A Look at the Golden State’s Mining Sector

In the 19th and 20th centuries, the production of gold in California was booming, which is how it got its name: the Golden State. Exploration for gold began in the late 1700s when a group of Spaniards found gold in Imperial County, which prompted small-scale mining to begin. Despite this, it wasn’t until the mid-1800s that quantifiable gold mining commenced.

In 1848, a sawmill operator and carpenter by the name of James Marshall went to inspect a sawmill that was being constructed in Coloma and, while there, he discovered gold, which attracted thousands of gold seekers and prospectors as the word spread.

By 1855, more than 12 million ounces of gold had been extracted, with what has been termed as the “Gold Rush” coming to an end.

More than a hundred years later, California was nicknamed the Golden State, both for its golden poppy fields and the discovery of gold. By this time, however, many of the historical gold mines were no longer in operation.

The state’s mining industry seems to be doing well to this day, having produced more than $4.5 billion worth of nonfuel minerals last year. Currently, California is the lone source of rare earth metals in the United States and is among the biggest mining states in the country.

In 2018, more than 730 mines operated in the state; those mines produced more than 23 commodities, ranging from construction minerals and boron to rare earth minerals and gold. The mining industry’s significance and size also play a crucial role in the state’s economy.

Last year, the mining industry in the state of California gave rise to more than 99,000 indirect and direct jobs, more than $13 billion in GDP and an estimated $7 billion in labor income.

Mining companies in California benefit from transport networks that are well established, sport good infrastructure and have access to clean energy.

In addition, the state of California is also popular for its high reclamation standards, which ensure that mining sites are reclaimed to their original states, and this helps decrease the possible adverse effects mines have on the environment.

The state’s golden history continues to this day since gold was first discovered in the 1700s, with one of the biggest gold mines in the state, the Mesquite mine, and the biggest gold discovery in the state called the KORE Imperial Project. The Mesquite Mine of California has been producing the precious metal since the mid-80s.

Speaking of California emphasizing the reclamation of retired mine sites, Colorado-based Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has expressed interesting in participating in the federal government’s program to clean up legacy mines found in the Navajo Nation. This program will enable the firm to recycle the material retrieved and get viable uranium supplies from the waste.

NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU

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