CARSON CITY — Gold production in Nevada fell to less than 5 million ounces in 2014, the first time since 1988 that output of the precious metal has dipped so low.
A new state Division of Minerals report shows 4.94 million ounces of the precious metal was taken from 30 Nevada mines in 2014. There was about 5.5 million ounces of gold produced in Nevada in 2013.
The peak year in recent memory was 1998, with just under 9 million ounces.
Richard Perry, administrator of the Division of Minerals, said it appears production has leveled off in the 5 million ounce range over the past five years. While production has fallen, Nevada mines still throw of gold valued at $5.5 billion, at $1,100 per ounce, he said.
“We need better gold prices to see more projects and new mining,” Perry said. The lower gold production is due largely to the price of gold, which hit a high of nearly $1,800 per ounce in 2012 but has dropped to about $1,100 as of Friday. Continue Reading →