The US Big Mining Industry had been on fire in 2010 and in the first half of 2011.
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%.
And then in the 2Q 2011, these same 7 Big Mining Corps had their earnings growth accelerated to an incredible 68%.
So, what happened in the most recent 3Q 2011? A massive earnings growth deceleration to only a 5% earnings growth.
This earnings growth deceleration in the most recent 3Q 2011 is mainly due to the largest 2 US Big Mining Corps: Freeport-McMoran Copper Gold and Southern Copper.
Below here are the Pretax Incomes (PTI) of these 7 Big Mining Corps in the 3Q 2011, along with a comparison with the prior year’s 3Q of 2010:
....................................................3Q.........3Q.....Increase...
..................................................2011......2010....(Decrease)...
...................................................PTI.......PTI....Amount....%
..................................................(in millions of dollars).........
Freeport-McMoran Copper Gold 2,100 2,377 (277) -12%
Newmont Mining 1,036 1,177 (141) -12%
Southern Copper 918 546 372 68%
Cliff's Natural Resources 766 411 355 86%
Peabody Energy 321 385 (64) -17%
CONSOL Energy 200 91 109 120%
Walter Energy 108 204 (96) -47%
Total all 7 5,449 5,191 258 5%
