Nineteen ninety-nine marked the second consecutive year that Nevada led the U.S. in gold production.
The 8.3 million oz. produced last year did not exceed the record-breaking 8.9 million oz. of 1998, but they were enough to account for 75% of total gold production in the U.S.
The production level was achieved despite steadily declining gold prices. According to the Gold Institute, the average gold price in 1999 was US$279 per oz., compared with US$294 in 1998 and US$331 in 1997. The value of gold production in 1999 was US$2.3 billion.
“The lower gold prices have forced many producers to tighten their budgets,” says Alan Coyner, who administrates Nevada’s Minerals Division. “However, the state has some of the best gold mines in the world. Despite the lower gold prices, mining is expected to remain an extremely important industry here.”
Meanwhile, 1999 silver production amounted to 19.4 million oz. At an average price of US$5.22 per oz, the value of silver production was US$101 million.
Industrial mineral production, which includes aggregates, barite, clays, copper, gypsum, perlite, salt, and zeolites, was US$300 million. The total value of all mined commodities in Nevada reached US$2.7 billion.
— The preceding is an excerpt from The Nevada Miner, published by the Reno-based Nevada Mining Association.
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