Top 10: Freeport-McMoRan, Southern Copper lead US miners in size, profits 

Freeport-McMoRan (NYSE: FCX) and Southern Copper (NYSE: SCCO) top the list of U.S. mining companies by market capitalization and net income as two titans of the copper sector.

Freeport-McMoRan is the leading U.S. miner by net income, posting US$3.7 billion for 2023 in its results released in January. The company attributed its success to high copper prices and efficient cost management.

Former CEO and current chair, Richard Adkerson, said at the time the company’s commitment to strong operational performance and returning value to shareholders underpinned the performance.

The company is also second in market capitalization, valued at US$66 billion as of mid-July. On July 2, the copper and gold miner announced the June start of commissioning at the 2-million-tonne-per-year Manyar smelter in Gresik, Indonesia, with full capacity expected by year-end.

The company has guided for 4.2 million lb. of copper and 2 million oz. of gold sales this year.

Southern Copper ranks second in net income with US$2.4 billion in 2023. The company’s extensive operations in Peru and Mexico and high copper prices have significantly bolstered its finances.

Southern Copper leads the market cap rankings with a valuation of US$81.2 billion. It holds the largest copper reserves of any public company. At the end of last year, its reserves, based on a copper price of US$3.30 per lb., amounted to 97 billion lb. of metal.

Southern Copper’s 2023 revenue was driven by increased production levels, as well as strong copper prices. In 2023, the company produced about 1 million tonnes of the red metal.

According to Southern Copper’s latest projections, it will produce about 1.1 million tonnes of copper this year, driven by expansion projects at the Buenavista mine in Mexico and the Tia Maria project in Peru.

Other metals

Albemarle (NYSE: ALB), the largest U.S.-based lithium producer with its flagship Silver Peak brine operation in Nevada, in 2023 reported a net income of almost US$1.6 billion. The growing demand for lithium-ion batteries in electric vehicles and renewable energy storage drove the company’s strong performance, even with weaker lithium prices.

The company comes fourth in market capitalization, with US$11 billion.

Albemarle’s next significant catalyst involves completing the Meishan lithium conversion facility in China and the Kemerton conversion facility in Australia. It also aims to implement strategic cost-cutting measures such as reducing capital and administrative expenses to give it more financial flexibility to capitalize on future growth opportunities in the volatile lithium market.

Vertically integrated iron ore producer Cleveland-Cliffs (NYSE: CLF) in 2023 reported a net income of US$450 million (fifth place), continuing to strengthen its position as a leading supplier in the North American steel industry. It has a market cap of US$7.4 billion (sixth position) as of mid-July.

Cliffs, founded in 1847, is North America’s largest flat-rolled steel producer. It operates iron ore mines in Michigan and Minnesota and serves diverse markets, including automotive and infrastructure.

Arcadium Lithium (ASX: LTM) was formed by the merger of Livent and Allkem completed in early 2024.  Livent reported a net income of US$330 million in 2023. Post-merger as of mid-July, Arcadium has a market cap of US$3.9 billion (seventh).

U.S.-based Livent brought its brine production expertise in Argentina, and lithium refineries in the U.S. and China into the combined company, while Australia-based Allkem brought its Sal de Vida mine in Argentina, hard rock production in Australia and a chemical conversion facility in Japan.

Arcadium expects to start commercial production from an expansion of its Salar del Hombre Muerto brine operation in Argentina in September. The company plans to achieve a production capacity of 170,000 tonnes of lithium carbonate equivalent (LCE) by 2026 through expansions in Argentina and Canada. It forecasts production of 50,000 to 54,000 tonnes LCE this year.

With key assets on Mount Milligan, Andacollo, and Pueblo Viejo, Royal Gold (NASDAQ: RGLD) reported record revenue of US$239.4 million in 2023, marking its role as a key player in the precious metals streaming and royalty sector. The company’s diversified portfolio of high-quality global assets has contributed to its strong financial performance.

Royal Gold’s market cap of US$9.1 billion, fifth among the U.S. miners, shows the company’s streaming and royalty model provides stable and predictable cash flows, appealing to long-term investors.

MP Materials (NYSE: MP), focusing on rare earth elements from the Mountain Pass mine in California, achieved a net income of US$24 million in 2023. The company’s flagship asset is the only major rare earth mining and processing facility focusing on neodymium-praseodymium in the Western Hemisphere, giving it a strategic advantage in the market.

MP Materials has a market capitalization of $2.4 billion (tenth),  reflecting its importance in the supply chain for high-tech and green energy products.

Looking for profit

The following three companies also deserve a mention as they feature in the top 10 by market cap but reported losses in 2023: Newmont (NYSE: NEM), Hecla Mining (NYSE: HL), and Coeur Mining (NYSE: CDE).

With its market cap of US$54.8 billion (ranked third), gold miner Newmont reported a net loss of US$2.5 billion in 2023, driven by US$1.9 billion in impairment charges, US$1.5 billion in reclamation charges, and US$464 million in transaction and integration costs related to its acquisition last year of Newcrest Mining. Excluding these significant, but one-time charges, it reported an adjusted net income of US$464 million.

Hecla stands out with a market capitalization of US$3.8 billion (eighth) despite not making the net income list for 2023. The company, primarily focused on silver and gold production, holds key assets such as the Greens Creek and Lucky Friday mines in the U.S. — among the world’s largest and highest-grade silver mines.

With its market cap at US$2.5 billion (ninth), Coeur Mining reported a net loss for 2023 due to operational challenges and development investments.

It retains significant growth potential through its Rochester mine expansion in Nevada and ongoing efficiency improvements across its asset base.