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Top 79 largest Companies in the Thermal Coal industry in the World by Market Cap

This is the list of the largest public listed companies in the Thermal Coal industry in the world by market capitalization with links to their reference stock.

World Thermal Coal Industry Analysis
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Top Thermal Coal Companies in the World as of Jan. 01, 2026

Rank Company Market Cap (USD) Country Sector Industry
31 Beijing Haohua Energy Resource Co. Ltd $1.48 B China Chinese Energy Chinese Thermal Coal
32 Guizhou Panjiang Refined Coal Co.,Ltd. $1.44 B China Chinese Energy Chinese Thermal Coal
33 Bukit Asam Tbk PT $1.39 B Indonesia Indonesian Energy Indonesian Thermal Coal
34 Natural Resource Partners L.P. $1.37 B United States US Energy US Thermal Coal
35 Shanxi Lanhua Sci-Tech Venture Co.,Ltd $1.25 B China Chinese Energy Chinese Thermal Coal
36 Shanghai Datun Energy Resources Co. Ltd $1.22 B China Chinese Energy Chinese Thermal Coal
37 Anhui Hengyuan Coal-Electricity Group Co. Ltd $1.07 B China Chinese Energy Chinese Thermal Coal
38 PT Harum Energy Tbk $864.0 M Indonesia Indonesian Energy Indonesian Thermal Coal
39 Hallador Energy Company $848.5 M United States US Energy US Thermal Coal
40 Thungela Resources Ltd $748.3 M South Africa South African Energy South African Thermal Coal
41 Zhengzhou Coal Industry & Electric Power Co. Ltd $729.5 M China Chinese Energy Chinese Thermal Coal
42 PT. Indika Energy Tbk $704.1 M Indonesia Indonesian Energy Indonesian Thermal Coal
43 PT Baramulti Suksessarana Tbk $628.3 M Indonesia Indonesian Energy Indonesian Thermal Coal
44 Geo Energy Resources Ltd $479.5 M Singapore Singaporean Energy Singaporean Thermal Coal
45 PT ABM Investama Tbk $455.0 M Indonesia Indonesian Energy Indonesian Thermal Coal
46 Southern Kuzbass Coal company Public joint-stock company $426.9 M

(July 1, 2025)

 Russia Russian Energy Russian Thermal Coal
47 PT Sumber Global Energy Tbk $390.2 M Indonesia Indonesian Energy Indonesian Thermal Coal
48 PT TBS Energi Utama Tbk $375.8 M Indonesia Indonesian Energy Indonesian Thermal Coal
49 Qinghai Spring Medicinal Resources Technology Co. Ltd $362.4 M China Chinese Energy Chinese Thermal Coal
50 NACCO Industries, Inc. $357.3 M United States US Energy US Thermal Coal
51 Golden Energy and Resources Ltd $355.1 M

(July 1, 2023)

 Singapore Singaporean Energy Singaporean Thermal Coal
52 Mitsui Matsushima Holdings Co. Ltd $337.6 M Japan Japanese Energy Japanese Thermal Coal
53 E-Commodities Holdings Ltd $305.3 M China Chinese Energy Chinese Thermal Coal
54 PT Golden Eagle Energy Tbk $287.1 M Indonesia Indonesian Energy Indonesian Thermal Coal
55 HMS Bergbau AG $253.1 M Germany German Energy German Thermal Coal
56 Lanna Resources Public Company Ltd $249.9 M Thailand Thai Energy Thai Thermal Coal
57 Sumiseki Holdings,Inc. $220.7 M Japan Japanese Energy Japanese Thermal Coal
58 Belon Joint Stock Company $210.0 M

(July 1, 2025)

 Russia Russian Energy Russian Thermal Coal
59 PT Samindo Resources Tbk $204.1 M Indonesia Indonesian Energy Indonesian Thermal Coal
60 PT Dwi Guna Laksana Tbk $179.5 M Indonesia Indonesian Energy Indonesian Thermal Coal

Top Thermal Coal Companies in the World as of Jan. 01, 2026

31. Beijing Haohua Energy Resource Co. Ltd

Company Profile: Beijing Haohua Energy Resource Co. Ltd
Market Cap (USD): $1.48 B
Country: China
Sector: Chinese Energy
Industry: Chinese Thermal Coal

32. Guizhou Panjiang Refined Coal Co.,Ltd.

Company Profile: Guizhou Panjiang Refined Coal Co.,Ltd.
Market Cap (USD): $1.44 B
Country: China
Sector: Chinese Energy
Industry: Chinese Thermal Coal

33. Bukit Asam Tbk PT

Company Profile: Bukit Asam Tbk PT
Market Cap (USD): $1.39 B
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

34. Natural Resource Partners L.P.

Company Profile: Natural Resource Partners L.P.
Market Cap (USD): $1.37 B
Country: United States
Sector: US Energy
Industry: US Thermal Coal

35. Shanxi Lanhua Sci-Tech Venture Co.,Ltd

Company Profile: Shanxi Lanhua Sci-Tech Venture Co.,Ltd
Market Cap (USD): $1.25 B
Country: China
Sector: Chinese Energy
Industry: Chinese Thermal Coal

