BrandFinance

Mining,

Metals&

Minerals502025

Theannualreportonthemostvaluableandstrongestmining,metals&mineralsbrands

About

BrandFinance

BridgingthegapbetweenMarketingandFinance

BrandFinancewassetupin1996withtheaimof'bridgingthegapbetweenmarketingandfinance'.Formorethan25years,we

havehelpedcompaniesandorganisationsofalltypestoconnecttheirbrandstothebottomline.

Quantifyingthe

financialvalueofbrands

Weputthousandsoftheworld’sbiggestbrandstothetesteveryyear.Ranking

brandsacrossallsectorsandcountries,wepublishover100reportsannually.

Uniquecombinationofexpertise

Ourteamshaveexperience

acrossawiderangeofdisciplines

frommarketingandmarketresearch,tobrandstrategyandvisualidentity,totaxandaccounting.

Pridingourselves

ontechnicalcredibility

BrandFinance,acharteredaccountancy

firmregulatedbytheInstituteofCharteredAccountantsinEnglandandWales,isthefirstbrandvaluationconsultancytojointheInternationalValuationStandardsCouncil.Ourexpertscraftedstandards(ISO10668andISO20671)andourmethodology,

certifiedbyAustrianStandards,isofficiallyapprovedbytheMarketingAccountabilityStandardsBoard.

Theworld's

leadingbrandvaluation

consultancy

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+442073899400

Contents

Foreword

5

DavidHaigh,Chairman&CEO,BrandFinance

SectorOverview

6

ValuationAnalysis8

MostValuableMining,Metals&MineralsBrands20259

MostValuableBrand:Glencore

11

FastestGrowingBrandValue:SteelDynamics

12

BrandStrengthAnalysis13

KeyBrandsAcrossMetalCategories

15

SustainabilityAnalysis17

BrandValueRanking(USDm)19

Methodology20

OurServices30

?2025Allrightsreserved.BrandFinancePlc.

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals3

Mining,metalsandminerals

sectorregistersfirstdeclineinfouryearsamidmarketshifts

+Glencore’sbrandvaluerises4%to$6.2billion,makingitthemostvaluablemining,metalandmineralbrand

+BHPslipstosecondasmarketpressuresreshaperankings

+SteelDynamics:fastestgrowingbrandvalue,rises36%to$894million

+BHPretainsitspositionasstrongestbrandinthisyear’srankings

+Chinesebrandsdominatekeyextractiveindustrysegments

+Kobelcotopstherankingsforenvironmentalsustainabilityefforts

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals5

Foreword

DavidHaigh

Chairman&CEO,BrandFinance

Theglobalbusinesslandscapeisconstantlyevolving,shapedbyeconomicshifts,technologicaladvancements,andchangingcustomerexpectations.Inthisdynamicenvironment,strongbrandscontinuetostandaskeydriversofbusinesssuccess,enablingorganisationstodifferentiatethemselves,attractloyalcustomers,

andbuildresilienceinanincreasinglycompetitiveworld.

TheenduringimportanceofbrandstrengthissupportedbyBrandFinance’sextensiveresearch.Awell-managedbranddeliversmeasurablevaluebeyondcustomerattractionandretention–itenhancestalentacquisition,investorconfidence,andorganisationalagility.Intoday’smarketplace,astrongbrandisnotjustanassetbutastrategicimperative.

BrandFinancehasdeepeneditsinvestmentinunderstandingcustomer

perceptionslikeneverbefore.Thisyear,theBrandStrengthIndexhasevolved

toincludemetricsbasedonfamiliarityandperceptionsofbothfunctionalcredibilityandemotionalappealversuscompetitors.Thisupdatedmodelisdesignedtobe

predictiveofgrowth,capturingthedriversofvaluesuchasincreaseddemand,higherwillingnesstopay,andstrongercustomeradvocacy.Theinsightsgatheredfrom

over170,000respondentsacross41sectorsand31countriesinthisyear’sGlobal500reporthighlighttheimportanceofthesefactorsinshapingtheworld’s

strongestandmostvaluablebrands.

ApersistentchallengeistheassumptionthatChiefFinancialOfficers

(CFOs)areopposedtoinvestinginbrands,butwebelievethisisamisconception.

