The US copper mining production was 1,230 thousand tonnes (kt) in 2021. The market is expected to grow at a CAGR of more than 7% during the forecast period. The sector’s output is mainly supported by a strong performance from the country’s major producers like Freeport-McMoRan Inc and Rio Tinto.
According to the US Geological Survey (USGS), the country has the world’s sixth-largest copper reserves. The Bagdad, Morenci, Sierrita, and Lone Star copper mines are some of the largest mines in the country in terms of metal reserves.
US Copper Mining Market Overview
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What are the market dynamics in the US copper mining market?
The US is the world’s second-largest copper-consuming country, after China. In 2021, the country’s copper consumption growth was primarily supported by the country’s construction industry from where the largest share of copper demand comes.
The US federal and state bodies have separate roles and responsibilities for resource exploration and development. Mineral resources, for example, are owned by the state or federal governments, rather than private individuals. The Department of the Interior; Office of Surface Mining Reclamation and Enforcement; Mine Safety and Health Administration; and the Environmental Protection Agency are the main governing bodies. Mining Law 1972, and the Surface Mining Reclamation and Enforcement Act (SMRCA) are the apex laws.
Which are the key active mines in the US copper mining market?
Some of the key active mines in the US copper mining market are Morenci Mine, Kennecott Copper Project, Bagdad Mine, Sierrita Mine, Safford Mine, Mission Mine, Pinto Valley Mine, Robinson Mine, Chino Mine, Ray Mine, Tyrone Mine, Silver Bell Mine, Eagle Mine, Lisbon Valley Project, and Miami Mine.
Which are the major copper producers in the US copper mining market?
The major copper producers in the US copper mining market are Freeport-McMoRan Inc, Rio Tinto, and Grupo Mexico SAB de CV.
Freeport-McMoRan Inc (FCX) is a metals and mining company that carries out the production of gold, copper, cobalt, silver, molybdenum, and oil and natural gas. Its portfolio of products includes specialty copper, continuous cast copper rods, copper cathodes, copper concentrates, copper electrode, bare wires, and other refined copper products. The company operates mines in North America, South America, and Indonesia.
Rio Tinto is an international metals and mining company that carries out the mining, exploration, and processing of various mineral resources. It supplies a range of minerals and metals, including aluminum, diamonds, uranium, copper, gold, and iron ore. Rio Tinto also supplies industrial minerals such as borax, titanium dioxide, and salt. The company operates port and rail facilities, smelters, refineries, processing plants, and shipping, commercial, and research facilities.
Grupo Mexico SAB de CV
Grupo Mexico SAB de CV (Grupo Mexico) is a holding company. It carries out the mining, multimodal freight railroad service, and infrastructure development. It also carries out the exploration and processing of metallic and non-metallic minerals such as copper, zinc, lead, gold, silver, and molybdenum. The company also provides services such as construction, engineering, procurement, project management, integral project engineering activities, and infrastructure construction.
Market Report Scope
|Market size (2021)||1,230 kt|
|Key active mines||Morenci Mine, Kennecott Copper Project, Bagdad Mine, Sierrita Mine, Safford Mine, Mission Mine, Pinto Valley Mine, Robinson Mine, Chino Mine, Ray Mine, Tyrone Mine, Silver Bell Mine, Eagle Mine, Lisbon Valley Project, and Miami Mine|
|Major copper producers||Freeport-McMoRan Inc, Rio Tinto, and Grupo Mexico SAB de CV|
- The report contains an overview of the US copper mining industry including key demand driving factors affecting the US copper mining industry. It provides detailed information on reserves, reserves by country, production, competitive landscape, major operating mines, and major exploration, and development projects.
Reasons to Buy
- A comprehensive evaluation of the impact of COVID-19 on the US copper industry
- To gain an understanding of the US’ copper mining industry, relevant driving factors
- To understand historical and forecast trends in US copper production
- To identify key players in the US’ copper mining industry
- To identify major active, exploration and development projects in the US
Peabody Energy, Arch Resources Inc., Alliance Resource Partners LP, NACCO Industries Inc., CONSOL Energy
Table of Contents
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1 Executive Summary
2 Reserves, Production and Prices
2.1 Copper Reserves by Country
2.2 Copper Production
2.3 Copper Prices
3 Copper Assets
3.1 Active Mines
3.2 Development Projects
3.3 Exploration Projects
4 Key Demand Drivers
4.1 Copper Consumption
4.2 Demand from the Construction Industry
4.3 Demand from the Electric Vehicle Market
5 Major Copper Producers
5.1 Freeport-McMoRan Inc
5.2 Rio Tinto
5.3 Grupo Mexico SAB de CV
6 Fiscal Regime
6.1 Federal Governing Bodies
6.2 State Governing Bodies
6.3 Laws and Regulations
– Federal Laws
– State Laws
6.4 Licenses and Leases
– Coal Mining Lease
– Exploratory License
– Federal Permits
– State Permits
6.5 Rights and Obligations
6.6 Taxes and Royalties
– Federal Reclamation Fee
– Mining Claim Fees
– State Fees
– Corporate Tax Rates
– Real Property Tax
7.4 Secondary Research
7.5 Development Likelihood
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List of Tables
Table 1: Copper reserves by country (million tonnes), January 2022
Table 2: US copper production (thousand tonnes), 2006–2026
Table 3: Copper prices quarterly ($/tonnes), 2015–2022
Table 4: Active mines, 2022
Table 5: Development projects, 2022
Table 6: Exploration projects, 2022
Table 7: US copper consumption (thousand tonnes), 2006–2026
Table 8: Freeport-McMoRan, major projects, 2022
Table 9: Rio Tinto major projects, 2022
Table 10: Grupo Mexico major projects, 2022
Table 11: National Level Mining Governing Bodies and Agencies, 2022
Table 12: State Level Mining Governing Bodies and Agencies, 2022
Table 13: Anthracite coal mining application fees, 2022
Table 14: Bituminous coal surface mining application fees, 2022
Table 15: Bituminous coal underground mining application fees, 2022
Table 16: Non-coal mining application fees, 2022
Table 17: Excise tax rates, 2022
Table 18: Coal Royalty Rates (%), 2022
Table 19: Mining Claim fees (New Claims), Before September 1, 2019
Table 20: Mining Claim fees (New Claims), On or After September 1, 2019
Table 21: Mining Claim Fees (Existing Claims), 2022
Table 22: Processing Fees to Apply for Waiver in Maintenance Fees for Existing Claims, 2022
Table 23: Processing Fees for Transfer of Interest/Amended Notice of Location, 2022
Table 24: Disposition of Occupation Tax Revenue, 2022
Table 25: Tennessee Mining Fees ($), 2022
Table 26: Alaska Mining License Tax on Net Income (%), 2022
Table 27: West Virginia Coal Severance Tax Rate (%), 2022
Table 28: Montana Coal Severance Tax Rate (%), 2022
Table 29: Nevada, Net Proceeds Tax Rates (%), 2022
Table 30: State Corporate Tax Rates (%), as of January 2022
List of Figures
Figure 1: Share of copper reserves by country (%), as of January 2022
Figure 2: US copper production (thousand tonnes) vs. number of operating mines, 2006–2026
Figure 3: Copper prices, quarterly ($/tonne), 2015–2022
Figure 4: Historical and forecast US copper consumption (thousand tonnes), 2006-2026
Figure 5: Global vs. US construction output value ($ billion), 2016–2026
Figure 6: EVs production (thousand units), 2016–2036