Record Metals Prices Catapult Mining Profits Beyond Big Oil
- Top five miners set to deliver annual profits of $65 billion
- China’s iron ore demand has soared, with supply constrained
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Major oil producers, for decades the natural resource industry’s top earners, are being eclipsed by once-smaller mining peers who are churning out record profits thanks to red-hot metals markets.
The mining windfall is the latest sign of a boom in iron ore, copper and other metals that’s sending an inflationary wave through the global economy, increasing the cost of everything from electrical wires to construction beams.