The U.S. mining industry had its first profitable quarter in two years in the first quarter of this year, according to data published last week by the U.S. Census Bureau.
In the first three months of 2017, U.S. mining corporations with assets of $50 million or more had combined after-tax profits of $1.957 billion, according to the Census Bureau, which has posted quarterly U.S. mining industry after-tax profits and losses going back to the fourth quarter of 2000.
The after-tax profit that the U.S. mining industry earned in the first quarter of this year was a dramatic reversal from the first quarter of last year, when mining corporations with assets of $50 million or more posted losses of $27.075 billion.
Prior to the first quarter of this year, the last quarter in which the U.S. mining industry earned a profit was in the third quarter of 2014, when the mining industry had $10.258 billion in profits.
SOURCE: Terence P. Jeffrey