As slowing Chinese demand for minerals slashes the value of most mining stocks, there is one bright spot: those listed in China.
Seventeen of the 20 best performing stocks in the Bloomberg World Mining Index in the past year are listed in mainland China or Hong Kong, with nine of them more than doubling.
Double-figure declines for majors including BHP Billiton and Anglo American dragged the index 10 percent lower over the same period.
China is battling a property slump, excess industrial capacity, local-government debt and capital outflows, all of which have slashed demand for resources. At the same time, speculation of further stimulus measures has sent the country's shares to a seven-year high.