The Big Mining Industry has been on fire in the past 6 quarters.
The 7 Big Mining Corps, which generated at least $100 mil of Pretax Income in the most recent quarter, registered very robust Total Pretax Earnings growth for the year 2010 of 52%.
Then this exceptional earnings growth continued in the 1Q 2011, where the Total Pretax Earning growth was 46%.
So what happened in the most recent 2Q 2011. Well, believe or not, these same 7 Big Mining Corps' earnings growth accelerated to an incredible 68% for the 2Q 2011. Whew! Maybe the country shouldn't be focused just on closing Corporate Tax Loopholes for the Big Oil Industry, but also for the Big Mining Industry.
Below here are the Pretax Income (PTI) of these 7 Big Mining Corps in the 2Q 2011, along with a comparison with the prior year’s 2Q of 2010:
....................................................2Q.........2Q.....Increase...
..................................................2011......2010....(Decrease)...
...................................................PTI.......PTI....Amount....%
..................................................(in millions of dollars).........
Freeport-McMrn CprGold..AZ...2,624....1,261....1,363....108%
Southern Copper...............AZ.....962........490......472.....96%
Newmont Mining...............CO.....847........822........25.......3%
Cliff's Natural Resources....OH.....589........352......237.....67%
Peabody Energy................MO.....413........268......145.....54%
CONSOL Energy(1).............PA.....214..........96......118....123%
Walter Energy....................FL.....146.........166......(20)....-12%
Total all 7................................5,795......3,455...2,340....68%
(1) CONSOL Energy 2011 PTI excludes Asset Impairment Charges.
