Gold's fall from near $5,589/oz in January to below $4,000/oz by late June wiped out most of mining's 2026 equity gains. The MINING.COM TOP 50 shed $228 billion in Q2 to $2.19 trillion, dragging gold majors down 26%–40% while diversified and copper-heavy groups held firm.
Gold's retreat gutted the mining sector's early-2026 rally. The metal fell from near $5,589/oz in January to below $4,000/oz by late June, and the MINING.COM TOP 50's combined value dropped $228 billion in Q2 to $2.19 trillion. Gold majors bore the brunt: Agnico Eagle, Gold Fields and Shandong Gold lost 26%–40%.
Diversified miners buck the trend
The drawdown effectively wipes out most of the roughly $250 billion the Top 50 had added earlier in 2026. Yet copper-heavy groups moved the other way. BHP added $28 billion to reach $209 billion, while Rio Tinto reclaimed second place at $162 billion.
Anglo American advanced on its Teck merger, which would create a roughly $82 billion copper-heavy group. Because these producers are leveraged to record copper pricing, they generally held up better than pure-play gold companies. Traders weighing that split can review how to trade copper against the softer gold tape.
Ranking shuffles and project signals
Individual names swung hard. Shandong Gold's 40% value loss drove a 16-place fall to number 46, one of the steepest quarterly ranking drops recorded. By contrast, First Quantum gained 10% and jumped 10 places to number 31 after an audit found Cobre Panama 88% compliant with environmental obligations.
On the project side, Newmont's Red Chris copper-gold expansion in British Columbia secured regulatory approval in June, de-risking growth capex. KGHM re-entered at number 42 after an 18-month absence, supported by a 21% quarterly surge and an $8.55 billion domestic investment plan.
Uranium and lithium split further
Uranium majors Cameco and Kazatomprom strengthened their positions despite spot uranium easing to the mid-$80s/lb. Meanwhile, lithium equities SQM, Ganfeng and Albemarle decoupled from a one-third rise in carbonate prices to around $22,400/t.
For context on the metal's decline, see why the price of gold is dropping.
Source: Geomechanics.io
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