AmbitiousCFOsunderstandthatastrongbrandsupportsbusinesssuccessbutmanyarereluctanttoallocateresourcestowardlong-termbrand-buildingwithoutdata

supportingthisapproach,oftenresultinginaprioritisationofshort-termperformancemarketing.Thefindingsfromthisyear’sreportunderscoretheimportanceofdatainaligningtheprioritiesofcorporateleaders.BrandvaluationempowersCFOstoinvestinbrandwithconfidence,resultinginbusinessdecisionsfocusedongrowingand

enduringbrandvalueandstrength.

Whetheryouareaimingtostrengthenyourbrandorquantifyitscontribution

toyourbusiness’ssuccess,theBrandFinanceteamisheretosupportyouwithbrandvaluationsthatalignmarketingandfinancetoaccelerategrowth.Weinviteyoutoexploretheinsightswithinthisreportandcollaboratewithusinshapingamoreprofitableandsustainablefutureforyourbrand.

Sector

Overview

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals7

SectorOverview

Theworld’stop50mining,metals&mineralsbrandsexperienceda4%decreaseintheiraggregatebrandvaluethisyear,breakingafour-yeargrowthtrend.

Thesectoriscurrentlyfacingvariouschallenges,

includingcommoditypricefluctuations,geopoliticalrisks,andthegrowingdemandforcriticalmineralsessentialtotheglobalenergytransition.

Theshifttowardsrenewableenergyandelectric

vehiclessignificantlyboosteddemandformineralssuchaslithium,cobalt,andnickel,allessential

componentsinbatteryproduction.Copperalso

experiencedheighteneddemandduetoitsextensiveuseinEVmanufacturingandAI-drivendatacentreinfrastructure.

Commoditypricesremainedhighlyvolatilethroughoutthepastyear,largelydrivenbygeopoliticalinstability,economicuncertainty,andsupplychaindisruptions.Thesefluctuationschallengedminingcompanies

withtheirstrategicplanning,operationalefficiency,andprofitability.

Securingreliablesourcesofcriticalmineralsbecameapriority,promptingsignificantinvestmentsand

strategicpartnerships.

Bothcountriesandcorporationsactivelydiversifiedtheirsupplychainstomitigaterisksfromgeopoliticaltensionsandsupplydisruptions.

Technologicalinnovationhasalsoplayedacrucial

role,withwidespreadadoptionofautomationand

digitalisation.Theseadvancementshavehelpedminingcompanies,reducecosts,managelabourshortages,

improvesafety,andbetteraddressenvironmentalconcerns.

Environmental,social,andgovernance(ESG)

considerationsbecameincreasinglycentral,

drivenbyheightenedinvestorandconsumer

expectationsfortransparencyaroundsustainabilityinitiatives.

Companiesfacedgreaterpressuretoimplement

responsibleminingpractices,reduceenvironmentalimpacts,anddemonstratesocialresponsibility.

Regionalperformancevariedmarkedly.Countriesrichincriticalmineralsattractedsubstantialinvestmentandsawrobustsectorgrowth.Conversely,regions

relyingontraditionalminingresourcesexperiencedmoremodestoruneveneconomicoutcomes.

ValuationAnalysis

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals9

MostValuable

Mining,Metals&MineralsBrands2025

Glencore(brandvalueup4%toUSD6.2billion)

tradedplaceswithBHPtobecomethemostvaluableminingbrandoftheyearglobally,arankthebrandlastheldin2023.Glencore’sgrowthfromitsincreased

outputandoperationalenhancementshighlightsthebrand’sresilienceandagilityinafluctuatingcommoditiesmarket.

BHP(brandvaluedown17%toUSD5.1billion)

slippedtosecondplaceduetofallingprices

ofkeycommoditieslikecopperandironore,

whicharemajorrevenuedriversforthecompany.

However,BrandFinanceresearchrevealsthat66%ofrespondentsperceiveBHPtohave

highproductquality.

Additionally,China’ssluggishpropertymarket

recoveryandgrowingironorestockpilesindicate

weakshort-termdemandforsteel-relatedmaterials,potentiallyhavinganeffectonshorttermsales

forBHP.

