The Big Three iron ore producers havebbeen particularly hard hit.
World number one BHP Billiton (NYSE:BHP) fell again in New York, bringing its losses since Friday to more than 8% before some late buying limited some of the damage. Melbourne-based BHP stock value is down 45% over the last year.
BHP total market worth dipped briefly below $100 billion last Tuesday. BHP peaked at a market cap of $280 billion in 2011.
The cumulative $180 billion loss in that one company’s value is almost impossible to comprehend.
HOW MUCH? In railroad terms that is about the equivalent as a loss in value to the total current value of about two BNSF railroads.
The BHP loss in value is about three to four times the assumed infrastructure investment that all of Africa says that it needs over the next two decades.
In South Africa the recently spun off by BHP named South32 is trading nearly 20% below its May 2015 listing value.
The drop in the shares of Vale continued with the Brazilian company tanking 4% to a decade low on Tuesday. Vale as the world’s top iron ore miner has lost 34% of its market value in 2015.
The globe’s second largest miner based on revenue Rio Tinto (which relies on copper and iron for nearly 80% of its earnings) dropped 4% in heavy volume. The Anglo-Australian giant’s stock is down more than 18% since February.
For more, read http://www.mining.com/china-panic-crushes-mining-stocks/