Monday, November 09, 2009

Nevada gold production down, value up

The Nevada Mining Institute has just released the economic analysis of the Nevada mining industry for 2008. Gold production, which accounts for more than 80% of mining value in the state, dropped from 6.04 million ounces the year before to 5.7 million ounces, but the overall value was up to over $7 billion due to rising prices. [right, Value of Nevada gold production and price. Credit, Nevada Mining Association]

The report concluded that "the Nevada’s gold industry ... generally supported the local economies in northern and northeast Nevada."

Nevada gold production amount to just over 7% of total world production, putting the state 4th behind China, South Africa, and Australia.

The report says "Total annual average direct employment in the Mining and Natural Resources sector was 14,613, up from 14,470 in 2007. Mining and metal mining in particular were still the highest paid sectors in the State economy with average pay of $69,300 and $78,600, respectively. This compares with statewide average earnings of just under $43,000."

State and local taxes increased by just under 15% to $225 million.

Ref: Economic Overview of the Nevada Mining Industry, 2008 – 2009, Prepared by John L. Dobra, Ph.D., Director, Natural Resource Industry Institute, and Associate Professor of Economics, University of Nevada Reno October 2009, Prepared for The Nevada Mining Association
, 28p.

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