Mining corporations with $50 million or more in assets reported $1.957 billion in combined profits after taxes from January to March 2017, according to their quarterly financial reports collected and analyzed by the Census Bureau.
The results mark a sharp turnaround from the same period a year ago.
In the first quarter of 2016, U.S. mining corporations with $50 million or more in assets cited a collective $27.075 billion in losses. The U.S. mining industry had not reported profits since the third quarter of 2014 when it cited profits of $10.258 billion.”
In the 16-year period in which the Census Bureau has compiled reports, the most profitable quarter was the third quarter of 2008, when it cited $31.376 billion in profits.
The reports take into account the full range of mining businesses in operation domestically.
Observers credit a sharp turnaround in global commodity prices in 2016 for setting the stage for the rebound. Large mining companies then began enjoying the most favorable conditions they’d experienced in several years.
For the U.S. coal industry, the election of Donald Trump to the presidency means the business finally has a friend in the White House after eight years of increasing regulation and attack from the administration of Barack Obama.
In just the last week, a new coal mine opened east of Pittsburgh bringing jobs to 100 workers.
While the coal industry may find more favorable regulations under the Trump administration, mining in general may be benefitting from new energy initiatives.
The increased focus on improved rechargeable batteries for portable electronic devices, electric cars and other products is raising worldwide demand for lithium, cobalt and graphite. Copper and silver are benefiting as well.
As a result, the market for these and other similar minerals is expected to grow dramatically, possibly making mining a powerhouse industry once again.
Technology is having a big impact on mining itself as innovations such as electric vehicles in underground mines and enhanced ore sorting technologies make mining operations more efficient and profitable.
Source: Breitbart
The left doesn’t want the country to do well. They want the nation to fall.