25 Richest Billionaires in Metals and Mining Industry

Ali Hassan
10 min read

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In this article, we discuss the 25 richest billionaires in metals and mining industry. To skip the detailed analysis of the metals and mining industry, go directly to the 5 Richest Billionaires in Metals and Mining Industry.

Global Metals and Mining Industry Outlook

The global metals and mining industry holds a lot of value due to the significance of some precious earth metals and minerals. According to a report by The Business Research Company, the global metals and mining market size was valued at $7.91 trillion in 2023 and is expected to reach $8.37 trillion in 2024, growing at a compound annual growth rate of 5.8%. The market size is anticipated to see strong growth in the next few years. It is projected to grow to $10.19 trillion by 2028, growing at a compound annual growth rate of 5%.

China and the US are the top countries with the highest rare metals production. Australia, Myanmar, and Thailand are the other three top rare metal producers. As per a report by the US Geological Survey, China accounts for almost 70% of the global production of rare earth metals, while the US, Australia, and Myanmar collectively comprise 24% of the world’s total production of rare earth metals. China produced almost 0.21 million metric tons of rare earth metals in 2022. China possesses 44 million metric tons of rare earth element reserves, yet to be exploited.

The global precious metals segment is a major player in the metals and mining industry, considering the industrial and economic factors. According to a report by Sky Quest, the global precious metals market was valued at $290.82 billion in 2022 and is projected to grow to $449.72 billion by 2030, growing at a compound annual growth rate of 5.6% between 2023 and 2030.

In recent times, the demand for lithium has increased due to its usage in batteries. Excluding the US, global production for lithium increased from 146,000 tons in 2022 to 180,000 tons in 2023, reflecting a 23% rise driven by strong demand from the lithium-ion battery market. The global consumption of lithium was equivalent to its production and was around 180,000 tons, as per the US Geological Survey.

However, the weaker demand for EVs, short-term lithium oversupply, and the expiration of the Chinese Government’s decade-long program of subsidies for EV purchases led to a decrease in lithium prices in 2023. In China, the spot price of lithium carbonate plunged from almost  $76,000 per ton in January 2023 to $23,000 per ton in November 2023. The annual average US lithium carbonate price was $46,000 per ton for fixed contracts in 2023, a drop of 32% compared to 2022.

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