Mining Industry Profile

Companies in this industry develop mine sites; mine and quarry coal, metal ores, and nonmetallic minerals; and prepare extracted materials. Major companies include US-based Freeport-McMoRan, Newmont Mining, and Peabody Energy, as well as Barrick Gold (Canada), BHP Billiton (Australia), Coal India, Glencore (Switzerland), Grupo Mexico, Nornickel (Russia), Rio Tinto (UK), and Vale (Brazil).

Australia, Brazil, China, India, and Russia are the top five largest iron ore producing countries in 2023, according to Statista. The world's most exploited commodities are iron ore, coal, potash, and copper, according to Statista. China is the world's leading country in the mine production of gold, and is becoming the top mining country, especially for rare earths, producing about 70% of the global production in 2022.

The US mining industry includes about 6,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $85 billion.

COMPETITIVE LANDSCAPE

Demand for coal comes mainly from generators of electricity. Metal ore demand is driven by industrial production. Nonmetallic mineral demand is driven by construction spending and agricultural spending on fertilizers. Large companies can afford to discover and develop new deposits and increase reserves. Small companies typically own just one mine, limit exploration to that one property, and operate it as efficiently as possible.

The US imports minerals and ores primarily from Canada, Australia, Peru, Colombia, and Brazil. Imports account for about 10% of the US market. Mineral and ...