Rankedthird,RioTinto(brandvalueup11%

toUSD3.8billion)experiencedsignificant

brandvaluegrowth,drivenbyrevenueexpansionandstrongfutureprojections.Inthefirsthalfof2024,thecompanyreportedasteadyincreaseinrevenuetoUSD26.8billion.

RioTintoalsoreinforceditsstrategicpositioning

inthelithiumsector,capitalisingonrisingdemandforbatterymaterials.TheUSD6.7billionacquisitionofArcadiumLithium,furtherstrengthenedits

marketpresenceanddiversifieditsrevenuestreamsbeyondtraditionalcommodities

likeironore.

JiangxiCopper(brandvaluedown12%to

USD3.7billion)rankedfourthglobally,maintaineditspositionfromthepreviousyear.Thisdeclineislargelyattributedtothecompany'slimited

operationaldiversification,focusingprimarily

oncopper-relatedproducts,incontrasttoothermajorminingcompanieswithbroaderportfolios.

InseventhplaceisTataSteel(brandvalue

up5%toUSD3.0billion),movinguponeposition

from2024.AccordingtoBrandFinance’sresearch,thebrandscoreshighlyforitsfamiliarityonagloballevel,andnotablyinIndia.

Top10MostValuable?BrandFinancePlc.2025

Mining,Metals&MineralsBrands2025

$6.2bn

Glencore

#1GLENCORE

+4%

#2

BHP

BHP

$5.1bn

-17%

#3

RioTinto

$3.8bn

+11%

#4

JiangxiCopper

$3.7bn

-12%

#5

ArcrMitt

ArcelorMittal

$3.6bn

-23%

#6

NipponSteel

$3.4bn

-12%

#7

TataSteel

$3.0bn

+5%

#8

ChinaShenhua

$2.8bn

+3%

#9

POSCO

PoscoSteel

$2.7bn

+16%

$2.5bn

BAOWU

#10

-5%

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals10

ValuationAnalysis

TataSteelenjoysstrongadmirationinits

homemarketofIndia,whichhasplayeda

keyroleinsupportingitsbrandvaluegrowth.

Risingonespottoeighthplacethisyear,China

Shenhua(brandvalueup3%toUSD2.8billion)

continuestostrengthenitsposition.Thebrand’sgrowthisfuelledbyitssolidreputation,consistentperformance,andpositivecontributionstothe

industry,reinforcingitsinfluenceinthesector.

Holdingsteadyat10thplace,BAOWU

(brandvaluedown5%toUSD2.5billion)faceschallengesamidadeclining

revenueoutlook.

AprolongedslumpinChina’spropertymarket

hasweakenedsteeldemand,impactingsales,

whileongoingoversupplyintheindustrycontinuestoputpressureonpricesandprofitmargins

despitethecompany’sconsolidationefforts.

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals11

MostValuableBrand

Glencore

Glencoremoveduponepositiontobecometheworld’smostvaluablemining,metals&mineralsbrandthis

yearwithabrandvalueofUSD6.2billionbyvirtueofmaintainingitsbrandvaluefromlastyear.

Whilethebrandandbusinesshavescale,itsbrandstrengthisweak.EarningaBSIscoreof68.2/100,Glencoreranks14thgloballyforbrandstrength,

laggingbehindindustryleaders.

BrandFinance’sresearchfindsthebrandisnot

widelyperceivedasreputable,reliable,orcontributingpositivelytotheindustry.Italsoscoreslowas

anemployer,withlimitedprideamongstaffandweakcorporatesocialresponsibilitycredentials.

Thebrand’s2024performancepresentedamixed

picture,showcasingbothresilienceandchallenges

withintheglobalcommoditiesmarket.Whilethebranddemonstratedastrongsecond-halfrecovery,italso

reporteddeclinesinoverallmetalsproduction.

Glencore’scopperoutputdropped6%in2024

tojustunder952,000tonnes,mainlyduetolower

productioninPeruandChile.However,gainsinthesecondhalf,ledbyimprovementsandhighergradesatKamotointheDRC,helpedoffsetthedecline.

