction Havieron project, of which it owns 70 percent under a joint venture with Greatland Gold (LSE:GGP). Cadia Valley is one of the largest gold-mining operations in Australia.

In October 2023, Newcrest entered an arrangement to be acquired by Newmont (ASX:NEM,TSX:NGT,NYSE:NEM)

5. South32

Market cap: AU$14.67 billion; current share price: AU$3.32

Formed in 2015 through a spinout from BHP, South32 (ASX:S32) is now a mining force in its own right. The company has operations in Australia, North America, Europe, Southern Africa and South America, and produces bauxite, alumina, aluminium, energy, manganese, nickel, silver, lead and zinc.

In Australia, it mines for lead and silver, manganese, alumina, bauxite and metallurgical coal at its mines from Western Australia to Queensland.