With gold prices setting records almost daily and copper prices nearing all-time highs, U.S. mining stocks got another lift on Thursday after President Trump signed an executive order to increase production of critical minerals, including uranium, copper, potash, gold and possibly coal.
The order, which comes amid increasing trade tensions with China and stuttering progress towards mineral rights deal with Ukraine, directs federal agencies to speed up reviews of mineral projects and prioritize mineral production over other projects on federal lands. Trump also plans to use the Defense Production Act to increase production. The U.S. imports about half of its copper and virtually all its uranium.
It comes after China tightened controls over its rare earth metals in response to U.S. tariffs. Meanwhile, progress on a mineral rights deal with Ukraine has stalled, though Trump said on Thursday a deal with Kyiv will be signed “very shortly.”
The move to boost mining production in the U.S. could be a boost to American-focused miners, and it comes as gold continues to set record highs and copper is close to beat its May 2024 peak.
Which Are the Biggest U.S. Mining Stocks?
Freeport-McMoRan (FCX) specializes in copper, gold, and molybdenum extraction. Yesterday, JPMorgan upgraded FCX to Overweight (Buy) from Neutral (Hold) with a price target of $52, up from $48, which offers 30% implied upside. Tariff risk is likely to maintain premium pricing for the company’s U.S.-based footprint, while the firm expects long-term supply challenges will be supportive of industry pricing.
Another major copper producer is Southern Copper Corporation (SCCO), which UBS from Neutral to Buy last week, setting a price target of $120.00, citing reliable operations and expected 10% volume growth over the next few years.
Albemarle Corporation (ALB) is the largest lithium miner in the U.S. and thought to be the largest supplier of the metal for use in electric vehicle batteries globally. Philadelphia-headquartered Arcadium Lithium (ALTM), which formed out of the 2024 merger of Livent and Allkem, is another.
MP Materials (MP), the largest producer of rare earths outside China, operates the Mountain Pass mine in California.
Energy Fuels (UUUU) is a uranium mining company that operates mines in Utah, Colorado, and Wyoming. NioCorp Developments (NB) operates the Elk Creek project in Nebraska, with deposits of niobium, scandium and titanium.
Uranium Energy (UEC) is a uranium miner which in 2022 secured a US Department of Energy contract to supply U308, or triuranium octoxide, a radioactive uranium compound used in nuclear reactors and semiconductor manufacturing, as part of a move to establish a domestic uranium reserve.
Colorado-based Newmont Corporation (NEM) is the world’s largest gold miner, which with Barrick Gold (GOLD) operates the monster 1.8-million-ounces-per-year Nevada Gold Mines operation.
What is the Best U.S. Mining Stock?
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