Metal Ore Mining NAICS 2122

Nov 16, 2025 - Resolution Copper Mine

• Access to a strategically important supply of US copper is closer to reality with Resolution Copper’s completion of the deepening of Shaft 9 at an Arizona mine, Mining Engineering reports. Resolution Copper, a joint venture owned by Rio Tinto and BHP, is the US’s largest underground deposit, holding an estimated 28 million metric tons of copper valued at approximately $270 billion. Once operational, it could supply roughly 25% of America’s domestic copper needs, a critical consideration as the US seeks to reduce dependence on foreign sources amid surging demand for the essential metal. The $200-million project to rehabilitate and deepen the shaft to a depth of 6,898 feet was completed in November. Tapping it will require miners to descend more than a mile underground, making it one of the deepest mining operations in North America and pushing the boundaries of what’s technically possible in underground mining.
• As of mid-November, gold traded around $4,200 per ounce, having gained over 50% year-to-date. How much higher can gold go? The price of the precious metal is projected to reach new heights in 2026 with leading forecasters projecting levels between $4,400 and $5,300 per ounce as investors double down on hard assets amid geopolitical turmoil, looser monetary policy, and surging central bank demand, according to S&P Global Commodity Insights. JPMorgan sees gold topping $5,055 in the fourth quarter of 2026, while Goldman Sachs forecasts the same target supported by an average annual price of $4,275. At the low end, Morgan Stanley projects gold at $4,400 by year-end 2026. Both gold and silver reached all-time highs in October as investors turned to hard assets. As the price of gold rises, mining companies may see strong margin expansion as many have relatively fixed production costs.

• With the addition of copper, silver, lead, rhenium, and others, the 2025 draft List of Critical Minerals now totals 54 elements deemed essential for US economic and national security, according to an August release from the Interior Department. All minerals on the draft list fall under the scope of President Trump's Section 232 investigation into US critical minerals import dependency launched in April with a final report and any potential new tariffs due out in October. Accompanying the list is a report outlining a new model for assessing how potential supply chain disruptions could affect the economy. The List of Critical Minerals informs direct investments in mining and resource recovery from mine waste, stockpiles, tax incentives for US mineral processing, and streamlined mining permitting. Minerals on the list are either already tariffed (ex. copper) or potential tariff targets, including lead if included in the final list.
• Producer prices for metal ore mining firms were flat in August compared to a year ago after falling 0.9% in the previous August-versus-August annual comparison, according to the latest US Bureau of Labor Statistics data. Industry producer prices have fallen from record highs in 2023. Still, producer prices for metal ore mining firms, which began rising sharply in 2021, are near historically high levels. Employment by metal ore mining firms shrank 2.6% year over year in August, while the average industry wage for mining firms (except oil and gas) rose 1% in July to $36.15, BLS data show.