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Ranked: The Top 20 Metals and Mining Billionaires

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The Top 20 Mining Billionaires Ranked

Mining Magnates: The Top 20 Billionaires in Mining

Metals and mining can be a very profitable business for the individuals at the top, but success can also come and go based on volatile commodity prices. The average time to make a billion dollars in the sector is 16 years, compared to 21 years across all industries.

Although tech and bank CEOs get all the limelight, eight of the 100 richest people in the world are in the metals and mining industry. Today’s graphic shows the top 20 metals and mining billionaires, based on the Forbes Billionaires List.

Steel producers dominate the list, followed by copper miners.

Name Net WorthCountryCompanyOperations
Alexey Mordashov$29.1BRussia 🇷🇺Severstalsteel
Vladimir Potanin$27.0BRussia 🇷🇺Norilsk Nickelpalladium, platinum, nickel
Vladimir Lisin$26.2BRussia 🇷🇺NLMK Groupsteel
Germán Larrea Mota-Velasco$25.9BMexico 🇲🇽Grupo Méxicocopper
Gina Rinehart$23.6BAustralia 🇦🇺Hancock Prospectingiron ore
Iris Fontbona$23.3BChile 🇨🇱Antofagasta Plccopper
Andrew Forrest$20.4BAustralia 🇦🇺Fortescue Metals Groupiron ore
Alisher Usmanov$18.4BRussia 🇷🇺Metalloinvestiron ore/steel
Lakshmi Mittal$14.9BIndia 🇮🇳ArcelorMittalsteel
Wang Wenyin$13.2BChina 🇨🇳 Amer International Groupcopper
Dang Yanbao$12.7BChina 🇨🇳Ningxia Baofeng Energy Groupcoal
Savitri Jindal$9.7BIndia 🇮🇳Jindal Groupsteel/cement
Iskander Makhmudov$9.7BRussia 🇷🇺UGMKcopper
Alberto Baillères$9.2BMexico 🇲🇽Industrias Penolessilver
Andrei Skoch$8.6BRussia 🇷🇺 State Dumasteel
Zheng Shuliang$8.6BChina 🇨🇳 China Hongqiao Groupaluminum
Nicky Oppenheimer$8.0BSouth Africa 🇿🇦De Beersdiamond
Alexander Abramov$7.6BRussia 🇷🇺Evrazsteel
Rinat Akhmetov$7.6BUkraine 🇺🇦System Capital Managementsteel, coal
Igor Altushkin$7.6BRussia 🇷🇺Russian Copper Company (RMK)copper

Despite being major players in the mining industry, the United States and Canada don’t have representatives on the list.

Russia’s Mining Billionaires

Russia’s huge geographic area is filled with rich mineral resources providing a fertile ground for mining billionaires. It is the largest miner of diamonds and palladium, and the second-largest miner of platinum and nickel. It is no wonder this country hosts eight of the 20 richest people in the industry, including the first few on the list.

Alexey Mordashov, son of steel mill workers that had to use welfare coupons to raise the family, is the first on the list. The 55-year-old businessman is the majority shareholder in steel company Severstal. In the Forbes ranking, which takes into account the assets of the whole family, Mordashov ranks first among all Russian billionaires.

Next on the metals billionaire list is Vladimir Potanin, individually the wealthiest man in Russia and the owner of Norilsk Nickel, the world’s largest producer of palladium and nickel.

Women at the Top

The first woman on the mining billionaires list in the fifth spot, is Australia’s Gina Rinehart, Executive Chairman of Hancock Prospecting. The 67-year-old executive is the only child of legendary explorer Lang Hancock, who discovered the world’s largest iron ore deposit in 1952.

Hancock died in 1992, leaving a bankrupt estate to Gina. She rebuilt and expanded the company over the following decade. As a result, she became a billionaire in 2006 during the iron ore boom.

“If you’re jealous of those with more money, don’t just sit there and complain; do something to make more money yourself”

— Gina Rinehart

The list also includes the wealthiest person in Chile, Iris Fontbona. Iris is the widow of Andrónico Luksic, who built a fortune in the mining, financial, and beverages sectors, including the top copper miner Antofagasta.

A New Era for Mining Fortunes

As demand for most minerals increases due to new technologies and the energy transition, the world needs metals and mining more than ever and soon there will be a new list of billionaires who built their fortune on the minerals of tomorrow.

