Clinching a position on the TSX30 is a significant achievement. The list — a ranking of the top 30 Toronto Stock Exchange companies based on their dividend-adjusted share price performance over three years — is not only a signal of where investors are putting their money, but a sign of what industries matter right now.

This year, the list was dominated by three sectors: oil and gas, industrial products and services, and mining. These industries accounted for 25 of the 30 companies ranked, and reflect wider trends in global economics. As societies grapple with the transition away from fossil fuels, questions over energy security, electrification and battery storage, and mining critical minerals remain.

Four Vancouver companies made the cut, all of which focus on mining and energy production.

International Petroleum Corporation

Ranking 10th on the list of 30, International Petroleum Corporation is an oil and gas exploration and production company which lists assets in Canada, Malaysia, and France. The business can trace its roots back to the 1980s, when founder Adolf Lundin operated the company in countries including Oman, UAE, Vietnam, Malaysia, and Libya. The International Petroleum Corporation is known for using advanced tech in its operations, and emphasizes sustainable practices.

China Gold International Resources Corporation

Taking the next spot after the International Petroleum Corporation, China Gold International Resources is a mining company that operates two producing mines in China: one in the inner Mongolia region, and the other in the Tibet area. Although based in Vancouver, the company has strong ties to China as the only overseas vehicle of China National Gold Group, which is a central level, state-owned enterprise. The company supports local research and development, including funding a mining and environmental production project at UBC.

Filo Corporation

At number 21 is Filo Corporation: a mining company focused on the exploration and development of precious and base metals, primarily in the Americas. It is best known for its Filo del Sol project, which is located on the border of Argentina and Chile. This project features a significant deposit of gold, silver, and copper. In July this year, Filo was acquired by BHP and Lundin Mining for approximately CAD $4.1 billion.

Teck Resources

The last Vancouver company in the rankings — landing at 24th — is Teck Resources, which is a big employer in the region. Teck focuses on the extraction and production of various minerals and metals, including the in-demand copper, of which it is one of the largest producers in North America. The company is also a major zinc producer, and is a leading producer of metallurgical coal, used in steelmaking. As well as metals, Teck has interests in oil sands and other energy-related projects. 

The companies have a lot in common — even beyond the obvious. The three mining companies have made significant profits by investing in metals including copper and zinc, which are essential components in a wide range of innovations and technologies. Electric vehicles, solar panels, wind turbines, energy infrastructure, and more rely on those non-precious metals, and are required for the world to meet its climate ambitions. 

Leaping beyond industry, these Vancouver companies are similar in their demonstration of strong capital efficiency. Across the TSX30, the companies delivered an average dividend growth rates of 234 percent, primarily through organic growth and funding mergers and acquisitions — like Filo. Very few companies on the list this year raised a lot of capital, with only seven of the total TSX30 businesses completing an equity raise.

Also of note is that 19 of the 30 companies on the list paid dividends. That implies, as various commentators have pointed out, that investors are shifting their focus from growth to value investing — meaning they’re choosing stable businesses with a positive cash flow, which have been historical dividend payers. Compare that to 2021’s TSX, which only had eight dividend-paying companies, and it’s evident there’s been a move away from betting on businesses that have high-growth potential in favour of safer options.

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