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Glencore and BHP lead positive outlook of mining industry ushering post-pandemic transition to ESG-centricity alongside strategic consolidation

06 April 2023

·       Switzerland’s Glencore is world’s most valuable mining brand valued at US$6 billion

·       New entrant Jiangxi Copper breaks into world’s Top 5 most valuable mining brands at 4th position

·       CITIC Pacific Mining (up 145%) is fastest growing mining brand in the world

·       New entrant Agnico Eagle is strongest mining brand

·       Posco has the highest Sustainability Perceptions Value at US$189 million

Read the full Brand Finance Mining, Metals, & Materials 50 2023 report here

Glencore (brand value[1] up 50% to US$6 billion) is now the world’s most valuable mining brand from its runner-up position in 2022, having swapped places with BHP (brand value down 10% to US$5.2 billion) – according to Brand Finance’s Mining, Metals & Minerals 50 2023 report which ranks the world’s top 50 most valuable and strongest brands in the mining industry. In terms of brand strength, Glencore also improved its rating from A+ to AA along with a brand strength index boost of 7.6 points – resulting in a leap of 16 ranks to be placed as the world’s 11th strongest mining brand. Major contributors to the mining brand’s performance included a stronger revenue forecast riding on a record 2022 fiscal performance as well as a diversified and adept business model.

Jiangxi Copper (new entrant, brand value US$4.5 billion) made its debut in the rankings as the world’s 4th most valuable mining brand with a corresponding brand strength rating of AA- as the strongest and most valuable mining brand in China. With strong revenue forecasts in line with an impressive yearly earnings per share (EPS) compounded growth of 33% since 2019, the mining brand – China’s largest copper producer – is well-poised to leverage a growing global copper industry fueled by electric vehicle demand, transition to renewable energy systems, and the metal’s replacement of aluminum in computer and appliance parts. This positive business outlook, along with its commitment to environmental, social and governance (ESG) targets and initiatives, has translated into much optimism and positive reputational perceptions which are reflected in Jiangxi Copper’s brand performance this year.

CITIC Pacific Mining (brand value up 145% to US$4.3 billion) is the fastest growing mining brand in this year’s rankings, well ahead of HINDALCO (brand value up 107% to US$885.5 million), the second fastest growing mining brand. As such, CITIC Pacific Mining jumped seven ranks to make it into the world’s Top 5 most valuable mining brands at 5th place. A subsidiary of the Hong Kong-listed CITIC Limited owned by Chinese state-owned enterprise CITIC Group, the Australian-headquartered CITIC Pacific Mining’s brand performance was fueled by massive spikes in 2022 revenue forecast and 2021 revenue. These were in turn driven by several strategic business initiatives including: regulatory approval of a 1 billion yuan (US$ 145 million) loan to affiliate company CITIC Securities – China’s largest brokerage – for the purposes of offering securities asset management and overseas securities investment services, a taking over of stakes in five of property developer Kaisa Group’s projects in Shenzhen by CITIC Group worth over 60 billion yuan (US$8.9 billion) in July 2022 and CITIC Limited’s acquisition of Australian-headquartered Balmoral Iron in November 2021.

Agnico Eagle (new entrant, brand value US$547.2 million) emerged as the strongest[2] mining brand in this year’s rankings with a corresponding brand strength rating of AA+. With a robust 7% growth in gold production guidance through 2025, the Canadian mining brand made substantial progress on existing development projects and realised synergies with the acquisition of assets belonging to other mining brands. This resulted in the successful expansion of mineral reserves and resources by 9% and 12% respectively. Despite higher costs of such exploration and amortisation, Agnico Eagle continued to see an increase in net income driven by higher sales volumes – contributing to stronger brand performance.

South Korea’s Posco has the highest Sustainability Perceptions Value[3] among all mining brands in the rankings at US$189 million. The mining brand’s results reflect its contributions towards a low-carbon circular economy, underscored by the mining brand’s commitment to achieve carbon neutrality throughout all stages of its steelmaking processes by 2050. However, it is important to note that Posco’s position at the top of the Sustainability Perceptions Value table is not an assessment of its overall sustainability performance. Instead, it highlights the value that Posco has tied up in the sustainability perceptions of stakeholders.

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

“The mining industry continues to play an increasingly integral role in the global economy owing to repercussions of the pandemic and geopolitical uncertainties. Mining brands therefore have a bright long-term outlook by capturing this business value through future proofing themselves to optimise engagement with stakeholders on key topics such as sustainability and talent attraction.”

[1] Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. The full ranking, additional insights, charts, more information about the methodology and definitions of key terms are available in the Brand Finance Mining, Metals & Minerals 50 2023 report.

[2] Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150,000 respondents in 38 countries and across 31 sectors.

[3] As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute growing rapidly in significance is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a Sustainability Perceptions Score. The value that is linked to this score, the Sustainability Perceptions Value, is then calculated for each brand.


Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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