Metal Ore Mining Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 6/21/2010
SIC Codes: 1011, 1021, 1031, 1041, 1044, 1061, 1094, 1099
NAICS Codes: 2122
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Metal Ore Mining Industry Profile

The US metal ore mining industry includes about 200 companies with combined annual revenue of over $20 billion. Major companies include Freeport McMoRan Copper & Gold, Newmont Mining, Southern Copper, Cliffs Natural Resources, and Globe Specialty Metals. Metal ore mining is highly concentrated: the largest 10 gold companies account for 95 percent of revenue.

COMPETITIVE LANDSCAPE

Demand is driven by industrial demand and economic growth, both domestic and foreign. Individual company profitability depends on volume and operating efficiency. 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. Metal ore mining is capital-intensive: annual revenue per employee is about $600,000.

The industry includes companies that mine and process gold, silver, copper, nickel, lead, zinc, iron ore, and other metals.

PRODUCTS, OPERATIONS & TECHNOLOGY

Major products include copper and nickel ores (35 percent of revenue); gold ore (25 percent); and iron ore (10 percent). Iron ore is used to make steel for many industries. Precious metals such as gold and silver are used in jewelry and electronics; copper is commonly used in construction.

Almost all US metal ore mining companies use open-pit mines, where the surface is removed to reach ore deposits. Benches are cut into the mine walls to provide access to progressively deeper ore. The ore is extracted by drilling holes in the rock for ...

 
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