Six ASX mining shares were listed on the S&P/ASX 300 Index (ASX: XKO) today as part of S&P Global's quarterly rebalancing.
This may surprise some investors as the S&P/ASX 200 Materials Index (ASX: XMJ), which tracks the mining sector, hasn't exactly had a stellar performance year to date. In fact, it's down 9.95%.
On an industry level, things aren't too hot either with the S&P/ASX 300 Metals and Mining Index (ASX: XMM) also down 7.72% over the same period.
So these companies are outliers from the aggregate performance of their peers. They were included due to a surge in their share prices over the last quarter which, in turn, boosted their market capitalisations high enough to overtake laggards in the index.
This was helped by the relatively poor performance of shares in other sectors, such as information technology and consumer discretionary. These have been two of the worst hit on a year-to-date basis. It's also helped companies from stronger sectors over the last quarter to take their positions in the index.
Let's find out which miners are new to the ASX 300.
Which mining companies were added to the index?
They are:
- 5E Advanced Materials Inc (ASX: 5EA) is a mineral exploration company. Market capitalisation: $706 million
- Arafura Resources Ltd (ASX: ARU) is a rare earth exploration company. Market capitalisation: $586 million
- Grange Resources Ltd (ASX: GRR) is an iron ore mining and pellet production business. Market capitalisation: $862 million
- Argosy Minerals Ltd (ASX: AGY) is a mineral exploration company. Market capitalisation: $553 million
- Mincor Resources NL (ASX: MCR) is a high-grade nickel producer. Market capitalisation: $1.02 billion
- Neometals Ltd (ASX: NMT) is a producer of sustainable battery materials. Market capitalisation: $723 million
