TORONTO (miningweekly.com) – Index compiler Standard & Poor's (S&P) on Thursday launched its new S&P/TSX Global Base Metals Index, which aims to provide investors with an investable index of global securities involved in the production or extraction of base metals.
The new index is a subset of the existing S&P/TSX Global Mining Index, which provides investors with a broadly representative benchmark for global mining portfolios.
Eligible securities for the S&P/TSX Global Base Metals Index are classified under diversified metals and mining or aluminum.
The S&P/TSX Global Base Metals Index includes companies that mine industrial metals like aluminum, zinc, copper and nickel.
To be included in the index, a security’s float-adjusted market capitalisation must be at least $300-million, and it must meet certain liquidity requirements.
The top ten companies by weight included in the index are: Rio Tinto, Anglo American, Freeport McMoRan Copper & Gold, Vale, BHP Billiton (both Ltd and plc), Teck Resources, Alcoa, Southern Copper Corp and Aluminum Corp of China.
“The index complements the existing S&P/TSX resource based indices which includes the S&P/TSX Global Gold Index and the S&P/TSX Global Mining Index,” S&P said in a statement.