Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
U.S. precious metal mining - statistics & facts
The United States certainly has the golden touch when it comes to precious metal mining. It is a leading producer of gold, silver, and platinum, and as of 2023, that corresponded to 170 metric tons of gold, 1,000 metric tons of silver, and 2.9 metric tons of platinum. Based on precious metal reserves, the U.S. ranks as the world’s fourth-largest platinum and gold reserves, and the eighth-largest silver reserves in the world.
The primary factor propelling the precious metal market is the increasing demand for products for investment purposes. The escalating prices of gold and the consistent prices of platinum group metals offer ample opportunities for investors, which are anticipated to lead to substantial growth in the future.
U.S. precious metals production
Home to the world’s largest gold mining company Newmont, 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. Greens Creek Mine operated by Hecla Mining Company in Alaska was the largest silver-producing mine which produced nearly 9.96 million ounces in 2023. 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 1,500 people, and platinum group metal mining and mills employed an estimated further 1,600 people.The primary factor propelling the precious metal market is the increasing demand for products for investment purposes. The escalating prices of gold and the consistent prices of platinum group metals offer ample opportunities for investors, which are anticipated to lead to substantial growth in the future.
