The intrepid investor looking to hold a portfolio of mining stocks that rank among the 100 biggest in the world, gauged by market value, will find an aggregated market valuation of USD 915bn, a significant variation in individual stock commodity exposures, and huge differences in stock price performance.Seen over the past 12-months, the world's biggest 100 miners have bounced by 84% from stock price lows, when measured on a weighted basis. For some comparison, the Dow Jones Industrial has bounced 16% from its lows, but by a far more significant 24% on a weighted market value basis. The 30 stocks in the Dow are now worth an aggregated USD 2.5bn, dominated by Exxon Mobil with a market value of USD 339bn, and another eight stocks worth more than USD 100bn: General Electric, Microsoft, Coca-Cola, Wal-Mart, Johnson & Johnson, IBM, Chevron, Procter & Gamble, and AT&T.Only one mining stock, BHP Billiton, more strictly classified as a diversified resources stock, carries a market value of more than USD 100bn. Elsewhere in the performance tables, the Micex Russia index has bounced by a monster 60% from its lows; in a broader sense, Chinese stocks have been performing among the best in the world, reflected in a 42% bounce by the Shanghai Composite, and a meteoric rise of nearly 60% in the wider CSI 300.Seen on a 12-month basis, JSC Polymetal ranks as the best-performing big mining stock. This name represents silver, and gold, production; the two metals rank in that order as associated with the best performing mining equity subsectors globally, and also across all classes of stocks. Miners featuring primary silver production have bounced by an average of 174%, while primary gold mining stocks have risen by an average of 145% from the bottom.After JSC Polymetal, Fresnillo, a silver and gold digger, ranks as one of the very best performing big miners, followed by two Tier II global gold names in the form of Eldorado and Iamgold, and then Ivanhoe Mines, with interests in copper and gold, not least Mongolia's Oyu Tolgoi project, where major miner Rio Tinto is also involved. Next on the list is Sichuan Hongda, a Chinese specialist zinc and chemicals entity, followed by Uralkali, a Russian potash miner, Shandong, a leading Chinese gold miner, Polyus, Russia's leading gold miner, Yunnan Copper, and AngloGold Ashanti. Seen as a stand alone mining equities subsector, the average stock price for copper mining specialists has bounced by 124%, second only to silver and gold stocks. The leader there is Northern Dynasty, strictly speaking, a copper and gold developer focused on Alaska's Pebble project, where Anglo American has stepped up to the table, as in Rio Tinto with Oyu Tolgoi.At the other end of the performance table for big miners stands a forlorn group of stocks, led, so to speak, by Alcoa, which as recently as 2005 ranked as the world's biggest miner by market value. Today, the stock stands in 37th position, with a stock price that's down by 85% from peak levels. Alcoa was recently seen in action with a rights issue, where it is raising the equivalent of USD 788m, plus an issue of convertibles for a total of USD 1.1bn. Norsk Hydro, another aluminium name, has also been clobbered.Poor performances have also been rendered by a number of stocks tied up to iron ore, steel and coal, not least Cliffs Natural, Consol Energy, Magnitogorsk, CAP, NMDC, Shenhua, Usiminas, Coal & Allied, Exxaro, China Coal, Peabody Energy. These stocks are dotted, literally, around the world. A number of potash miners are also wallowing in the mire, in the form of K+S, Arab Potash, Agrium, Qinghai, and PotashCorp.Among diversified miners, Anglo American continues to rank very poorly in the price performance tables, not least on concerns over its small mountain of debt, and recent decision to pass its final annual dividend, for the first time in decades. Xstrata, another diversified name, and possibly the most acquisitive mining outfit during the 2002-2008 upcycle, continues to be punished. Xstrata, however, had the resolution to go through with a now-successful rights issue, no matter how dilutive, that raised the equivalent of USD 5.9bn.WORLD'S TOP 100 MINING STOCKS

