Copper Mining Continues to Provide Big Boost to Arizona’s Economy in 2010, According to Arizona Mining Association
PHOENIX, Jan. 5, 2012 /PRNewswire/ — According to a recently released study, the copper mining industry contributed approximately $12.1 billion to Arizona’s economy and provided an estimated 73,100 jobs to Arizona residents in 2010.
The $12.1 billion economic impact represents a 31 percent increase over 2009. Contributing to the overall performance of the copper mining industry was a rise in copper prices, partially offset by a slight decrease in production. The average price of refined copper for 2010 was approximately $3.43 per pound, up from an average near $2.37 per pound in 2009. The amount of copper produced fell from roughly 814,000 tons to about 798,000 tons, a 2 percent decrease over the prior year.
According to the Arizona Mining Association (AMA), the data shows the copper mining industry continues to be an important contributor to the state’s economy. A significant and growing number of jobs held by Arizonans are tied to the copper mining industry in some way. These 2010 figures validate the continued importance of copper mining to our great state.
Of the combined direct and indirect impact of $12.1 billion in 2010, the analysis noted that the copper mining industry contributed approximately $3.6 billion in personal income; $7.9 billion in business sales and $0.6 billion in state and local government revenues. The copper mining industry had a direct impact of $3.7 billion in 2010 on the state of Arizona.
The report revealed that the industry provided nearly $1.0 billion directly to Arizona residents as personal income, $2.5 billion to Arizona businesses for goods and services, and more than $0.2 billion directly in state and local government revenues.
Total direct employment in Arizona’s copper mining and processing facilities in 2010 was approximately 10,400 employees, compared with 9,100 in 2009.
The study was prepared for the AMA by Dr. George F. Learning of the Western Economic Analysis Center, based in Marana, AZ. A full copy of the report is attainable by contacting the AMA Administration at 602-266-4416.
The AMA was established in 1965 as a non-profit business league. The association’s mission is to advocate and support the continued growth of a responsible and sustainable mining industry for Arizona through the development and sharing of industry best practices, and by promoting sound public policy at all levels of government.
SOURCE Arizona Mining Association