Glencore’s2024resultsreflectthechallengesof

theminingsector,butstrongeroutputinthesecondhalfoftheyearhighlightsitsoperationalagility.

GlencoreBrandValueTrendLine|2014-2025(USDm)?BrandFinancePlc.2025

7,000

6,000

5,000

4,000

3,000

201420152016201720182019202020212022202320242025

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals12

FastestGrowingBrandValue

SteelDynamics

SteelDynamicsisthefastest-growingbrand

inthissectorfor2025,withitsbrandvaluerising36%toUSD894million.

Thisgrowthisfuelledbystrongfinancial

performanceandstrategicmarketpositioning.

In2024,thecompanyreportednetsalesofUSD17.5billionwithanoperatingincomeofUSD1.9billion,andanetincomeofUSD1.5billion,supportedby

13milliontonnesofsteelshipments,thesecondhighestinitshistory.

Thebrand’sdiversifiedoperationsunderpinits

resilience.SteelOperationsledwithUSD1.6billioninoperatingincome,drivenbyelevatedsteelpricesandsustaineddemandfromkeysectorslike

automotive,construction,andenergy.

SteelFabrication,whichearnedUSD667million,capitalisedonnon-residentialconstructiongrowthandfavourablepricing,whileMetalsRecycling

contributedUSD77million,benefittingfromhigherferrousscrappricesandimprovedmargins.

Withabalancedportfolioandstrongmarket

fundamentals,SteelDynamicsiswell-poised

forcontinuedexpansion,leveragingoperationalefficiencyandsector-drivendemandtomaintainitsupwardtrajectory.

SteelDynamicsDriversofChange?BrandFinancePlc.2025

2024BrandValue

BrandStrength

Financial

Macroeconomic

2025BrandValue

060012001800

BrandStrengthAnalysis

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals14

BrandStrengthAnalysis

WithaBrandStrengthIndex(BSI)scoreof85.0/100andanAAArating,BHP(brandvaluedown17%toUSD5.1billion)retainsitspositionasthestrongestbrandinthisyear’sranking.AccordingtoBrand

Finance’smarketresearch,itsbrandstrengthis

bolsteredbyfavourablescoresfromrespondentsinAsia,particularlyaroundperceptionsofitsstrongleadershipandcommitmenttosustainabilityandcorporatesocialresponsibility.

PoscoSteel(brandvalueup16%toUSD2.7billion)

hasbecomethesecond-strongestbrand.Thebrand

achievedanAA+brandstrengthratingwithaBSIscoreof78.5/100,highlightingitsstrongmarketpresence

andeffectivestrategicinitiativeswithintheglobalsteelindustry.POSCO’shighbrandfamiliarityscorereflectswidespreadrecognition,indicatingthatthebrandis

well-knownamongthepublic.

BarrickGold(brandvalueup14%toUSD1.1

billion)isthethirdstrongestbrand,earninganAA+brandstrengthratingwithaBSIscoreof76.6/100.Thebrand’ssustainabilitystrategy,alignedwiththeUNSustainableDevelopmentGoals,reinforcesitscommitmenttoresponsiblemining,stakeholder

value,andenvironmentalleadership.

GlobalTop10Strongest?BrandFinancePlc.2025

Mining,Metals&MineralsBrands2025

#1BHP85.0

#2

PoscoSteel

78.5

#3

BarrickGold

76.6

#4

RioTinto

75.5

#5

TataSteel

73.7

#6

Vale

72.7

#7

AngloAmerican

72.1

#8

Ma'aden

71.4

#9

ArcelorMittal

70.9

#10

Newmont

70.7

KeyBrands

AcrossMetalCategories

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals16

KeyBrandsAcrossMetalCategories

BrandFinancehasidentifiedthetop-performingbrandsacrosssixkeyindustrialcategories:steelproduction,aluminiumproduction,coal,coppermining,copper

processing,andiron.

Chinesebrandsareleadinginthreeofthesesix

categoriesandconsistentlyrankamongthetopfiveacrossall,showcasingthenation'sgrowingglobalinfluenceintheextractiveandmetallurgicalsectors.