Ranked on 12-month performance

Stock

From

From

Value

price

high*

low*

USD bn

JSC Polymetal

USD 6.50

-29.3%

550.0%

2.05

Fresnillo

GBP 4.38

-23.9%

370.4%

4.48

Eldorado

USD 8.81

-9.2%

270.2%

3.26

Iamgold

USD 8.08

-10.2%

264.0%

2.91

Ivanhoe Mines

CAD 7.45

-40.9%

261.7%

2.25

Sichuan Hongda

CNY 13.92

-61.4%

265.4%

2.10

Uralkali

USD 12.13

-85.0%

283.9%

5.15

Shandong

CNY 80.26

-7.7%

204.0%

4.18

Polyus

USD 44.50

-44.4%

217.9%

8.48

Yunnan Copper

USD 21.09

-41.4%

209.7%

3.88

AngloGold Ashanti

USD 36.39

-7.0%

172.2%

12.88

Silver Wheaton

USD 7.88

-55.2%

213.9%

2.27

Shenzhen Zhongjin

CNY 16.47

-29.0%

171.8%

2.47

Jiangxi Copper

CNY 23.10

-36.7%

179.3%

5.53

Agnico-Eagle

USD 56.47

-30.1%

170.6%

8.75

Zijin

CNY 10.87

-50.6%

189.1%

16.76

Zhongjin

CNY 59.32

-28.7%

160.2%

3.12

Kinross

USD 17.77

-30.2%

159.4%

12.25

Buenaventura

USD 23.81

-36.5%

164.6%

6.55

Shanxi Lu'an

CNY 24.40

-48.4%

173.8%

4.11

Randgold Resources

USD 51.94

-7.7%

133.1%

3.98

Yamana

USD 8.94

-47.4%

170.1%

6.55

Yunnan Chihong

CNY 18.13

-46.9%

168.6%

2.07

Franco-Nevada

AUD 26.90

-12.5%

131.5%

2.15

Tongling

CNY 13.27

-26.2%

143.0%

2.51

SDIC Xinji

CNY 10.74

-22.6%

135.5%

2.91

ERA

AUD 21.24

-14.9%

127.2%

2.79

Gold Fields

USD 11.04

-27.1%

137.9%

7.77

Lihir

AUD 3.28

-10.1%

115.8%

5.34

Goldcorp

USD 33.49

-36.4%

142.0%

24.43

Newmont

USD 45.30

-15.8%

114.0%

21.68

First Quantum

CAD 33.50

-64.9%

162.7%

1.84

Shanxi Guoyang

CNY 18.61

-37.1%

132.6%

2.62

Shanxi Xishan

CNY 16.62

-44.8%

138.1%

5.89

Newcrest

AUD 32.73

-11.9%

97.8%

10.92

Lonmin

GBP 13.35

-63.0%

148.8%

3.01

Harmony

USD 10.89

-17.8%

99.1%

4.64

Yunnan Tin

CNY 18.15

-58.1%

137.3%

1.73

Henan Shenhuo

CNY 25.04

-51.5%

129.7%

1.83

Minmetals

CNY 19.35

-48.9%

126.3%

3.03

Freeport-McMoRan

USD 38.53

-69.7%

145.4%

15.86

Shanxi Lanhua

CNY 22.45

-41.4%

116.9%

1.88

KGHM Polska Miedź

PLN 46.00

-59.5%

129.1%

2.60

Rio Tinto

GBP 23.37

-67.4%

134.9%

48.16

ENRC

GBP 4.36

-71.9%

138.1%

8.01

Hindustan Zinc

INR 446.50

-41.5%

107.7%

3.71

Western Mining

CNY 11.77

-57.5%

122.1%

4.10

Antofagasta

GBP 4.86

-41.8%

99.4%

6.84

Sociedad Química

USD 26.57

-55.3%

104.7%

6.99

Barrick

USD 32.28

