Metal Ore Mining NAICS 2122

Jan 16, 2026 - Copper Prices Soar

• Surging demand from data centers, AI infrastructure, and electric vehicles is tightening the global copper supply, while mine disruptions in Indonesia and Chile highlight growing production risks, causing prices to soar, Reuters reports. Copper prices above $13,000 per metric ton in January signal both opportunity and pressure for the US mining industry. Analysts note that many existing mines worldwide are operating beyond capacity, underscoring the need for new US copper projects. But developing the next generation of mines requires prices at or above current record levels to justify investment, according to Reuters. Geopolitical instability amid broader concerns about critical‑mineral security, adds urgency to securing domestic and allied supply chains. Meanwhile, potential tariffs on US copper imports have temporarily inflated inventories but not solving long‑term shortages. For US miners, the environment points to rising strategic importance, stronger incentives for exploration, and heightened competition for reliable copper sources.
• 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.

• 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 rose 6% in September compared to a year ago after falling 6.7% in the previous September-versus-September 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 1.8% year over year in September, while the average industry wage for mining firms (except oil and gas) rose 1.7% in August to $35.50, BLS data show.