Top 10 US miners: Southern Copper, Newmont lead pack 

Rising metals prices helped global miners Southern Copper (NYSE: SCCO), Newmont (NYSE: NEM) and Freeport-McMoRan (NYSE: FCX) extend their dominance of U.S. peers in terms of both market capitalization and earnings. 

Southern Copper delivered record financial results while continuing to advance long-term copper growth projects in Peru and Mexico. Net income rose 28% to $4.33 billion (C$6.07  billion) on the back of stronger copper, silver, molybdenum and zinc prices and higher by-product production, while sales climbed 17% to $13.4 billion. 

The Grupo Mexico unit is to invest about $20.5 billion over the next decade as part of a plan to lift annual copper production to 1.6 million tonnes by 2033. A key component of that expansion will be the $1.8-billion Tía María copper project in Peru, which is a decade-long in the making and has been beset by controversy. Peru reauthorized the project’s mining permit this year after authorities had earlier forced a fresh review. 

By the end of April, Southern Copper said Tía María was about one-third complete, with first production targeted for the second half of 2027. The mine will be capable of producing 120,000 tonnes of copper annually from 2028.  

Newcrest takeover 

Newmont’s recent story has been one of portfolio optimization following the 2023 purchase of Newcrest. The world’s largest gold miner recently completed a sweeping divestiture program, raising about $4.3 billion in gross proceeds through the sale of non-core operations such as the Musselwhite, Éléonore and Porcupine mines in Canada. In September, the company also sold its stake in Orla Mining to raise capital for core operations. 

Denver-based Newmont reported record financial performance in 2025, producing 5.89 million attributable gold oz. while benefiting from higher gold prices that helped net income more than double to $7.1 billion.  

Newmont generated $7.3 billion in free cash flow, cut debt by $3.4 billion, returned $3.4 billion to shareholders through dividends and share repurchases, and finished the year in a net cash position.  

Last year was one of significant leadership and organizational changes as long-time CEO Tom Palmer retired at the end of December to make way for former chief operating officer Natascha Viljoen. Newmont also completed a broad restructuring tied to the Newcrest integration, reducing its workforce by about 16% as part of its Project Catalyst initiative to streamline operations and improve productivity. 

Grasberg suspension

Operational issues dogged Freeport-McMoRan’s year. A catastrophic mud flow at the company’s Grasberg mine in Indonesia in September 2025, which killed seven workers, forced mining to be suspended in parts of the operation.  

Attributable net income rose 17% to $2.2 billion, supported by strong copper fundamentals and continued investment in growth projects, while revenue advance 1.8% to $25.9 billion. Capital expenditures remained elevated as Freeport advanced underground mining, leaching initiatives in the United States and downstream processing facilities in Indonesia.  

Throughout 2026, Freeport has focused on safely restarting production at Grasberg. A slower-than-expected recovery prompted the company in April to lower its 2026 copper and gold sales guidance. Even so, Freeport’s management reiterated its positive long-term outlook, citing growing copper demand from electrification, power infrastructure and artificial intelligence-related data centres. 

New mills

A challenging North American steel market led Nucor (NYSE: NUE) to report a 14% drop in annual profit. Net income dropped to $1.7 billion amid margin compression at the company’s sheet steel mills and scheduled outages in the raw materials business. Sales nevertheless rose 6% to $32.5 billion as new mills and downstream facilities buoyed production. 

Royal Gold (Nasdaq: STLD) completed its acquisition of Sandstorm Gold and Horizon Copper last year, adding new streams and royalties and increasing its exposure to a broader base of producing and development-stage assets. 

Attributable net income rose to a record $466.3 million while revenue jumped 44% to $1.03 billion. Royal Gold also raised its annual dividend for the 25th consecutive year.

Several assets in Royal Gold’s portfolio advanced. Centerra Gold’s (TSX: CG; NYSE: CGAU) Mount Milligan operation in British Columbia benefited from an updated mine plan extending its life to 2045, while assets such as Barrick Mining’s (TSX: ABX; NYSE: B) Pueblo Viejo and Newmont’s Peñasquito fueled growth in attributable metal sales.  

Aluminum

Alcoa (NYSE: AA) reported a significant turnaround in 2025, with revenue increasing 8% to $12.8 billion and net income soaring to $1.2 billion — from $60 million in 2024 — amid higher aluminum prices, stronger operating performance and improved production at several facilities. 

Several strategic transactions marked the past year. Alcoa sold its interest in the Ma’aden joint venture in Saudi Arabia, formed a new partnership with IGNIS Energy Holdings to support the San Ciprián aluminum complex in Spain, and permanently closed the Kwinana alumina refinery in Australia after determining the facility was no longer economically viable.  

The dealmaking has extended into 2026. In late June, Alcoa announced plans to acquire bauxite, alumina and aluminum assets from Australia’s South32 (ASX, LSE: S32) in a transaction valued at about $4.7 billion, including debt — a move aimed at expanding the upstream resource base and increasing alumina and aluminum capacity.