The United States relies on mining to provide the energy that powers daily lives, from the fuel sources that power the energy grid to the metals that transport electricity to homes and businesses. Coal and various minerals are crucial components in all aspects of energy production and distribution. From the early days of the gold rush, there has been continuous mining activity, which has contributed to the country's growth and progress over the years.
With a combined market cap of over $206bn, we take a look at the top 10 mining companies based out of the US, based on market capitalisation.
10. Couer Mining Inc
Market cap: $929.91mn
Founded in 1928, Couer Mining Inc is a growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the company wholly owns the Silvertip silver-zinc-lead project in BC.
Coeur Mining's primary focus is on silver and gold mining, and the company has a diverse portfolio of precious metal assets. The company also produces significant amounts of zinc and lead as byproducts of its mining operations.
9. Hecla Mining
Market cap: $3.13bn
Based in Idaho, the largest primary silver producer in the USA, and third, in the world, Hecla Mining has been in business for more than 130 years and is the oldest NYSE-listed precious metals mining company in North America. Hecla Mining Company produces more than 40% of all silver in the United States, and has operating mines in Alaska (Greens Creek), Idaho (Lucky Friday), Quebec, Canada (Casa Berardi) and Yukon Territory, Canada (Keno Hill).
Hecla Mining is committed to sustainable mining practices and has implemented various programs to reduce its environmental impact. The company has received numerous awards for its environmental efforts, including the Idaho Governor's Award for Excellence in Environmental Performance in 2019
8. Peabody Energy
Market cap: $4.07bn
Peabody Energy (NYSE: BTU) is the world's largest privately-owned coal company with its main focus on coal mining, sales, and distribution for use in electricity generation and steelmaking. Headquartered in St. Louis, Missouri, the company has a controlling stake in 22 out of 23 coal-mining operations in the U.S. and Australia and owns a 50% equity interest in Middlemount Coal Pty Ltd., which operates the Middlemount mine in Queensland, Australia.
In June, Peabody Energy and Arch Coal agreed to combine their assets in the Powder River Basin and Colorado, forming a joint venture that is estimated to generate synergies of $120 million annually during the first decade of operation. Peabody will be the operator and hold a 65% majority stake in the joint venture, while Arch Coal will own the remaining 33.5%.
7. MP Metals Corp
Market cap: $5.804bn
MP Materials Corp is a publicly-traded American mining company that specialises in the extraction and processing of rare earth minerals. The company was formed in 2017 through a merger between two companies, Molycorp and Lynas. Its headquarters are located in Las Vegas, Nevada, and it operates a mine in Mountain Pass, California.
The Mountain Pass mine is one of the world's largest deposits of rare earth minerals, which are a group of 17 elements that are critical to a wide range of modern technologies, including smartphones, electric vehicles, wind turbines, and military hardware. MP Materials is one of the few companies in the world that produces these minerals, which are typically difficult and expensive to extract and process.
Market cap: $10.20bn
Headquartered in Cleveland Ohio, Cleveland-Cliffs is North America's largest flat-rolled steel producer, with a significant presence in the automotive and construction industries. The company's steel operations primarily use iron ore pellets produced at its own mines and processing facilities in Michigan and Minnesota. The company's mines and pellet plants in Michigan and Minnesota are major suppliers of iron ore pellets for the US.
Cleveland-Cliffs is committed to sustainable mining practices and has implemented various programs to reduce its environmental impact. The company has received numerous awards for its environmental efforts, including the Governor's Award for Environmental Excellence in Minnesota in 2019.
4. Albemarle Corporation
Market cap: $30.23bn
With a history that extends back to 1887, Albemarle Corporation is a speciality chemicals company that develops, manufactures, and markets advanced materials, chemicals, and products used in a range of industries, including lithium-ion batteries, electronics, and energy storage. The company is headquartered in Charlotte, North Carolina, USA.
Albemarle is a leading producer of lithium, a key component in the manufacture of lithium-ion batteries used in electric vehicles and other energy storage systems. The company's lithium products are used in a variety of applications, including electric vehicles, consumer electronics, and grid-scale energy storage systems.
In addition to its lithium business, Albemarle also produces a range of speciality chemicals and materials used in other industries, including catalysts, bromine, and fine chemicals. The company's products are used in a variety of applications, including plastics, automotive, pharmaceuticals, and aerospace.
3. Newmont Corporation
Market cap: $36.05bn
Newmont Corporation is a mining company that explores, develops, and produces gold, copper, silver, and other metals. The company is headquartered in Greenwood Village, Colorado, USA, and has mining operations in North and South America, Australia, and Africa.
Newmont is one of the world's largest gold producers and has a diverse portfolio of mining assets. The company's mining operations primarily produce gold and copper and silver as byproducts. Newmont's mines are located in some of the world's most productive mining regions and are known for their high-quality ore deposits.
2. Southern Copper Corp
Market cap: $57.24bn
Formed in Delaware in 1952, Southern Copper Corp is a mining company that explores, develops, and produces copper, molybdenum, zinc, and silver. The company is headquartered in Phoenix, Arizona, USA, and has mining operations in Peru, Mexico, and Chile.
Southern Copper is one of the largest copper producers in the world and has a diverse portfolio of mining assets. The company's mining operations produce copper, molybdenum, zinc, and silver, which are used in a variety of applications, including construction, electronics, and transportation.
1. Freeport-McMoRan Inc
Market cap: $59.66bn
Freeport-McMoRan Inc. is a mining company that explores, develops, and produces copper, gold, and molybdenum. The company is headquartered in Phoenix, Arizona, USA, and has mining operations in North and South America, Indonesia, and Africa.
FCX, headquartered in Phoenix, Arizona, USA, possesses a collection of mining resources, such as Grasberg, Henderson, Morenci, Bagdad, Tyrone, Safford, Sierrita, Chino, El Abra, and Cerro Verde, and conducts refining and smelting activities in Indonesia, Spain, and the United States. Moreover, the company carries out offshore oil production in California and onshore gas production in South Louisiana.
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