Alaska's King

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Tuesday, June 21, 2005

Higher metals prices mean boom times for Alaska

Higher metals prices proved particularly beneficial for Alaska's mining industry as substantial funding was made available for mine developments and exploration.

In a recent presentation at the Minexpo in Elko, Nevada, Richard Hughes, Development Specialist for the State of Alaska Office of Mineral Development estimated that 20% of the U.S. exploration dollar is now targeted for Alaskan projects. He estimated that six new mines were under development while at least 15 exploration projects had budgets of at least $1 million.

The total value of Alaska's mining industry, which had been fairly stable at around $1 billion for the past nine years, increased to $1.47 billion in 2004, for a 32% increase over the previous year, according to Hughes. He estimated that $67.8 million was spend for exploration, more than double the $27.6 million spent in 2003, while $187.7 million was spent on development last year.

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