Citi analyst Heath Jansen added that Rio Tinto was also heavily exposed to the three major commodity currencies – the Brazilian real, the Chilean peso and the Australian dollar.
(Read more: Australian dollar rallies to one-month peak)
"Of the large diversified miners, Anglo and Rio have the greatest sensitivities, with a 10 percent fall in foreign exchange providing earnings upgrades of around 6-10 percent, mainly due to the Australian dollar and the South African rand," Jansen said in a research note last month.
Meanwhile, the Kazakhstan tenge devalued late on Monday, which could potentially help U.K.-registered Kazakhmys. Also in line for a boost is Russia's Polymetal International, which could also gain from the decline in the Russia roble.
(Track: Currencies with CNBC)
In terms of sector, Royal London Asset Management's Ivor Pether said that gold mining was typically more labor intensive than other types of mining, and that therefore gold producers were most likely to gain from the selloff.
"The sell-off in emerging market currencies is clearly helpful in reducing the real cost of domestic labour in local currency terms, and therefore probably more beneficial to gold miners, whose operations are typically more labour-intensive," Pether told CNBC.
(Read more: Why the EM pallor could take the shine off IPOs)
However, the boost to miners from the emerging markets sell-off may be restricted to South Africa as other countries' costs may be tied to the U.S. dollar or the euro.
"A substantial proportion of general mining costs is dollar-denominated (such as imported equipment and fuel), offsetting some of the benefit, especially for the more capital-intensive commodities," said Pether.
He added that ultimately, miners were more susceptible to commodity price trends than foreign exchange changes.
(Track: Commodity prices with CNBC)
"Anglo American stands out with respect to the rand, as South Africa represents about 40 percent of earnings, but if spot (metal) prices are factored into an Anglo American earnings model, the shares look quite expensive relative to the rest of the sector, so I wouldn't buy them just on the currency move," Pether said.