Top 50 listed mining companies ended Q4 2025 with a combined market capitalisation of $2.17 trillion, up $892 billion year-on-year, driven by surging gold, silver and copper prices plus a weaker US dollar. BHP, Rio Tinto, Zijin Mining ($124bn), Southern Copper ($119bn) and Newmont now all sit above $100 billion, while Agnico Eagle has doubled to $86.3 billion and is edging towards that tier. Lithium and rare earth valuations remain volatile, with SQM and Albemarle re-entering the Top 50 as MP Materials and Lynas drop out, and the proposed Anglo–Teck combination worth just under $68 billion.

Gold shattered records in 2025, setting 50 all‑time highs and reaching $4,549.71/oz on Boxing Day, while Basel III reclassified physical bullion as a Tier 1 high-quality liquid asset that US banks can count at 100% of market value. Barrick’s Loulo‑Gounkoto complex in Mali was twice hit by state seizures totalling roughly $245m and 35,000 oz, forcing shutdowns until a $430m settlement in November. Geopolitical tension over reserves intensified as Germany and Italy faced pressure to repatriate a combined 5,800 tonnes held largely in US vaults.

Metso has booked the third tranche of orders for JSC Almalyk Mining and Metallurgical Complex’s copper smelter project in Uzbekistan, following equipment and project services contracts announced on 9 August 2024. The first two tranches, totalling €146 million, were booked in Q4 2024, with the latest booking covering additional core process equipment and associated services for the greenfield smelter complex. The staged order intake signals a multi-phase build-out where process design, commissioning support and long-lead items will be critical for throughput, energy performance and sulphur capture compliance.