As the global mining industry continues to struggle with record lows in coal prices, some of the most profitable mining operations are also the least profitable, according to a new report.
The report, which analyzes global mining data, found that the mining industry lost $1.8 trillion in 2018.
That number, however, includes $3.9 trillion that went to mining companies through a variety of incentives and perks.
The $1 trillion figure is down slightly from $2.1 trillion in the previous year.
That loss is largely due to higher costs, including the $1,000 annual tax credit for mining companies and the $3,000 monthly bonus for each new employee hired, the report found.
That $3 million bonus is up from $1 million in 2016, when it was eliminated.
“There is a lot of competition out there, and there is an enormous amount of value that can be gained,” said Scott Pemberton, president and CEO of the National Mining Association, which represents the nation’s mining companies.
“That’s why it is important to take a long-term view.”
The report found that miners lost about $1 billion a day in profits in 2018, compared to $2 billion in 2015 and $1 in 2009.
That’s because there are many more mining jobs in the United States and many other countries.
The U.S. lost nearly 2 million jobs in mining last year, and China’s economic slowdown has pushed it to a near record low of 3.4 percent.
The downturn has also forced the mining sector to cut more jobs than it did a year ago.
There were about 9.7 million fewer miners employed in 2018 compared to 2017, according the report.