ArcelorMittal(brandvalueatUSD3.6billion)retainsitspositionasthemostvaluablesteelbrandglobally.Thebrandcontinuestoleverageitsstrengthsin

innovationandadvancedtechnology,focusingonstrategicresponsestolong-termglobaltrendssuchastheenergytransition,urbanisationinemergingeconomies,andincreasingsustainabilitydemands.

Top5SteelBrands2025

202520252025BrandStrength

RankBrandBrandValueIndex(BSI)Score

1ArcelorMittal$3.6bn70.9

2NipponSteel$3.0bn60.6

3TataSteel$2.4bn73.7

4BAOWU$2.3bn62.4

5PoscoSteel$1.4bn78.5

Top5CoalBrands2025

202520252025BrandStrength

RankBrandBrandValueIndex(BSI)Score

1ChinaShenhua$1.8bn57.9

2Glencore$1.2bn68.2

3BHP$1.0bn85.0

4CoalIndia$0.7bn68.0

5AngloAmerican$0.2bn72.1

Top5CopperProcessingBrands2025

202520252025BrandStrength

RankBrandBrandValueIndex(BSI)Score

1JiangxiCopper$3.2bn55.1

2ZijinMining$0.8bn55.1

3CMOC$0.6bn50.6

4TonglingNonferrousMetalsGroup$0.6bn50.0

5YunnanCopper$0.5bn50.0

Inaluminiumproduction,Chinalco(brandvalueatUSD1.5billion)leadsthecategory,propelledbyitscontinuedeffortstomoderniseproductionmethodsandexpanditspresenceininternationalmarkets.

AnotherChinesebrand,ChinaShenhua(brandvalue

atUSD1.8billion),topstherankingamongcoalbrands.

Inthecopperminingsector,Glencore(brandvalueatUSD1.7billion)securesthetopspot,buoyedbyitsdiverseportfolioandstrongtradingoperations.

Meanwhile,JiangxiCopper(brandvalueatUSD3.2billion)leadsthecopperprocessingcategory.

Lastly,intheironsegment,BHP(brandvalueatUSD2.3billion)remainsattheforefront.

Top5AluminiumBrands2025

2025

2025

2025BrandStrength

Rank

Brand

BrandValue

Index(BSI)Score

1

Chinalco

$1.5bn

56.6

2

Alcoa

$0.9bn

69.3

3

ChinaHongqiaoGroup

$0.9bn

50.0

4

RioTinto

$0.8bn

75.5

5

Vedanta

$0.4bn

64.7

Top

3CopperMin

ingBrands20

25

2025

2025

2025BrandStrength

Rank

Brand

BrandValue

Index(BSI)Score

1

Glencore

$1.7bn

68.2

2

BHP

$1.5bn

85.0

3

Freeport-McMoRan

$1.3bn

68.8

-

-

-

-

-

-

5IronBrands

-

2025

-

Top

2025

2025

2025BrandStrength

Rank

Brand

BrandValue

Index(BSI)Score

1

BHP

$2.3bn

85.0

2

RioTinto

$2.1bn

75.5

3

Vale

$2.0bn

72.7

4

CITICPacificMining

$1.7bn

50.3

5

Fortescue

$0.6bn

53.7

SustainabilityAnalysis

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals18

SustainabilityAnalysis

BrandFinancealsoassessesthebrandsconsumersconsidermostcommittedtosustainability.Kobelcoisthetop-rankedminingbrandforitsenvironmentalsustainabilityperceptions.Meanwhile,CiticPacificMiningsishighlyregardedforitssocialsustainabilityefforts,whileAcerinoxleadsingovernance.

Miningbrandsareexpectedtoresponsibly

managetheiroperationalimpacts,includingwaste

management,communityrelations,andnavigating

geopoliticalchallenges.EffortsareincreasinglybeingmadetostandardiseESGreportingframeworks

forminingbrands.InOctober2024,thefirstpublic

consultationfortheConsolidatedMiningStandard

Initiativebegan,withfinaladoptionsetfor2025.

Encompassingnearly100companiesacross60

countries,itseekstopromoteresponsibleproductionpracticesandfostergreaterstakeholdertrust.

