(SitNews) Fairbanks, Alaska - Alaska’s $2.9 billion mineral industry saw exploration and development spending jump nearly 16 percent and 12 percent, respectively, while production values dropped by nearly 8 percent in 2018, according to the Division of Geological and Geophysical Surveys’ (DGGS) Alaska Mineral Industry.

The 96-page document is the 38th such annual report, which represents a consistent and factual snapshot of mineral industry activity in Alaska, as well as the authoritative historical record of mining in the state, said DGGS Director Steve Masterman.

“While DGGS produces a lot of highly technical publications that are useful to industry professionals , our Annual Minerals Reports offer the general public a broad perspective on the status of the mineral industry as a whole, which is one of the foundations of our economy,” he said.

The report’s composite calculation of spending on exploration and development, plus the value of the minerals produced, placed the total value of the state’s mineral industry at $2.9 billion in 2018, a 7.7 percent decrease from 2017.

Exploration and development spending continued to rebound from the lows of a few years ago, riding a nearly 12 percent increase to $334.1 million. Lower production, volatile metal prices and a strong U.S. dollar helped depress the total value of production by almost 11 percent, to $3.24 billion.

The state and municipalities received an estimated $144.7 million from mineral-industry-specific fees, rents, sales, royalties, and taxes, a 20 percent increase over 2017.  Mining claims and prospecting sites covered 3.8 million acres, up nearly 28 percent.

On the Web:

Alaska Division of Geological & Geophysical Surveys Annual Report 2019 (pdf)

Edited By Mary Kauffman, SitNews

Source of News:

Alaska Department of Natural Resources
www.dnr.alaska.gov

Representations of fact and opinions in comments posted are solely those of the individual posters and do not represent the opinions of Sitnews.

SitNews ©2020
Stories In The News
Ketchikan, Alaska

Articles & photographs that appear in SitNews are considered protected by copyright and may not be reprinted without written permission from and payment of any required fees to the proper freelance writers and subscription services. E-mail your news & photos to editor@sitnews.us Photographers choosing to submit photographs for publication to SitNews are in doing so granting their permission for publication and for archiving. SitNews does not sell photographs. All requests for purchasing a photograph will be emailed to the photographer.