U.S. precious metals production
Home to the world’s largest gold mining company Newmont, there were some 127 gold mines in operation in the U.S. as of 2022. The leading 28 U.S. gold mines accounted for 98 percent of the gold mine production in the country in 2022, with most of them located in Nevada. Furthermore, gold production in Nevada accounted for more than 70 percent of U.S. gold production in 2022. In fact, the largest gold mine in the world based on production, Nevada Gold Mines, which is jointly owned by Barrick and Newmont, is located in the U.S.In terms of silver mines, the U.S. had some 127 active mines as of 2022. Of those, the largest silver-producing mine was the Greens Creek Mine operated by Hecla Mining Company in Alaska, which produced nearly 9.7 million ounces in 2022. Unlike U.S. gold and silver mining operations, U.S. platinum (and palladium) production is dominated entirely by one company: Sibanye Stillwater. The company mainly mines platinum in Montana, but there are also small operations located in Alaska, Arizona, and Minnesota. Three additional U.S. platinum mining projects that are in the feasibility phase of development stand to diversify the players in U.S. platinum production, however, as Teck Resources, Glencore, Talon Metals, and Rio Tinto may enter the industry if the projects are deemed feasible.
Economic footprint of precious metals in the U.S.
Precious metals have important applications as materials in industrial manufacturing, in jewelry fabrication, and as an investment. Accordingly, their role in the U.S. economy is not insignificant. Indeed, the value of the gold, silver, and platinum produced in U.S. mines amounted to a combined total of 11.8 billion U.S. dollars as of 2020. Furthermore, as of 2022, gold mining and mills employed an estimated 12,000 people in the U.S., while U.S. silver mining and mills employed an estimated 1,300 people, and platinum group metal mining and mills employed an estimated further 1,600 people.
