Copper & Nickel Mining Industry Profile

Companies in this industry develop mine sites, mine and quarry copper and nickel, and prepare copper and nickel for sale. Major companies include BHP Group (Australia), Codelco (Chile), Freeport-McMoRan (US), Glencore (Switzerland), Grupo México (Mexico), and Jiangxi Copper (China).

Worldwide, copper production totaled about 22 million metric tons in 2023, while total global copper reserves amounted to about 1 billion metric tons, according to Statista. Copper is mainly produced in Chile, Peru, and the Democratic Republic of the Congo. Global nickel production in 2023 amounted 3.6 million metric tons. Indonesia was the world's largest nickel producing country.

The US copper and nickel mining industry includes about 60 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $15 billion.

COMPETITIVE LANDSCAPE

Demand is driven by industrial production and economic growth. Individual company profitability depends on operating efficiency. Large companies have more resources to devote to discovering and developing new deposits. Small companies typically own just one mine, limit exploration to that one property, and aim to operate it as efficiently as possible.

The US is a net exporter of copper and nickel ore. Exports, mainly to Mexico, Canada, China, South Korea, and Australia, account for about 35% of US production. Imports account for 1% of the US market.

PRODUCTS, OPERATIONS & TECHNOLOGY

Copper and nickel are often used for construction and industrial purposes, to produce various kinds of equipment and vehicles. Major products include ...