My mining portfolio in numbers: I hold 20 mining stocks across all commodity segments — gold, iron ore, coal, copper, and PGM. No theoretical watchlist picks, but real positions with real money. My focus: cashflow-strong producers with dividends, not explorers or turnaround stories. Top YOC performer is Kumba Iron Ore at 11.96%, followed by Fresnillo at 9.66%. Not investment advice — just numbers and cashflow logic.
My Mining Portfolio: 20 Real Positions
Gold
| Stock (Ticker) | Unrealized Gain | YOC | My Take |
|---|---|---|---|
| Fresnillo (FRES.L) | +370% | 9.66% | Silver/gold combo from Mexico. Massive run, YOC near 10%. Core position. |
| Newmont (NEM) | +127% | 2.18% | World's largest gold producer. Solid but low dividend relative to cost basis. |
| Barrick Mining (GOLD) | +117% | 3.75% | Second-largest gold miner. Copper exposure as a bonus. Strong management. |
| AngloGold Ashanti (AU) | +115% | 4.57% | South Africa/Ghana focus. Strong turnaround, growing dividend. |
| B2Gold (BTG) | +43% | 1.72% | Canadian junior-major. Low AISC but slim dividend. |
Iron Ore
| Stock (Ticker) | Unrealized Gain | YOC | My Take |
|---|---|---|---|
| Vale (VALE) | +59% | 8.49% | Brazilian iron ore giant. YOC above 8% = quality threshold met. |
| BHP (BHP) | +33% | 4.63% | Diversified giant. Iron ore + copper + potash. More defensive than pure-plays. |
| Rio Tinto (RIO) | +32% | 3–5% | Pilbara iron ore + aluminum. Variable dividend, strong in high-price phases. |
| Fortescue (FMG) | +5% | 3.12% | Pure-play iron ore. High green transition costs compressing margins. |
| Kumba Iron Ore (KIO) | +6% | 11.96% | South African pure-play. Highest YOC in my entire mining portfolio. |
| Champion Iron (CIA) | +10% | 2.61% | Canadian iron ore. Premium product (DR-grade) but small dividend. |
Coal
| Stock (Ticker) | Unrealized Gain | YOC | My Take |
|---|---|---|---|
| Thungela Resources (TGA) | +48% | 7.11% | South African thermal coal. Cashflow machine at high prices. |
| Exxaro Resources (EXX) | +41% | 6.71% | Diversified coal miner with renewables division. Solid cashflow. |
| SunCoke Energy (SXC) | -13% | 2.45% | US coking coal. Only mining position in the red. Cyclical trough. |
Copper / PGM
| Stock (Ticker) | Unrealized Gain | YOC | My Take |
|---|---|---|---|
| Jiangxi Copper | +116% | 5.60% | Chinese copper giant. Direct beneficiary of the copper supercycle. |
| Valterra Platinum | +87% | 0.38% | PGM speculation. Strong capital gains, barely any dividend. Hydrogen thesis. |
| Central Asia Metals (CAML) | -2% | 1.33% | Copper + zinc from Kazakhstan/North Macedonia. Disappointing so far. |
Diversified
| Stock (Ticker) | Unrealized Gain | YOC | My Take |
|---|---|---|---|
| Glencore (GLEN) | +18% | 2.00% | Commodity trader + miner. Coal cashflow funds copper growth. |
| Anglo American (AAL) | +24% | 0.07% | Mega-restructuring. Dividend near zero, but turnaround potential. |
| South32 (S32) | +46% | 1.13% | Aluminum, manganese, coal. Broadly diversified but slim dividend. |
Real portfolio data from Marco Bozem. No portfolio totals — percentages only. YOC = Yield on Cost (dividend / purchase price). As of March 2026. Not investment advice.
My Thesis: Why Mining Is the Best Dividend Niche
Most investors avoid mining stocks because of cyclicality. That is exactly my edge. Cyclical cashflows mean: if you buy at the bottom, you get dividend yields no utility or REIT can ever match. Kumba Iron Ore pays me 11.96% on my cost basis. Fresnillo 9.66%. Vale 8.49%. Three positions above the 8% quality threshold — in a sector most retail investors completely ignore.
What makes this hub different from other mining lists:
- Real portfolio data instead of theoretical screener results
- Breakeven thinking: I look at AISC (All-in Sustaining Cost) per ounce/ton, not P/E ratios
- Supercycle positioning: Copper and gold benefit from electrification + central bank buying
- Diversification across 5 commodity segments reduces single-stock risk
- Coal as a cashflow source: Thungela and Exxaro help fund the rest of the portfolio
Fundamentals: Hard Asset Guide · Mining Sector · Calculators · Copper Supercycle
Commodity Supercycle Analysis
- Copper Supercycle 2026 — Why copper is becoming structurally scarce and which stocks benefit.
- Uranium Supercycle — Nuclear renaissance and the supply gap.
- Commodity Supercycles Overview — The big picture across all commodities.
Blog Articles: Mining Analyses & Comparisons
- Barrick Gold vs. Newmont 2026 — The two largest gold producers head-to-head.
- BHP vs. Rio Tinto 2026 — Iron ore giants in a cashflow duel.
- Fresnillo Analysis 2026 — Silver/gold producer with +370% capital gains.
- Vale Analysis 2026 — Brazilian iron ore giant with 8.49% YOC.
- Glencore Analysis 2026 — Commodity trader + miner in one.
- Thungela Resources 2026 — Thermal coal cashflow from South Africa.
- Jiangxi Copper 2026 — Chinese copper giant in the supercycle.
- Fortescue 2026 — Iron ore + green transition.
- AngloGold Ashanti 2026 — Turnaround at South Africa's largest gold producer.
- Exxaro Resources 2026 — Coal + renewables from South Africa.
- Valterra Platinum 2026 — PGM speculation with hydrogen thesis.
- Central Asia Metals 2026 — Copper + zinc from Central Asia.
- SunCoke Energy 2026 — US coking coal at cyclical lows.
- Anglo American 2026 — Mega-restructuring and turnaround.
- B2Gold 2026 — Junior-major with low AISC.
Mining Segments Explained
Mining is not a monolith. Each commodity segment has its own cycles, breakevens, and dividend profiles:
- Gold: Inflation hedge + central bank demand. AISC between $1,000–$1,400/oz. Dividends rise disproportionately at high gold prices.
- Iron Ore: China-dependent, but high margins at $100+/ton. The Big Three (BHP, RIO, Vale) pay variable dividends based on cashflow.
- Coal (Thermal & Coking): Politically unpopular, operationally extremely profitable. Thungela and Exxaro deliver double-digit yields in good years.
- Copper: Structural deficit from electrification. Few pure-plays — Jiangxi Copper and CAML as examples.
- PGM (Platinum, Palladium): Hydrogen thesis vs. declining demand from ICE catalysts. Highly speculative.
- Diversified: Glencore, Anglo American, South32 — broad commodity exposure, lower single-stock risk.
More Hard-Asset Ideas 2026
Tanker & Shipping Hub 2026
Best Tanker Stocks 2026
Best LNG Stocks 2026
Top High-Yield Stocks 2026
Commodity Supercycles
Dividend Strategy — The Complete Approach
Disclaimer: Not investment advice. All content is for informational and entertainment purposes only. Always do your own research. All data without guarantee. Marco Bozem holds positions in all stocks mentioned on this page at the time of publication (FRES, NEM, GOLD, AU, BTG, VALE, BHP, RIO, FMG, KIO, CIA, TGA, EXX, SXC, Jiangxi Copper, Valterra Platinum, CAML, GLEN, AAL, S32).