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.
|Alexey Mordashov||$29.1B||Russia 🇷🇺||Severstal||steel|
|Vladimir Potanin||$27.0B||Russia 🇷🇺||Norilsk Nickel||palladium, platinum, nickel|
|Vladimir Lisin||$26.2B||Russia 🇷🇺||NLMK Group||steel|
|Germán Larrea Mota-Velasco||$25.9B||Mexico 🇲🇽||Grupo México||copper|
|Gina Rinehart||$23.6B||Australia 🇦🇺||Hancock Prospecting||iron ore|
|Iris Fontbona||$23.3B||Chile 🇨🇱||Antofagasta Plc||copper|
|Andrew Forrest||$20.4B||Australia 🇦🇺||Fortescue Metals Group||iron ore|
|Alisher Usmanov||$18.4B||Russia 🇷🇺||Metalloinvest||iron ore/steel|
|Lakshmi Mittal||$14.9B||India 🇮🇳||ArcelorMittal||steel|
|Wang Wenyin||$13.2B||China 🇨🇳||Amer International Group||copper|
|Dang Yanbao||$12.7B||China 🇨🇳||Ningxia Baofeng Energy Group||coal|
|Savitri Jindal||$9.7B||India 🇮🇳||Jindal Group||steel/cement|
|Iskander Makhmudov||$9.7B||Russia 🇷🇺||UGMK||copper|
|Alberto Baillères||$9.2B||Mexico 🇲🇽||Industrias Penoles||silver|
|Andrei Skoch||$8.6B||Russia 🇷🇺||State Duma||steel|
|Zheng Shuliang||$8.6B||China 🇨🇳||China Hongqiao Group||aluminum|
|Nicky Oppenheimer||$8.0B||South Africa 🇿🇦||De Beers||diamond|
|Alexander Abramov||$7.6B||Russia 🇷🇺||Evraz||steel|
|Rinat Akhmetov||$7.6B||Ukraine 🇺🇦||System Capital Management||steel, coal|
|Igor Altushkin||$7.6B||Russia 🇷🇺||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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The Elemental Composition of the Human Body
Of the 118 chemical elements found on Earth, only 21 make up the human body. Here we break down the elemental composition of the average human.
The Elemental Composition of a Human Body
The human body is a miraculous, well-oiled, and exceptionally complex machine. It requires a multitude of functioning parts to come together for a person to live a healthy life—and every biological detail in our bodies, from the mundane to the most magical, is driven by just 21 chemical elements.
Of the 118 elements on Earth, just 21 of them are found in the human body. Together, they make up the medley of divergent molecules that combine to form our DNA, cells, tissues, and organs.
Based on data presented by the International Commission on Radiological Protection (ICRP), in the above infographic, we have broken down a human body to its elemental composition and the percentages in which they exist.
These 21 elements can be categorized into three major blocks depending on the amount found in a human body, the main building block (4 elements), essential minerals (8 elements), and trace elements (9 elements).
The Elemental Four: Ingredients for Life
Four elements, namely, oxygen, carbon, hydrogen, and nitrogen, are considered the most essential elements found in our body.
Oxygen is the most abundant element in the human body, accounting for approximately 61% of a person’s mass. Given that around 60-70% of the body is water, it is no surprise that oxygen and hydrogen are two of the body’s most abundantly found chemical elements. Along with carbon and nitrogen, these elements combine for 96% of the body’s mass.
Here is a look at the composition of the four elements of life:
|Element||Weight of Body Mass (kg)||Percentage of Body Mass (%)|
Values are for an average human body weighing 70 kg.
Let’s take a look at how each of these four chemical elements contributes to the thriving functionality of our body:
Oxygen plays a critical role in the body’s metabolism, respiration, and cellular oxygenation. Oxygen is also found in every significant organic molecule in the body, including proteins, carbohydrates, fats, and nucleic acids. It is a substantial component of everything from our cells and blood to our cerebral and spinal fluid.
Carbon is the most crucial structural element and the reason we are known as carbon-based life forms. It is the basic building block required to form proteins, carbohydrates, and fats. Breaking carbon bonds in carbohydrates and proteins is our primary energy source.
Hydrogen, the most abundantly found chemical element in the universe, is present in all bodily fluids, allowing the toxins and waste to be transported and eliminated. With the help of hydrogen, joints in our body remain lubricated and able to perform their functions. Hydrogen is also said to have anti-inflammatory and antioxidant properties, helping improve muscle function.
An essential component of amino acids used to build peptides and proteins is nitrogen. It is also an integral component of the nucleic acids DNA and RNA, the chemical backbone of our genetic information and genealogy.
Essential and Supplemental Minerals
Essential minerals are important for your body to stay healthy. Your body uses minerals for several processes, including keeping your bones, muscles, heart, and brain working properly. Minerals also control beneficial enzyme and hormone production.
Minerals like calcium are a significant component of our bones and are required for bone growth and development, along with muscle contractions. Phosphorus contributes to bone and tooth strength and is vital to metabolizing energy.
Here is a look at the elemental composition of essential minerals:
|Element||Weight of Body Mass (g)||Percentage of Body Mass (%)|
Values are for an average human body weighing 70 kg.