Sustainabilitywillcontinuetobeakeypriorityfor

brandsmovingforward,asthegreenenergytransitionreshapesdemandformetals.Thisincludescopper,

whichisessentialforcleanenergytechnologies,andlithium,drivenbytheriseinelectricvehicle

production.By2040,lithiumdemandisprojectedtoincreasenearlyninefold,underscoringitscriticalroleinthebatterysector.Brandswillbeexpectedtocommunicatetheireffortstosourceresponsiblyandsupplytheworldinatransitioningclimate.

%

Sustainability

Driver(%)

HighImportance

LowImportance

Contributionof

sustainabilitytobrand

valuedeterminedusing

drivers'analysis'.

X

X

ValuingSustainabilityPerceptions

Group

BrandValue

$

BrandValueis

calculatedforthe

brandinaccordance

withISO10668.

ISO10668

=

Sustainability

PerceptionsScore

Perceptionsofthe

brand'scommitmentto

sustainabilityaretransformed

intoscoresthatmodify

thefinalvalue.

?BrandFinancePlc.2025

Sustainability

PerceptionsValue

$

Theproportion

ofbrandvaluethat

isattributable

tosustainability

perceptions.

BrandFinanceMining,MetalsandMinerals502025/mining-metals-and-minerals19

BrandValueRanking(USDm)

Top50mostvaluableMining,Metals&Mineralsbrands1-50

2025

Rank

2024

Rank

BrandCountry

2025BrandValue

Brand

Value

Change

2024BrandValue

2025BrandRating

1

2

▲

Glencore

Switzerland

$6,154

+4.1%

$5,909

AA-

2

1

▽

BHP

Australia

$5,062

-17.0%

$6,098

AAA

3

6

▲

RioTinto

Australia

$3,786

+11.4%

$3,399

AA+

4

4

=

JiangxiCopper

China

$3,651

-11.6%

$4,128

A

5

3

▽

ArcelorMittal

Luxembourg

$3,575

-23.1%

$4,649

AA

6

5

▽

NipponSteel

Japan

$3,381

-11.6%

$3,823

A+

7

8

▲

TataSteel

India

$3,034

+5.0%

$2,890

AA

8

9

▲

ChinaShenhua

China

$2,762

+2.6%

$2,692

A

9

12

▲

PoscoSteel

SouthKorea

$2,745

+15.6%

$2,374

AA+

10

10

=

BAOWU

China

$2,494

-4.7%

$2,616

A+

11

7

▽

Vale

Brazil

12

11

▽

ZijinMining

China

1313=Freeport-McMoRanUnitedStatesaaaa

14

15

▲

JFE

Japan

15

14

▽

CITICPacificMining

Australia

1620▲ChinalcoChina

17

16

▽

Nucor

UnitedStates

18

17

▽

AngloAmerican

UnitedKingdom

19

21

▲

CMOC

China

20

18

▽

Newmont

UnitedStates

21

29

▲

HINDALCO

India

22

27

▲

BarrickGold

Canada

2319▽ThyssenKruppGermanyaaaa

24

23

▽

JSWSteel

India

25

24

▽

Kobelco

Japan

2625▽VedantaIndiaaaaa

27

32

▲

HunanValinSteel

China

28

31

▲

ClevelandCliffs

UnitedStates

29

26

▽

Alcoa

UnitedStates

30

40

▲

SteelDynamics

UnitedStates

31

33

▲

Ma'aden

SaudiArabia

32

38

▲

ChinaHongqiaoGroup

China

3322▽GrupoMexicoMexicoaaaa

34

28

▽

Voestalpine

Austria

35

39

▲

SMM

Japan

3634▽HydroNorwayaaaa

37

36

▽

HyundaiSteel

SouthKorea

38

30

▽

Fortescue

Australia

39

37

▽

CoalIndia

India

4045▲TonglingNonferrousMetalsGroupChinaaaaa

41

48

▲

RelianceSteel&AluminumCo.

UnitedStates

42

46

▲

YunnanCopper

China

4352▲TaiGangChinaaaaa

44

43

▽

Salzgitter

Germany

45

35

▽

Ternium

Mexico

46

49

▲

USSteel

UnitedStates

4754▲SAIL