| SIC Codes: | 1011 1021 1031 1041 1044 1061 1081 1094 |
| NAICS Codes: | 212291 212234 213114 212299 212231 212222 212221 212210 |
The US metal ore mining industry includes about 200 companies with combined annual revenue of about $35 billion. Major companies include Cliffs Natural Resources, Freeport-McMoRan Copper & Gold (FCX), Newmont Mining, Southern Copper, and Coeur d'Alene Mines.
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 $650,000.
Major products include copper and nickel ores (40 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.
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