Other macro-minerals like magnesium, potassium, iron, and sodium are essential for cell-to-cell communications, like electric transmissions that generate nerve impulses or heart rhythms, and are necessary for maintaining thyroid and bone health.
Excessive deficiency of any of these minerals can cause various disorders in your body. Most humans receive these minerals as a part of their daily diet, including vegetables, meat, legumes, and fruits. In case of deficiencies, though, these minerals are also prescribed as supplements.
Biological Composition of Trace Elements
Trace elements or trace metals are small amounts of minerals found in living tissues. Some of them are known to be nutritionally essential, while others may be considered to be nonessential. They are usually in minimal quantities in our body and make up only 1% of our mass.
Paramount among these are trace elements such as zinc, copper, manganese, and fluorine. Zinc works as a first responder against infections and thereby improves infection resistance, while balancing the immune response.
Here is the distribution of trace elements in our body:
|Element||Weight of Body Mass (mg)||Percentage of Body Mass (%)|
Values are for an average human body weighing 70 kg.
Even though only it’s found in trace quantities, copper is instrumental in forming red blood cells and keeping nerve cells healthy. It also helps form collagen, a crucial part of bones and connective tissue.
Even with constant research and studies performed to thoroughly understand these trace elements’ uses and benefits, scientists and researchers are constantly making new discoveries.
For example, recent research shows that some of these trace elements could be used to cure and fight chronic and debilitating diseases ranging from ischemia to cancer, cardiovascular disease, and hypertension.
Who’s Still Buying Fossil Fuels From Russia?
Here are the top importers of Russian fossil fuels since the start of the war.
The Largest Importers of Russian Fossil Fuels Since the War
Despite looming sanctions and import bans, Russia exported $97.7 billion worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of $977 million per day.
So, which fossil fuels are being exported by Russia, and who is importing these fuels?
The above infographic tracks the biggest importers of Russia’s fossil fuel exports during the first 100 days of the war based on data from the Centre for Research on Energy and Clean Air (CREA).
In Demand: Russia’s Black Gold
The global energy market has seen several cyclical shocks over the last few years.
The gradual decline in upstream oil and gas investment followed by pandemic-induced production cuts led to a drop in supply, while people consumed more energy as economies reopened and winters got colder. Consequently, fossil fuel demand was rising even before Russia’s invasion of Ukraine, which exacerbated the market shock.
Russia is the third-largest producer and second-largest exporter of crude oil. In the 100 days since the invasion, oil was by far Russia’s most valuable fossil fuel export, accounting for $48 billion or roughly half of the total export revenue.
|Fossil fuel||Revenue from exports (Feb 24 - June 4)||% of total Russian fossil fuel export revenue|
|Liquified Natural Gas (LNG)||$5.4B||5.5%|
While Russian crude oil is shipped on tankers, a network of pipelines transports Russian gas to Europe. In fact, Russia accounts for 41% of all natural gas imports to the EU, and some countries are almost exclusively dependent on Russian gas. Of the $25 billion exported in pipeline gas, 85% went to the EU.
The Top Importers of Russian Fossil Fuels
The EU bloc accounted for 61% of Russia’s fossil fuel export revenue during the 100-day period.
Germany, Italy, and the Netherlands—members of both the EU and NATO—were among the largest importers, with only China surpassing them.
|Country||Value of fossil fuel imports from Russia (Feb 24 - June 4)||% of total Russian fossil fuel export revenue|
China overtook Germany as the largest importer, importing nearly 2 million barrels of discounted Russian oil per day in May—up 55% relative to a year ago. Similarly, Russia surpassed Saudi Arabia as China’s largest oil supplier.
The biggest increase in imports came from India, buying 18% of all Russian oil exports during the 100-day period. A significant amount of the oil that goes to India is re-exported as refined products to the U.S. and Europe, which are trying to become independent of Russian imports.
Reducing Reliance on Russia
In response to the invasion of Ukraine, several countries have taken strict action against Russia through sanctions on exports, including fossil fuels.
The U.S. and Sweden have banned Russian fossil fuel imports entirely, with monthly import volumes down 100% and 99% in May relative to when the invasion began, respectively.
On a global scale, monthly fossil fuel import volumes from Russia were down 15% in May, an indication of the negative political sentiment surrounding the country.
It’s also worth noting that several European countries, including some of the largest importers over the 100-day period, have cut back on Russian fossil fuels. Besides the EU’s collective decision to reduce dependence on Russia, some countries have also refused the country’s ruble payment scheme, leading to a drop in imports.
The import curtailment is likely to continue. The EU recently adopted a sixth sanction package against Russia, placing a complete ban on all Russian seaborne crude oil products. The ban, which covers 90% of the EU’s oil imports from Russia, will likely realize its full impact after a six-to-eight month period that permits the execution of existing contracts.
While the EU is phasing out Russian oil, several European countries are heavily reliant on Russian gas. A full-fledged boycott on Russia’s fossil fuels would also hurt the European economy—therefore, the phase-out will likely be gradual, and subject to the changing geopolitical environment.
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