-38.5%

86.9%

28.17

Jinduicheng

CNY 14.74

-46.3%

93.4%

5.80

BHP Billiton

GBP 13.59

-38.4%

85.8%

116.74

Hunan Valin

CNY 6.05

-43.5%

86.7%

2.42

Neyveli Lignite

INR 83.60

-49.0%

88.3%

2.76

Fortescue

AUD 2.55

-80.6%

119.8%

4.97

Hebei Jinniu

CNY 21.06

-62.2%

99.1%

2.43

Pingdingshan Tianan

CNY 19.76

-64.1%

97.6%

3.11

Sterlite

USD 6.41

-72.1%

105.4%

4.54

ICL

USD 8.75

-66.3%

94.4%

11.07

ARM

ZAR 138.50

-54.9%

82.2%

3.05

Southern Copper

USD 17.03

-59.4%

86.7%

14.54

Kazakhmys

GBP 3.56

-81.9%

108.3%

2.72

Impala

ZAR 157.06

-56.9%

81.5%

9.88

Pivdennyi HZK

UAH 8.13

-9.7%

33.3%

2.16

Silvinit

USD 390.00

-82.9%

105.3%

3.05

Mosaic

USD 42.74

-73.8%

94.8%

18.99

New Hope

AUD 3.80

-30.4%

51.3%

2.13

Teck

USD 5.44

-89.9%

109.2%

2.60

Compass Minerals

USD 56.36

-35.9%

54.8%

1.84

Chinalco

CNY 10.37

-57.5%

75.8%

14.54

Evraz

USD 7.80

-93.5%

110.8%

3.05

Yanzhou Coal

CNY 12.58

-53.4%

65.5%

5.45

CSN

USD 14.43

-72.5%

83.4%

11.45

PotashCorp

CAD 103.49

-58.0%

68.6%

24.39

Qinghai

CNY 57.79

-46.3%

56.2%

6.49

Kumba Iron Ore

ZAR 165.49

-55.3%

61.4%

5.50

Vedanta

GBP 6.47

-76.8%

80.3%

2.58

Cameco

CAD 21.38

-51.8%

49.2%

6.70

Norilsk

USD 6.23

-80.3%

77.5%

11.88

Agrium

USD 35.65

-68.7%

61.5%

5.59

Eramet

EUR 161.82

-75.8%

68.5%

5.62

Peabody Energy

USD 25.04

-71.8%

56.5%

6.69

China Coal

CNY 8.68

-60.3%

44.7%

11.62

Exxaro

ZAR 66.30

-59.4%

39.5%

2.45

Vale

USD 13.05

-70.4%

48.3%

63.95

Arab Potash

JOD 36.01

-63.6%

40.7%

4.24

Coal & Allied

AUD 75.00

-37.5%

11.1%

4.48

Xstrata

GBP 4.49

-82.1%

55.4%

18.78

Usiminas

BRL 25.61

-73.7%

46.0%

2.78

Anglo Platinum

ZAR 476.60

-67.8%

36.2%

11.80

Shenhua

CNY 20.70

-61.1%

28.7%

49.94

NMDC

INR 156.70

-70.1%

36.0%

12.22

CAP

CLP 8,801.00

-67.5%

33.1%

2.25

Magnitogorsk

USD 0.22

-84.5%

48.7%

2.49

Consol Energy

USD 25.69

-78.4%

38.8%

4.64

K+S

EUR 33.54

-65.5%

25.2%

7.35

Anglo American

GBP 11.19

-69.6%

23.5%

21.45

Cliffs Natural

USD 16.51

-86.5%

39.9%

1.87

Norsk Hydro

USD 3.53

-79.5%

29.8%

4.41

Alcoa

USD 6.69

-85.1%

34.6%

6.51

Averages/total

-51.4%

117.8%

915.33

Weighted averages

-61.6%

84.3%

* 12-month

Source: market prices; table compiled by Barry Sergeant