The earnings of these US Big Mining Corps have rocketed under the Obama Administration.
For the most recent year 2011, these 16 US Big Mining Corps registered Total Pretax Income of $23.1 bil, which was an increase of 16% from 2010, and this was despite a substantial lengthy disruption at Mining Giant Freeport McMoran's key Indonesian operations.
And these 2011 Total Pretax Earnings were up a very robust 71% over 2009.
In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Asset Impairments and Gains/Losses on Debt Retirements.
Clearly, the Obama Administration has created a US economic environment which has permitted these US Big Mining Corps to flat out thrive.
Below here is the Pretax Income of these 16 US Big Mining Corps for each of the most recent three years.
| Obama | |||||
| Bump | |||||
| PTI | PTI | ||||
| 1 Year | 2 Year | ||||
| PTI(L) | PTI(L) | PTI(L) | % | % | |
| 2011 | 2010 | 2009 | Change | Change | |
| mils $s | mils $s | mils $s | |||
| Mining | |||||
| Freeport McMoran | 8,818 | 8,512 | 5,816 | 4% | 52% |
| Newmont Mining | 3,894 | 3,997 | 2,954 | -3% | 32% |
| Southern Copper | 3,449 | 2,431 | 1,404 | 42% | 146% |
| CliffsNaturalResources | 2,242 | 1,303 | 297 | 72% | 655% |
| Peabody Energy | 1,374 | 1,142 | 629 | 20% | 118% |
| CONSOL Energy | 904 | 468 | 788 | 93% | 15% |
| Walter Energy | 480 | 578 | 184 | -17% | 161% |
| AllianceResourceLP | 389 | 323 | 193 | 20% | 102% |
| MDU Resources | 336 | 367 | 401 | -8% | -16% |
| AlphaNaturalResourc | 307 | 366 | 233 | -16% | 32% |
| Coeur D Alene Mines | 266 | 44 | (26) | 505% | 1123% |
| Arch Coal | 239 | 135 | 25 | 77% | 856% |
| Natural Resource LP | 216 | 154 | 114 | 40% | 89% |
| Cloud Peak Energy | 199 | 146 | 249 | 36% | -20% |
| CompassMinerals | 197 | 195 | 237 | 1% | -17% |
| Vulcan Materials | (248) | (211) | (46) | -18% | -439% |
| Total all 16 | 23,062 | 19,950 | 13,452 | 16% | 71% |
