ASX Mining Stocks: Top 10 Mining Shares to Watch [2023]

Key highlights:

• Investing in the top mining companies in Australia can offer exposure to a diverse range of commodities, including iron ore, gold, copper, nickel, and mineral sands. This can help to diversify an investor's portfolio and reduce risk.
• The most traded ASX mining stocks have a strong track record of growth and profitability, with many of them consistently delivering strong returns for their shareholders. However, investing in mining shares can be volatile due to factors such as commodity prices, production levels, and geopolitical risks.
• Before investing in these companies, it is important to do your due diligence and carefully consider factors such as the company's financial performance, management team, growth prospects, and sustainability practices. It is also important to have a long-term investment horizon and to be prepared to weather short-term volatility in the market.

What are the most traded ASX mining stocks?

Mining stocks are some of the most popular stocks on the ASX due to the importance of the mining and energy sector to the Australian economy. Mining stocks are known for their volatility and high-risk nature, but also have the potential for high returns, particularly in a commodity bull market.

The top three most traded ASX mining stocks by volume as of 27 April 2023 (sourced from ASX) are BHP Group Limited ($BHP), Fortescue Metals Group Limited ($FMG) and Rio Tinto Limited ($RIO). These companies are all major players in the Australian mining sector, particularly in the mining of iron ore, which is a major export commodity for Australia. These companies are also listed as part of the ASX 100 index, which includes the largest and most liquid companies on the ASX.

Top 10 mining stocks on ASX

Data as of 25 April 2023

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Discover the ASX mining companies to watch

1. BHP Group Limited ($BHP)

Market capitalisation: $316.84b

Stock price (as of 25/04/2023): $44.17

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 67% / 33%

BHP is a multinational mining and metals company headquartered in Melbourne, Australia. It is one of the largest mining companies in the world, with mining operations in Australia, the Americas, and several other countries. The company produces a range of commodities, including iron ore, coal, copper, and petroleum. BHP's major iron ore operations are located in Western Australia's Pilbara region, where it produces high-grade iron ore for export to countries such as China and Japan.

🆚 Compare BHP vs RIO stock comparison→

🆚 Compare BHP vs FMG stock comparison→

2. Rio Tinto Limited ($RIO)

Market capitalisation: $190.36b

Stock price (as of 25/04/2023): $113.18

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 58% / 42%

Rio Tinto is a global mining and metals company with headquarters in London, UK, and Melbourne, Australia. The company operates in over 35 countries and produces a range of minerals, including iron ore, aluminium, copper, and diamonds. Rio Tinto is one of the largest iron ore producers in the world, with its major operations located in Western Australia's Pilbara region. The company also has significant copper operations in Mongolia, the United States, and Chile.

3. Fortescue Metals Group Ltd ($FMG)

Market capitalisation: $63.91b

Stock price (as of 25/04/2023): $20.76

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 60% / 40%

Fortescue Metals is an iron ore producer and explorer that operates primarily in Western Australia's Pilbara region. The company was founded in 2003 and has rapidly expanded its operations in recent years to become one of the largest iron ore producers in the world. Fortescue is focused on low-cost production and has implemented innovative technology and infrastructure to reduce costs and increase efficiency.

4. Newcrest Mining Limited ($NCM)

Market capitalisation: $25.60b

Stock price (as of 25/04/2023): $28.63

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 52% / 48%

Newcrest Mining is a gold producer and explorer that operates primarily in Australia, Indonesia, and Papua New Guinea. The company was founded in 1966 and has since grown to become one of the largest gold producers in Australia. Newcrest's major operations are located in Australia's Cadia Valley and Papua New Guinea's Lihir Island, where it produces both gold and copper.

5. South32 Limited ($S32)

Market capitalisation: $18.79b

Stock price (as of 25/04/2023): $4.12

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 67% / 33%

South32 is a diversified mining company that produces a range of commodities, mostly industrial metals including aluminium, coal, manganese, and silver. The company was spun off from BHP Group in 2015 and has operations in Australia, South Africa, and several other countries. South32 is focused on safe and sustainable mining practices and has implemented several initiatives to reduce its environmental impact.

