The median market capitalization for a pool of over 2,300 metals and mining companies fell 14.3% year over year and rose 1.9% month over month in July, data from S&P Global Market Intelligence showed.

The combined valuation of the 25 largest miners totaled $1.13 trillion as of the end of July, increasing from $1.05 trillion as of the end of June. Only nine miners lost market value year over year, but the declines were steep, with five companies recording double-digit percentage declines.

Mining stocks have been dragged down in 2023 by recession fears, inflation concerns and declining metal prices. The stock market recently showed signs of recovery amid cooling inflation and optimism that the US Federal Reserve's aggressive rate hikes may be over.

The valuation of lithium miner Sociedad Química y Minera de Chile SA dropped 24.5% year over year, the largest decrease among the top miners. Larger peer Albemarle Corp. also lost market value, slumping 13.0% compared to the end of July 2022. Lithium prices resumed a downward trend in July amid muted demand for the white metal and market surpluses.

Fertilizer producer Nutrien Ltd. posted a 24.0% drop in market value year over year, while the market cap of diversified miner Anglo American PLC sank 18.9% and Shaanxi Coal Industry Co. Ltd.'s market value slipped by 15.0%.

On the other hand, Southern Copper Corp. vaulted into the top five as its market cap jumped 75.6% year over year. Copper miners First Quantum Minerals Ltd. and Teck Resources Ltd. increased their market values year over year, with First Quantum up 67.1% and Teck up 52.6%. Industry peers Antofagasta PLC and Freeport-McMoRan Inc. also raised their valuations by at least 40%. Copper prices rebounded in July on lower-than-expected US inflation following declines driven by seasonal demand weakness.

Coal miner PT Bayan Resources Tbk. also entered the top 10 as its market cap surged 192.0%, driven by a stock split in late 2022.

– View the US Energy Department's critical materials list. – Check how copper M&A activity rebounded in 2022.

BHP Group Ltd.'s valuation climbed 19.0% year over year to $156.91 billion, retaining its status as the world's largest miner by market cap. Rivals Rio Tinto Group and Glencore PLC maintained their spots in the top three, while iron ore giant Vale SA slid to the No. 5 spot as its valuation fell 4.1% year over year.

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