Hard rock mineral mining profitability has never been more important to miners.
According to the U.S. Geological Survey, mining operations in the U to the Pacific Northwest alone can make up to $2 billion in profits.
In the Pacific, the industry produces more than $2.5 billion in annual revenue.
Hard rock mining has been booming, and miners have been rewarded with massive paychecks.
“There’s no doubt that mining in the Pacific is a tremendous opportunity for the mining industry,” said Dan Tresca, CEO of the Mining Association of Washington.
“There are so many factors to consider, and we know that the U of W is an important part of it.
The industry has to be competitive, and that includes the economic aspect of it, and I think the industry has made strides.”
Tresca’s mining group is one of the largest in the Northwest, and has recently been making moves to bring more resources to the region.
Earlier this year, it announced a partnership with the state’s Department of Fish and Wildlife to develop a new high-tech and efficient high-speed, high-volume, low-cost processing facility.
This is just one example of how mining is taking root in Washington.
With a $1.4 trillion federal budget deficit, the state government is relying on other state revenue sources to help balance the books.
A major portion of this money is from the coal-mining boom, which has been fueling Washington’s economic growth.
Over the past decade, the federal government has given out $8 billion in tax breaks to coal mining companies and the mining boom has provided billions of dollars in additional revenue.
“I think it’s fair to say the state of Washington is going to be a key player in this,” Trescha said.
And the industry is going into an extremely difficult situation.
Many of the jobs in the industry are in low-wage jobs, and it’s the poorest people that are struggling the most.
“Hard rock minerals have been going to the West Coast for decades and we’re seeing them get pushed off of the coast,” Tesca said.
“The demand for coal is just going to continue to grow.”
Hard Rock Mining and Mining Technology (HMT) is a subsidiary of the world’s largest mining company, Encore.
The company produces about 5.5 million metric tons of coal annually and is owned by Encore Holdings, Inc. and its subsidiary, Enmax.
Encore Holdings is the parent company of Encore Resources Inc., which is a global mining, oil and gas, and other commodities trading company with offices in Canada, China, Australia, the U