These Miners Made Shareholders Smile: Top Performers of 2023

January 08, 2024 05:08 PM AEDT | By Team Kalkine Media

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These Miners Made Shareholders Smile: Top Performers of 2023 — Image source: Parilov, Shutterstock

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The ASX 200 index showcased a commendable performance in 2023, recording a substantial 7.8% gain. However, some ASX 200 mining shares surpassed this achievement, generating significantly higher returns during the same period.

Boss Energy Ltd (ASX: BOE)

Boss Energy Ltd emerged as the leading performer among ASX 200 mining shares in 2023, boasting an impressive 89% gain in its share price. Investors showed keen interest in purchasing shares of this uranium developer last year, notably amidst a surge in uranium prices reaching decade-high levels. The bullish outlook for uranium demand, particularly driven by optimism regarding increased adoption of nuclear power, contributed significantly to Boss Energy's exceptional performance.

Ramelius Resources Ltd (ASX: RMS)

Ramelius Resources Ltd experienced substantial growth, witnessing an 81% surge in its share price during the same period. This rise was primarily propelled by a substantial increase in the price of gold, surpassing the milestone of US$2,000 per ounce. The surge in gold prices immensely benefited the entire gold industry, leading to a notable 23% increase in Ramelius' earnings before interest, taxes, depreciation, and amortization (EBITDA). Additionally, the company reported a staggering 396% surge in its statutory net profit after tax, reaching AU$61.6 million in FY 2023. Other ASX 200 gold mining shares like Bellevue Gold Ltd (ASX: BGL) and Genesis Minerals Ltd (ASX: GMD) also recorded strong growth, rising by 48% and 43%, respectively, during the same period.

Fortescue Ltd (ASX: FMG)

Fortescue Ltd attracted attention with a remarkable 41% increase in its share price last year. Despite initial assessments by major brokers labeling the ASX 200 mining giant's shares as significantly overvalued, they defied expectations and surged upwards. This surge was primarily driven by soaring iron ore prices, which soared beyond US$145 a tonne due to robust demand in China. This increase in prices boded well for Fortescue, aiding its efforts to accumulate funds necessary for its ambitious and costly decarbonization strategy.

Conclusion

The year 2023 witnessed outstanding performances by several ASX 200 mining shares, surpassing the gains of the broader market index. Companies like Boss Energy Ltd, Ramelius Resources Ltd, Bellevue Gold Ltd, Genesis Minerals Ltd, and Fortescue Ltd showcased impressive growth, largely driven by sector-specific factors and market dynamics.

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