Metal Ore Mining NAICS 2122

Mar 16, 2026 - Gold Prices Surge on Conflict

• Gold prices surged above $5,400 per ounce as investors moved into safe-haven assets following escalating Middle East tensions after US–Israeli strikes against Iran, The Wall Street Journal reports. On March 2, futures rose 3.4% in early European trading to $5,425.20 per ounce, extending gains from the previous week. Gold’s rally highlights strong demand for the precious metal during geopolitical uncertainty, reinforcing its role as a hedge for investors. Gold has already experienced strong momentum, rising roughly 11% in February, the largest monthly gain since 2012, and reaching record highs over the past year, per WSJ. Uncertainty surrounding US trade policy has also contributed to demand. For gold miners, the sustained rise in gold prices signals potentially stronger revenues and profitability, as higher market prices increase the value of mined gold and strengthen the overall outlook for the gold mining sector.
• 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 4.7% in November compared to a year ago after falling 3.4% in the previous November-versus-November 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 grew 1.6% year over year in December, while the average industry wage for mining firms (except oil and gas) rose 1.7% in November to $36.16, BLS data show.