6. Northern Star Resources Ltd ($NST)

Market capitalisation: $15.62b

Stock price (as of 25/04/2023): $13.59

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 52% / 48%

Northern Star Resources is an Australian gold mining company that specialises in the exploration, development, and production of gold. The company was founded in 2000 and is headquartered in Perth, Western Australia. Northern Star Resources operates several mines and projects across Western Australia, including the Kalgoorlie, Jundee, and Pogo mines. The company is committed to responsible mining practices and has developed a comprehensive environmental management system to guide its operations.

7. Mineral Resoucres Limited ($MIN)

Market capitalisation: $15.50b

Stock price (as of 25/04/2023): $80.36

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 62% / 38%

Mineral Resources is an Australian mining services company that provides mining and processing services to the natural resources sector. The company was founded in 1993 and has since expanded to become a diversified mining company that produces a range of commodities, including iron ore, lithium, and manganese. Mineral Resources also operates several mining projects in Western Australia and provides infrastructure and logistics services to the mining industry.

8. Sayona Mining Limited ($SYA)

Market capitalisation: $1.79b

Stock price (as of 25/04/2023): $0.195

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 60% / 40%

Sayona Mining is a Canadian mineral exploration and development company focused on lithium and graphite projects. The company's flagship project is the Authier Lithium Project in Quebec, which is in the advanced stages of development. Sayona Mining is committed to responsible mining practices and sustainability, reflected in its use of clean energy, protection of biodiversity, and community engagement. With a strong portfolio of lithium and graphite projects, Sayona Mining is well positioned to take advantage of the growing demand for battery metals as the world transitions to renewable energy and electric vehicles.

9. Evolution Mining Limited ($EVN)

Market capitalisation: $6.32b

Stock price (as of 25/04/2023): $3.44

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 59% / 41%

Evolution Mining is a gold producer that operates primarily in Australia. The company was founded in 2011 and has since grown to become one of the largest gold producers in the country. Evolution Mining's major operations are located in Western Australia, New South Wales, and Queensland, where it produces both gold and silver.

10. Iluka Resources Limited ($ILU)

Market capitalisation: $4.69b

Stock price (as of 25/04/2023): $11.01

Stake platform bought / sold (1 Jan 2023 - 25 Apr 2023): 55% / 45%

Iluka Resources Limited is an Australian mineral sands company that specialises in the exploration, production, and sale of zircon, rutile, and ilmenite. The company was founded in 1954 and is headquartered in Perth, Western Australia. Iluka Resources operates several mines and projects across Australia, including the Jacinth-Ambrosia mine in South Australia and the Sierra Rutile mine in Sierra Leone. Iluka Resources has a strong focus on sustainability and responsible mining practices and has implemented several initiatives to reduce its environmental impact and support the communities in which it operates.

What materials are Australian investors interested in?

Australian investors have historically shown interest in a range of minerals and raw materials, but some of the most popular minerals that Australian investors are interested in include gold, iron ore, copper, and lithium.

💡Related: Gold Stocks ASX: Top Gold Mining Companies→

💡Related: ASX Iron Ore Stocks to Watch→

💡Related: Top Lithium Stocks to Watch on the ASX→

How do I buy mining shares in Australia?

To start investing in mining shares listed in Australia, follow the steps below:

1. Find a stock investing platform, like Stake
2. Fund your account
3. Search for the mining stock you want to invest in
4. Choose an order type and submit your buy order
5. Monitor your investment

Mining stocks FAQs

Are mining stocks a good investment?

Investing in mining stocks can be a good option for investors who are willing to take on higher risks for potentially higher returns. Mining stocks are often tied to the prices of commodities, or precious metals such as gold, silver, copper, or iron ore, and can be influenced by a range of factors including geopolitical events, supply and demand, and global economic trends. Ultimately, the decision to invest in mining stocks should be based on an individual's investment goals, risk tolerance, and overall portfolio strategy.

How many mining companies are there on the ASX?

The metals and mining sector is one of the largest sectors on the ASX and includes over 650 companies involved in the exploration, development, and production of a wide range of commodities, such as gold, iron ore, copper, nickel, lithium, and many others.

This does not constitute financial product advice nor a recommendation to invest in the securities listed. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking appropriate financial or taxation advice before investing.