Record metals prices catapult mining profits beyond big oil
Bundles of copper cathode.
Major oil producers, for decades the natural resource industry’s top earners, are being eclipsed by once-smaller mining peers who are churning out record profits thanks to red-hot metals markets.
The mining windfall is the latest sign of a boom in iron ore, copper and other metals that’s sending an inflationary wave through the global economy, increasing the cost of everything from electrical wires to construction beams.
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In the corporate world, the top five iron ore mining companies are on track to deliver bottom-line profits of $65 billion combined this year, according to estimates compiled by Bloomberg. That’s about 13% more than the five biggest international oil producers, flipping a decades-old hierarchy.
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