PwC’s Aussie Mine 2020 report stated that 50 ASX-listed mid-tier companies with market values under $5 billion had maintained consistent revenues and profits throughout the year.

“Australia’s 50” have increased their revenue by 6 per cent to $29.4 million and outperformed the combined ASX-200, equivalent to an ASX-5 for the first time.

Alumina Limited stole the top spot for the second year in a row, with market capitalisation of $4.6 million as at June 30.

However, aluminium did represent the biggest drop in net assets for any commodity group, driven by Alumina Limited’s substantial dividend return to shareholders.

The largest group in the mid-tier 50 are gold miners, which represent 44 per cent of companies including Alacer Gold (fifth), Regis Resources (eighth), St Barbara in (ninth) and OceanaGold (10th).

Coal, however, represented the largest share of revenue into the top 50, contributing $11.4 billion, or 35 per cent of the ranking, having produced 120 million tonnes that are equivalent to Australia’s domestic coal use in the past year.

Yancoal was the top ranked coal company and the only company in the top 10 in seventh spot, with Whitehaven Coal positioned at 15th.

PwC 2020 Aussie Mine project leader Justin Eve said that the mid-tier 50 had “never performed so well”.

“The value of net assets is the highest it has ever been,” Eve said.

“Exploration is up 21 per cent and we’ve seen that also through a record number of eight explorers making the mid-tier 50, which is the highest ever.

“This demonstrates the willingness to invest in future miens and therefore employing a lot of people through their value chain.”

The ASX-50 had 12 new entrants in 2020, seven of which were gold miners, with one graduate being Saracen Mineral Holdings as it exceeded the $5 billion market value limit.