The leading miners are investing beyond traditional commodities, with copper, lithium, automation and critical minerals becoming increasingly important.
Mining remains the backbone of the modern economy, supplying the iron, copper, coal, fertiliser minerals and critical metals needed for construction, technology, energy and food production. Yet the industry is changing rapidly. The leading miners are investing beyond traditional commodities, with copper, lithium, automation and critical minerals becoming increasingly important. Here are the world’s top 10 publicly traded mining companies by trailing revenue, alongside their strategic goals and future investment priorities.
1. Glencore
Glencore stands first by trailing revenue, reflecting its mining, processing and trading operations. Its strategic goal is to strengthen copper, zinc and other transition-metal supply while maintaining a disciplined coal portfolio. In 2026, the company is targeting higher copper output and remains open to acquisitions, particularly in copper. Its planned Australian secondary listing should broaden investor access and support growth. Glencore’s longer-term ambition is to expand copper production towards 1.6 million tonnes annually by 2035, positioning itself for electrification demand.
2. Rio Tinto
Rio Tinto ranks second by trailing revenue and is reshaping its portfolio around iron ore, copper, aluminium and lithium. Its strategy is to grow production from assets while improving productivity and capital discipline. The Simandou iron ore project in Guinea is an investment, with first high-grade sales in 2026. Rio is progressing Pilbara replacement mines and lithium projects, targeting about 200,000 tonnes of lithium carbonate equivalent capacity by 2028. Copper growth remains central as electrification, grids and technology increase demand.
3. BHP
BHP ranks third by trailing revenue and is positioning copper at the centre of its growth strategy. The company aims to expand production across Chile, Australia, Argentina and the United States while preserving its iron ore business and developing potash. A major future investment is Escondida New Concentrator in Chile, requiring about US$4.4–5.9 billion and potentially delivering first production from 2031. BHP also continues brownfield expansion at Spence and assets, supported by technology partnerships designed to improve recovery and productivity.
4. Zijin Mining
Zijin Mining ranks fourth and is pursuing rapid international expansion in the mining sector. Its goal is to become a green, high-tech and leading global mining company, with copper and gold production among the world’s top three by 2028. Growth includes expansions at Serbia’s Bor and Čukaru Peki mines, aiming for combined copper output of 450,000 tonnes annually. Julong Copper’s Phase 2 has been commissioned, while Zijin is investing in gold, lithium and molybdenum projects across its broader portfolio worldwide, too.
5. China Shenhua Energy
China Shenhua Energy ranks fifth by trailing revenue and remains a major force in coal mining, power generation and energy logistics. Its priority is to maintain efficient, reliable energy supply while improving technology and environmental performance. Future investment is expected to focus on modernising mines, transport infrastructure, power assets and cleaner systems. The company’s scale gives it a strong domestic position, but its challenge is balancing coal demand and cash generation with China’s transition towards lower-carbon energy and greater efficiency.
6. Vale
Vale ranks sixth and remains a supplier of iron ore, while expanding its position in copper and nickel. Its goal is to raise productivity, strengthen safety and build sustainable long-term growth through projects such as New Carajás and Base Metals expansion. Vale’s 2026 capital expenditure guidance is US$5.4–5.7 billion. Investment includes Serra Sul +20, copper and nickel assets, and efficiency programmes. Higher copper production and strategic battery-metal exposure could increasingly diversify Vale’s earnings as electrification accelerates and critical-mineral demand grows.
7. CMOC
CMOC ranks seventh by trailing revenue and has become a supplier of copper, cobalt, molybdenum, tungsten and niobium. Its goal is to expand production, improve mine efficiency and strengthen its integrated mining, processing and trading model. Copper is important, with 741,100 tonnes produced in 2025. Future investment is centred on optimisation and expansion at the TFM and KFM copper-cobalt operations, alongside international resource development. CMOC’s scale positions it to benefit further from rising global demand for copper and critical minerals.
8. Nutrien
Nutrien ranks eighth by trailing revenue and its mining strength is concentrated in potash, an essential crop nutrient worldwide. Its goal is to support food security through reliable fertiliser supply while improving efficiency and digital capabilities. For 2026, Nutrien expects capital expenditure of US$2.0–2.1 billion, including investments in potash mine automation, nitrogen optimisation and retail digital tools. The proposed Longview potash project in Washington is an opportunity, with engineering and permitting advancing before a final investment decision expected in 2027.
9. Freeport-McMoRan
Freeport-McMoRan ranks ninth by trailing revenue and is one of the leading copper producers, with additional gold and molybdenum exposure. Its goal is to increase copper supply from assets while improving operating performance and extending mine lives. Investment is focused on the Grasberg district in Indonesia, the Lone Star copper project in Arizona and technology-led opportunities. Freeport’s emphasis on leaching innovation could unlock copper from lower-grade resources, supporting long-term growth as electrification, renewable power and data infrastructure drive global demand.
10. China Coal Energy
China Coal Energy ranks tenth by trailing revenue and is a Chinese producer of coal and energy products. Its goal is to maintain competitive coal production while strengthening integrated mining, chemicals and power operations. Future investment is expected to prioritise high-efficiency mines, coal processing, transport capacity and chemical projects, alongside technology that improves safety and environmental performance. The outlook will depend on China’s energy demand, coal prices and policy direction. Its scale nevertheless provides cash-generation capacity for disciplined long-term investment.