36. Shanghai Datun Energy Resources Co. Ltd

Company Profile: Shanghai Datun Energy Resources Co. Ltd
Market Cap (USD): $1.22 B
Country: China
Sector: Chinese Energy
Industry: Chinese Thermal Coal

37. Anhui Hengyuan Coal-Electricity Group Co. Ltd

Company Profile: Anhui Hengyuan Coal-Electricity Group Co. Ltd
Market Cap (USD): $1.07 B
Country: China
Sector: Chinese Energy
Industry: Chinese Thermal Coal

38. PT Harum Energy Tbk

Company Profile: PT Harum Energy Tbk
Market Cap (USD): $864.0 M
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

39. Hallador Energy Company

Company Profile: Hallador Energy Company
Market Cap (USD): $848.5 M
Country: United States
Sector: US Energy
Industry: US Thermal Coal

40. Thungela Resources Ltd

Company Profile: Thungela Resources Ltd
Market Cap (USD): $748.3 M
Country: South Africa
Sector: South African Energy
Industry: South African Thermal Coal

41. Zhengzhou Coal Industry & Electric Power Co. Ltd

Company Profile: Zhengzhou Coal Industry & Electric Power Co. Ltd
Market Cap (USD): $729.5 M
Country: China
Sector: Chinese Energy
Industry: Chinese Thermal Coal

42. PT. Indika Energy Tbk

Company Profile: PT. Indika Energy Tbk
Market Cap (USD): $704.1 M
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

43. PT Baramulti Suksessarana Tbk

Company Profile: PT Baramulti Suksessarana Tbk
Market Cap (USD): $628.3 M
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

44. Geo Energy Resources Ltd

Company Profile: Geo Energy Resources Ltd
Market Cap (USD): $479.5 M
Country: Singapore
Sector: Singaporean Energy
Industry: Singaporean Thermal Coal

45. PT ABM Investama Tbk

Company Profile: PT ABM Investama Tbk
Market Cap (USD): $455.0 M
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

46. Southern Kuzbass Coal company Public joint-stock company

Company Profile: Southern Kuzbass Coal company Public joint-stock company
Market Cap (USD): $426.9 M (July 1, 2025)
Country: Russia
Sector: Russian Energy
Industry: Russian Thermal Coal

47. PT Sumber Global Energy Tbk

Company Profile: PT Sumber Global Energy Tbk
Market Cap (USD): $390.2 M
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

48. PT TBS Energi Utama Tbk

Company Profile: PT TBS Energi Utama Tbk
Market Cap (USD): $375.8 M
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

49. Qinghai Spring Medicinal Resources Technology Co. Ltd

Company Profile: Qinghai Spring Medicinal Resources Technology Co. Ltd
Market Cap (USD): $362.4 M
Country: China
Sector: Chinese Energy
Industry: Chinese Thermal Coal

50. NACCO Industries, Inc.

Company Profile: NACCO Industries, Inc.
Market Cap (USD): $357.3 M
Country: United States
Sector: US Energy
Industry: US Thermal Coal

51. Golden Energy and Resources Ltd

Company Profile: Golden Energy and Resources Ltd
Market Cap (USD): $355.1 M (July 1, 2023)
Country: Singapore
Sector: Singaporean Energy
Industry: Singaporean Thermal Coal

52. Mitsui Matsushima Holdings Co. Ltd

Company Profile: Mitsui Matsushima Holdings Co. Ltd
Market Cap (USD): $337.6 M
Country: Japan
Sector: Japanese Energy
Industry: Japanese Thermal Coal

53. E-Commodities Holdings Ltd

Company Profile: E-Commodities Holdings Ltd
Market Cap (USD): $305.3 M
Country: China
Sector: Chinese Energy
Industry: Chinese Thermal Coal

54. PT Golden Eagle Energy Tbk

Company Profile: PT Golden Eagle Energy Tbk
Market Cap (USD): $287.1 M
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

55. HMS Bergbau AG

Company Profile: HMS Bergbau AG
Market Cap (USD): $253.1 M
Country: Germany
Sector: German Energy
Industry: German Thermal Coal

56. Lanna Resources Public Company Ltd

Company Profile: Lanna Resources Public Company Ltd
Market Cap (USD): $249.9 M
Country: Thailand
Sector: Thai Energy
Industry: Thai Thermal Coal

57. Sumiseki Holdings,Inc.

Company Profile: Sumiseki Holdings,Inc.
Market Cap (USD): $220.7 M
Country: Japan
Sector: Japanese Energy
Industry: Japanese Thermal Coal

58. Belon Joint Stock Company

Company Profile: Belon Joint Stock Company
Market Cap (USD): $210.0 M (July 1, 2025)
Country: Russia
Sector: Russian Energy
Industry: Russian Thermal Coal

59. PT Samindo Resources Tbk

Company Profile: PT Samindo Resources Tbk
Market Cap (USD): $204.1 M
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

60. PT Dwi Guna Laksana Tbk

Company Profile: PT Dwi Guna Laksana Tbk
Market Cap (USD): $179.5 M
Country: Indonesia
Sector: Indonesian Energy
Industry: Indonesian Thermal Coal

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