Utah Ranked as One of Top Mining States in Country

The multibillion-dollar natural resources industry in Utah is thriving, with copper being the most valuable metal extracted in the industry. The Utah Geological Survey (UGS) recently released a report on the state’s mining activities in the last year. Last year’s figures indicate a growth of 2.4%, which equates to more than $90 million. The most valuable metal mineral of the state is copper while the total value with regard to extractive resources, inclusive of gas and oil, is approximated at $6.5 billion. Mining takes up a huge chunk of this value — 60% of it — bringing the value of minerals mined to $3.9 billion.

Michael Vanden Berg, a senior scientist at UGS, stated that the natural resource industry was a strong contributor to the state’s economy in terms of tax revenue and supplying the materials required to develop and support the society. The industry, he noted, also creates jobs for many individuals, especially in rural communities.

The aforementioned report sums up the 2019 values and mineral resource output data for Utah’s mining industry. The report includes unconventional fuel and industrial minerals data as well as data on nonfuel mineral resources, counting precious and base metals, uranium and coal. The report also offers updates on various exploration projects.

In the report, readers learn that Utah was among the top states in the production of industrial minerals and metals last year. Under industrial mineral products, brine was found to be the most valuable, accounting for $483 million with regard to the state’s mining value. Utah’s most precious metal — copper — was valued at $1.2 billion. Comprehensively, metals made up $2.1 billion of the state’s mining value with industrial minerals making up $1.3 billion. In addition to this, the coal market brought in $480 million.

The state is still the only beryllium generator in the country. Its total output of 2019 made up roughly 65% of the total beryllium produced globally. Beryllium is a tough and light metal that has various applications in telecommunications, computer, medical, automobile, aerospace and defense.

Last year, extractive industries in Utah, inclusive of gas and oil, paid federal mineral lease disbursements of roughly $80 million. The coal, gravel and sand, industrial mineral, and metal mining industries in the state also paid property taxes of more than $82 million. Severance taxes related to mining of about $13 million were also paid for by the industry.

Mining employment was cited as stable with employment at coal mines growing from 1,185 workers to 1,397 workers as of 2019.

Outside Utah, the U.S. mining sector has many success stories for the world. A case in point is Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU), a Colorado-based firm that has surpassed all others across the country with regard to the production of two critical minerals: uranium and vanadium.

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