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Why Copper Is Critical for Data Centers

Copper consumption for data centers in North America is estimated to jump from 197,000 tonnes in 2020 to 238,000 tonnes in 2030.

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Copper’s Critical Role in Data Centers

Why Copper Is Critical for Data Centers

Data centers are computer server hubs that collect, store, and process large amounts of data, requiring extensive network infrastructure and electric power supply.

As the North American data center market grows, copper will be a key building block in this infrastructure.

This infographic from the Copper Development Association illustrates the critical role of copper in data center development.

Copper in Technology

Much has been said about the growing demand for critical minerals like copper, nickel, and lithium for clean technologies such as batteries, EVs, solar, and wind power.

Copper, however, has a more extensive role in technology as it is used in wires that connect power grids and data centers around the planet.

As one of the best conductors of electricity, copper maximizes efficiency in the transmission and distribution of electricity. Its thermal conductivity also helps build efficient heat exchangers, which are vital for cooling in data centers.

The inherent ductility and malleability of copper make it ideal for shaping into compact system components, like electrical connectors. In addition, copper can be fully recycled without losing any beneficial properties, providing an excellent solution in a growing green economy.

Data centers use copper across various electrical applications, including:

  • Power cables
  • Busbars
  • Electrical connectors
  • Heat exchangers and sinks
  • Power distribution strips

To put the demand into perspective, Microsoft’s $500 million data center in Chicago required 2,177 tonnes of copper for construction.

North America’s Growing Need for Copper

With the rise of cloud computing and the Internet of Things (IoT), the North American data center market is expanding.

North American data center infrastructure is expected to grow from a $33 billion business in 2020 to $70 billion in 2030 and $185 billion in 2040.

This, in turn, will amplify the demand for copper. Copper consumption for data centers is estimated to jump from 197,000 tonnes in 2020 to 238,000 tonnes in 2030 and 293,000 tonnes in 2040.

The Copper Development Association (CDA) brings the value of copper and its alloys to society to address the challenges of today and tomorrow. Visit www.copper.org to learn more about copper’s critical role in data centers.

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From Lead to Copper: Replacing America’s Aging Water Infrastructure

Investing in the transition from lead to copper is crucial for providing safe water to millions of Americans.

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From Lead to Copper: Replacing America’s Aging Water Infrastructure

Water service lines, crucial for connecting buildings to the public water supply, are often outdated and built from lead, presenting significant health risks to Americans.

As the government invests billions toward replacing lead service lines, copper pipelines offer a safe, reliable, resilient, and sustainable alternative.

This infographic from the Copper Development Association illustrates how investing in the transition from lead to copper is crucial for providing safe water to millions of Americans.

The Problem with Lead Service Lines

In the 20th century, lead was commonly used for water service lines and plumbing pipes.

However, lead pipes can degrade over time, leading to the release of lead particles into drinking water. Even at low-to-moderate levels, lead exposure can have severe negative health impacts, including:

  • Hearing loss
  • Anemia
  • Kidney impairment
  • Immune system dysfunction

Today, every state in America has lead service lines (LSLs) that the federal government is actively working to replace.

Besides LSLs, an additional 2.8 million galvanized water pipes also need replacing.

Delivering Safe Water

Copper tubing has become the primary material to replace old water service lines.

The red metal is an antimicrobial material that kills pathogens, and it is also highly corrosion-resistant, with a typical service life of over 50 years.

In addition, copper service lines are impermeable and prevent outside chemicals from leaking into water. Copper tubes can be fully recycled at the end of their useful lives without losing any beneficial properties.

Replacing Lead Service Lines with Copper

If America were to replace all 12 million of its lead and galvanized service lines, it would require more than 650 million feet of copper tubing, equivalent to 180,000 tonnes of metal. To compare, the U.S. produced 22 million tonnes of copper in 2022.

The U.S. has commissioned several large-scale copper recycling projects in recent years, creating opportunities to meet the demand with recycled and mined supply.

However, upgrading the nation’s water infrastructure will require over $56 billion, way more than the $15 billion currently provided by the Bipartisan Infrastructure Law.

Visit Copper Development Association to learn more about how copper is crucial for providing safe water to millions of Americans. 

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