The ASX 200 index was on form in 2023 and recorded a 7.8% gain (before dividends).
While that was strong, it wasn't as strong as some of the gains that were recorded by ASX 200 mining shares over the same period.
Here's why these were the best performers in the sector:
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price was the best-performing ASX 200 mining share in 2023 with an 89% gain. Investors were scrambling to buy the uranium developer's shares last year after the price of the chemical element surged to decade-highs. This has been driven by bullish forecasts for uranium demand amid optimism over nuclear power adoption.
Ramelius Resources Ltd (ASX: RMS)
The Ramelius share price was on form and charged 81% higher over the period. This was driven by a strong rise in the gold price beyond US$2,000 an ounce, which gave the whole gold industry a major boost. In addition, it helped to underpin a 23% lift in Ramelius' EBITDA and a 396% jump in its statutory net profit after tax to $61.6 million in FY 2023. Other ASX 200 gold mining shares rising strongly were Bellevue Gold Ltd (ASX: BGL) and Genesis Minerals Ltd (ASX: GMD) shares. They gained 48% and 43%, respectively, over the same period.
Fortescue Ltd (ASX: FMG)
The Fortescue share price caught the eye last year with an impressive 41% gain. Despite almost all major brokers labelling the ASX 200 mining giant's shares as significantly overvalued at the start of the year, they defied the odds and raced higher thanks to sky-high iron ore prices. The steel-making ingredient recently topped US$145 a tonne amid strong demand in China. This is good news for Fortescue as it needs all the cash it can get its hands on to fund its very costly decarbonisation strategy.
