Frontline Impact | BloombergNEF Releases Report: Where Are the World’s Major Mining Companies Spending Their Money?

BHP has shown a similar shift: capital expenditure increased from USD 8.4 billion in 2023 to USD 9.5 billion in 2025, while shareholder returns declined from USD 8.7 billion to USD 5.6 billion over the same period. Zijin Mining, by contrast, has consistently maintained a stronger growth orientation—its operating cash flow rose to USD 11 billion in 2025, while shareholder distributions remained significantly below capital expenditure. This signals that the industry is gradually transitioning from a ‘high-price, high-profit, high-dividend’ harvest phase back into an investment phase focused on capacity expansion, mergers and acquisitions, and securing supply for the next cycle. For mining company valuations, investors will need to monitor not only commodity prices going forward, but also return on new projects, construction timelines, capital discipline, and balance-sheet resilience. Figure 2: Operating Cash Flow, Capital Expenditure, and Shareholder Returns for Six Mining Companies (2021–2025) Source: BloombergNEF, August 18, 2026. III. Iron Ore Remains the Foundation; Coal Has Not Exited as Per ESG Scripts The declining revenue contribution of iron ore stems primarily from price erosion—not output decline. From 2021 to 2025, Rio Tinto’s realized iron ore price fell from USD 144 per tonne to USD 90—a 37% drop; BHP’s declined from USD 139 to USD 84, a 39% fall. Over the same period, iron ore’s share of BHP’s total revenue dropped from 55% to 43%, Rio Tinto’s from 59% to 46%, and Vale’s to 65%. Yet iron ore remains a high-margin, cash-generative business. In 2025, Vale allocated USD 3.9 billion—69.9% of its total capital expenditure—to iron ore, focusing on expanding high-grade mines and upgrading infrastructure. Mining companies are not abandoning iron ore due to slowing growth; rather, they are reinvesting the cash it generates to sustain their core operations while directing newly committed risk capital toward growth-oriented commodities such as copper. Glencore presents another pragmatic case: in 2025, it allocated approximately 37% of its capital expenditure to coal and another 3% to oil—and remains the only one among the six companies actively acquiring coal assets. Its logic does not deny energy transition, but rather preserves stable cash flows from traditional energy sources while selectively expanding into transition metals and low-carbon fuels. Ultimately, capital follows returns—not labels. IV. The Six Mining Companies Are Forging Distinct Asset Portfolios Company Primary Capital Allocation Portfolio Evolution BHP Copper, iron ore, and mining technology Copper became its largest revenue contributor in 2025; iron ore cash flow continues to fund growth. Rio Tinto Iron ore, copper, lithium/aluminum Acquired Arcadium Lithium for USD 6.7 billion; targets over 200,000 tonnes/year LCE capacity by 2028. Glencore Coal, copper, and low-carbon fuels Retains thermal coal assets and associated cash flow while selectively investing in transition metals and downstream fuels. Vale High-grade iron ore, copper, low-carbon steel Iron ore still accounts for nearly 70% of capex; extending into low-carbon briquettes and Class 1 nickel. Anglo American Copper and premium iron ore Exits or spins off coal, nickel, PGMs, and diamonds—significantly streamlining its portfolio. Zijin Mining Copper, gold, lithium, molybdenum Expands simultaneously via M&A and project development; three lithium projects in 2025 collectively target ~180,000 tonnes/year lithium carbonate capacity.

Minerals Technologies Inc. (MTX.US): Q4 2021 Financial Results Show Revenue of USD 476.9 Million

Minerals Technologies Inc. (MTX.US): Q4 2021 revenue totaled USD 476.9 million, up from USD 431.8 million in the prior quarter and below the consensus estimate of USD 488.9 million—representing a 2.45% shortfall versus expectations. Earnings per share (EPS) came in at USD 1.25, compared with USD 1.08 in the prior quarter and an estimated USD 1.21—surpassing expectations by 3.31%. Company Profile of Minerals Technologies (MTX.US): Minerals Technologies Inc. is a resource- and technology-based company. It develops, produces, and sells a broad range of mineral, mineral-based, and synthetic mineral products. It operates through four business segments: Performance Materials, Specialty Minerals, Refractories, and Energy Services. The Performance Materials segment supplies bentonite and bentonite-related products, chromite, and siderite. The Specialty Minerals segment produces and sells synthetic mineral products—including precipitated calcium carbonate—and processed mineral products such as quicklime; it also mines, processes, and sells natural mineral products, primarily limestone and talc.

Minerals Technologies Inc. Reports Q1 Revenue of $546.9 Million, Beating Estimates

Apr 30, 2026

Minerals Technologies Inc. reported Q1 revenue of $546.9 million, exceeding FactSet estimates of $515.6 million. This performance highlights stronger financial growth for the company in the first quarter of 2026.

marketscreener.com

2026-04-30

Minerals Technologies Inc. Announces 2026 First Quarter Financial Results

2026-04-30

Minerals Technologies Inc. Reports Q1 Adjusted EPS of $1.38, Beating Estimates

2026-04-30

Minerals Technologies: Q1 Earnings Snapshot

2026-04-30

Minerals Technologies Inc. Reports Q1 Revenue of $546.9 Million, Beating Estimates

2026-05-01

Sales reach $547M as Minerals Technologies posts 21% EPS gain