The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation

2026-08-10

Metals and mining is one of the cheapest, most hated and most cyclical corners of the market - and it is the physical base of the electrification and infrastructure story. Copper wires the grid and the EV; steel and aluminium build everything; silver is half-industrial; coal still keeps the lights on. When the commodity runs, these companies gush cash at single-digit multiples. This guide ranks the miners we cover by EV/EBITDA and explains how to value one. Gold has its own guide; oil & gas is under E&P.

The cycle that breaks the multiple

A miner's earnings swing with the metal price, so the naive multiple inverts the cycle: a trailing P/E looks lowest at the top (peak prices, peak earnings) and highest at the bottom. Buying the cheapest-looking name at a cyclical peak is the classic trap. Judge the multiple against where the commodity is, not in isolation.

How to value a miner

EV/EBITDA, not P/E. Miners carry debt and heavy depreciation; EV/EBITDA is neutral to both and is our default screen. But it moves with the metal price - the same company is cheap at a high copper price and dear at a low one.
Position on the cost curve. The one durable edge in a commodity business is being a low-cost producer: they stay profitable when high-cost rivals bleed, and they survive the downturn that clears the field. Cost per tonne beats size.
Reserves and jurisdiction. Check reserve life and where the mines are - political and currency risk is priced into the discount for a reason.

We compute EV/EBITDA, P/E, dividend yield and ROE for every issuer daily, from filings.

The cheapest metals & mining stocks right now

Copper, steel, aluminium, silver, coal and diversified miners we cover, ranked by lowest EV/EBITDA. A research starting point, not a buy list; click any name for the full financials, cost position and cash-flow history.

EV/EBITDA, x

#	Company	Market	EV/EBITDA	P/E	Div yield	Mcap, $bn
1	Indo Tambangraya Megah ITMG	ID	2.9x	8.1x	6.9%	1.6
2	Yancoal Australia YAL	AU	3.1x	17.3x	3.2%	5.4
3	Fortuna Mining FSM	COMMODITIES	3.6x	9.3x	—	3.2
4	Exxaro Resources EXX	ZA	3.7x	6.3x	9.2%	2.9
5	Adaro Andalan Indonesia AADI	ID	3.7x	5.3x	10.9%	4.0
6	Whitehaven Coal WHC	AU	4.3x	9.7x	1.3%	4.2
7	Industrias Peñoles IPOAF	COMMODITIES	4.8x	11.1x	0.7%	20.5
8	Rio Tinto RIO	COMMODITIES	4.8x	7.6x	4.0%	165.9
9	Bukit Asam PTBA	ID	4.8x	8.2x	4.8%	1.5
10	Alamtri Resources Indonesia ADRO	ID	5.0x	8.2x	10.4%	4.1
11	CSN SID	COMMODITIES	5.4x	—	—	1.2
12	Alliance Resource Partners ARLP	COMMODITIES	5.7x	12.1x	9.6%	3.2
13	Aneka Tambang ANTM	ID	5.8x	9.0x	6.7%	4.3
14	Core Natural Resources CNR	COMMODITIES	6.1x	46.8x	0.4%	4.7
15	Gerdau GGB	COMMODITIES	6.7x	38.1x	1.6%	9.8
16	Alcoa Corporation AA	COMMODITIES	6.8x	10.5x	0.8%	13.4
17	Vale VALE	COMMODITIES	7.6x	29.2x	6.9%	63.0
18	NACCO Industries NC	COMMODITIES	7.6x	14.8x	2.4%	0.3
19	Ero Copper ERO	COMMODITIES	7.9x	11.9x	—	3.7
20	Impala Platinum IMP	ZA	7.9x	23.3x	2.7%	11.8

Reading the groups

Copper is the structural bet - grids, data centres and EVs all need more of it, and new supply is slow. Steel and aluminium are the pure cycle, levered to construction and industry. Silver is half-industrial, half-monetary, so it rides both the electronics cycle and precious-metal sentiment. Coal is the out-of-favour trade: shunned on ESG, often the cheapest and highest-yielding of all, and cash-rich while the world still burns it. Different bets - match the ticker to the thesis.

The risks

The commodity. Revenue and the multiple move with prices you do not control. Cost inflation. Energy, labour and grade decline eat margins even at flat prices. Jurisdiction. Resource nationalism, taxes and currency can turn a cheap multiple into a value trap - the discount on some names is deserved. The prize is a low-cost producer, in a decent jurisdiction, bought when the metal is out of favour.

Screen the whole market

Build your own shortlist on our screeners and compare across markets on the global valuation map. See also the gold miners and the cheapest stocks in the world. This guide is analysis, not investment advice.