November 10, 2008

Alaska Mining Hit Revenue Record in 2007

Miners in Alaska pulled a record $3.4 billion in minerals out of the ground in 2007, a state report said.

In addition, the report, "Alaska's Mineral Industry 2007," said companies invested $329 million in drilling and exploration in 2007, the Anchorage Daily News reported Monday.

The mineral revenues posted were 18 percent above 2006, but state and local taxes the industry paid in 2007 were $30 million below that paid in 2006, the newspaper said.

Prices for gold, zinc and other metals have fallen recently, so the state does not expect the industry will top its 2007 revenue record this year, the Daily News reported.

Gold mining produced the largest gains in 2007 with production nearly double 2006 in some mines and revenue jumping from $344 million in 2006 to $511 million in 2007, the report said.