Optimism Abounds at Recent Western U.S. Mining Conference

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Written by John Egan for IIR News Intelligence (Sugar Land, Texas)

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Summary

Attendees, speakers and exhibitors at a recent Western U.S. mining conference shared a broadly optimistic outlook about their industry.

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Mining Conference Featured Upbeat Vibes

Two years ago, fewer than 100 people attended a conference held by the Colorado Mining Association, but last month's conference drew nearly 300 attendees, speakers and exhibitors. In more than a dozen interviews conducted by Industrial Info Resources during the event, which ran May 20-22 in Denver, Colorado, there was broad agreement: "It's a great time to be in mining." That could well have been the subtitle for the event, which was titled 2026 Western Mining Summit.

This optimism was the product of various factors: sharp gains in commodity prices; strong demand for minerals; a growing understanding of the importance of supply security for critical minerals and rare earth elements; the extraordinary level of data center project development in the U.S.; and a supportive president in the White House. There was no shortage of reasons to believe that Western mining was back.

Although the CMA conference focused on Western mining, there is a robust pipeline of mining projects under development across the U.S.

According to Industrial Info Resources data, more than 940 capital mining projects, valued at about US$200 billion, are under development across the Western U.S. states. The states with the greatest dollar value of project activity are in the West: Nevada, Arizona, Alaska, Wyoming, Utah and Idaho.

Industrial Info Resources offers more information on these projects in its Global Market Intelligence (GMI) Metals & Minerals Plant and Project databases, where readers can find details--including construction schedules, investment values and necessary equipment--in a detailed list of project reports.

At a recent price of nearly US$4,500 per troy ounce, gold prices have nearly doubled over the last two years. Silver prices have more than doubled since May 2024. At a recent price of about US$6.50 per pound, copper has gone up 50% over the last two years. Although it has fallen from its historic high earlier this year, palladium prices still are up nearly 50% over the last two years, to a current price of about US$1,400 per troy ounce.

Although the blended average price for U.S. thermal coal hasn't changed much since 2024, the Trump administration's deep commitment to greater utilization of the Black Rock to meet future electric demand has given coal-mining companies reason to be optimistic about future demand. Attendees favored policies from the Trump administration to those of the Obama and Biden administrations.

In addition, prices for various other critical minerals and rare earth elements (REE) are shooting up, based on current and predicted demand growth and their widespread use in civilian and military applications.

Large data centers can use up to 25 million feet of copper cable, which is one reason copper prices are up. Electrification is another. The red metal also is used in a wide variety of other applications in the consumer and defense economies, including aerospace, munitions, buildings, communications, electronics, electric vehicles and wind turbines. Magnets using REEs, such as neodymium, praseodymium, dysprosium, terbium and samarium, are essential components for medical technology, clean energy, consumer electronics and various military uses.

John Diasselliss, U.S. Mining & Metals Leader for consulting firm Deloitte, spoke for many at the event when he said in an interview, "The U.S. metals and mining sector is experiencing a shift, given the increased trends across metal and mineral demand, supply uncertainty, and public and private investment opportunities."

By the Numbers

• 288: number of attendees at a recent Western U.S. mining conference, nearly triple the number of attendees compared to two years ago.
• US$4,500 per troy ounce: the price of gold, nearly twice what is was two years ago.
• US$75 per troy ounce: the current price of silver, more than twice its price from May 2024.
• US$6.50 per pound: The approximate price of copper, which is up over 50% over the last two years.

Widespread Optimism Evident at Conference

Industrial Info Resources interviewed over a dozen attendees, speakers and exhibitors at last month's Western Mining Summit. Their outlook was universally positive.

Adrian Quigg, a global business developer for AFEX, a provider of mobile industrial fire-suppression systems, said his company's revenue has grown at least 25% to 30% per year for the last three years: "The tenor around mining in the U.S. has changed--there are more large-scale projects coming online and being developed now." Arizona, a large copper producing state, has eight or nine copper projects under development, Quigg added.

He said he expects recent history to continue, for all the reasons mentioned above. Quigg also said high levels of oil & gas production and aggregates were other reasons he is optimistic about the future. He also said AFEX was expanding into overseas markets.

"The growth of mining was predicted around 2024, and the forecasts have come true," he said. The company has a lot of customers and prospects in the copper mining business. The U.S., Chile and Peru were its largest markets.

Quigg's buoyant outlook was shared by a representative of a coal-mining concern who has operated in West Virginia and the Powder River Basin: "Business is good."

Henrietta Kasaini Wilson, the chief technology officer for HELA Technologies, said she is finding strong interest for her company's technology, which metalizes critical minerals and REEs: "Our technology has about three steps compared to the 11-step process currently in use."

HELA is focusing on magnetic minerals, including dysprosium, praseodymium, samarium, lanthanum and cerium.

The company is in the process of moving its headquarters to Colorado from Massachusetts. HELA, which began operating in 2017, focused mostly on research & development in its early years, but it now has big growth ambitions.

"Our outlook is way better now--this administration really trying to build a domestic supply chain for critical minerals and REEs," Wilson said in an interview at the conference. "People are getting very concerned about the security of supply when we rely so heavily on China."

"HELA was founded in my father's garage," she said. Invoking the origin stories of Hewlett Packard, Apple and Dell Technologies Incorporated, she said, "All great companies were founded in garages or dorm rooms, right?"

The View from the Top

Adam Eckman, the chief executive officer for the Colorado Mining Association, said things are looking up for his organization and Western mining in general. The group has added nine new members this year, and Colorado's history as a mining state, coupled with the state's plentiful mineral resources and the world-renowned Colorado School of Mines, are reasons he is feeling more optimistic now compared to late 2023, when he joined the organization.

"Colorado is the world's leader producer of molybdenum, which has a variety of uses inside and outside the energy field," he said in an interview at the conference. Several companies are developing uranium mines in southwestern Colorado, driven in part by the Trump administration's strong support for nuclear power in civilian and military applications. "Uranium and Vanadium, which are typically found together, is very big now in Colorado. And companies are working to export more Western thermal coal to Asian markets."

While the future is bright, Eckman and others cautioned that a shortage in domestic mineral-processing capacity needs to be addressed. "It's not just the minerals in the ground, we need to be able to process them domestically in order to achieve greater mineral self-sufficiency," he told Industrial Info Resources.

Kevin Pritchard, a conference speaker and director of marketing for Climax Molybdenum Company, a unit of FreeportMcMoRan, spoke for many when he said, "It's a great time to be in mining."

Key Takeaways

• The Western Metals & Minerals industry is looking brighter now than it has in the recent past, driven by high commodity prices, strong demand, a supportive presidential administration, and concerns about the supply security of critical minerals and rare earth elements.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).