BHP overtakes Glencore as top international mining brand

This year, more than half of the brands in the ranking of the world’s most valuable and strongest Mining, Metals & Minerals brands witnessed an increase in brand value, according to new data from Brand Finance, the world’s leading brand valuation consultancy. This year, 11 brands from the US, China, and South Korea entered the ranking.  

Based on Brand Finance’s first-ever sector-specific research this year, 28 of 39 brands from the previous year’s ranking recorded increased brand value. BHP is now the world’s most valuable Mining, Metals & Minerals brand, following a 17% increase to a brand value of USD6.1 billion. The Australian brand reclaims the crown from Swiss brand Glencore (brand value down 1% to USD5.9 billion). BHP is also the world’s strongest brand in the sector, now rated AAA, attributed to improved perceptions of its strong leadership and commitment to corporate social responsibility and sustainability. 

Despite a struggling economy, Chinese Mining, Metals & Minerals brands showed resilience. Newcomers like Chinalco (valued at USD1.4 billion) and CMOC (valued at USD1.3 billion) have bolstered China’s prevalence in the ranking, accounting for 11 out of 50 brands. Jiangxi Copper leads the Chinese entrants as the most valuable Chinese and fourth most valuable brand in the sector. Behind China, the US accounts for eight of the world’s top Mining, Metals & Minerals brands. 

Higher raw metal prices, such as that for iron and aluminium, saw metals mining brands Alcoa, JSW Steel, and Ternium record the largest brand value gains among brands listed in the ranking. US brand Alcoa led the charge with a 127% increase to USD1 billion. Behind Alcoa, India’s JSW Steel came in second (brand value up 77% to USD1.1 billion), followed by Mexico’s Ternium (brand value up 55% to USD714 million). 

Savio D’Souza, Valuation Director at Brand Finance, commented: 

“Amidst the global energy transition and prioritisation to secure critical mineral supplies, the mining industry plays an increasingly important role in the shift to cleaner energy sources. Mining brands are poised for a promising future as they build resilience through their commitment to sustainability and continue to meet the changing needs of stakeholders.” 

Brand Finance also utilises its Global Brand Equity Monitor (GBEM) research to compile a Sustainability Perceptions Index which determines the role of sustainability in driving brand consideration across sectors. In the mining sector, sustainability drives 8.3% of customer consideration. Brand Finance’s perceptual data also offers insight into which brands global consumers believe to be most committed to sustainability. 

The Index displays the proportion of brand value attributable to sustainability perceptions for individual brands. This Sustainability Perceptions Value (SPV) is the financial value contingent on a brand’s reputation for acting sustainably. From here, Brand Finance’s perceptual research is analysed alongside CSRHub’s ESG performance data to determine a brand’s ‘gap value’. This is the value at risk, or value to be gained, arising from the difference between sustainability perceptions and actual performance. 

As sustainability concerns continue, the mining sector faces escalating pressure to adapt to the global energy transition. The 2024 Sustainability Perceptions Index finds that in the mining sector, South Korean brand Posco has the highest SPV of USD513 million, while BHP has the second highest SPV at USD500 million. Posco’s perceptual and performance scores on sustainability were above the mining sector average across all ESG dimensions. In addressing this, Posco announced last year its new vision, “Better World with Green Steel”, that embodies its 2050 carbon neutrality goal, with plans to finalise the commercialisation of its hydrogen reduction steel technology by 2030. Similarly, BHP commands high sustainability perceptions due to its ambitious emissions reduction targets, commitment to achieving net-zero operational emissions by 2050, and substantial investments in cleaner technologies, demonstrating its dedication to addressing global climate change.

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