The mining industry will generate an estimated $642.5 billion in revenue in the United States. What this means for coal, mineral, and metal suppliers in Utah are projected growth and more opportunities for employment. Construction and business owners alike foresee unparalleled progress in the coming year. Find out how the mining industry started in the US, and why Utah continues to thrive in this regard.
Growth of the US’ Mining Industry
An average of 7.6% annual growth was seen between 2015 to 2020. Over the past five years, the mining industry in the United States has grown and is projected to see continuous improvement. There is also an estimated 9.3% uptick in the industry’s market size this year, indicating that there’s no slowing down. Comparing the mining industry to other players in the United States, it has remained competitive and has increased faster than other industries in the country.
Mining as Utah’s Revenue-Generating Industry
Many people tend to overlook that Utah’s mining industry is one of the state’s most lucrative sources of income. While Salt Lake City is slowly becoming the new Silicon Valley, Utah’s mining companies and metal suppliers are optimistic in terms of growth and financial profitability. Rio Tinto, the international player responsible for acquiring Bingham Canyon Mine back in 1989, paved the way for this mining location to become United States’ second-biggest copper source. Utah is well-surrounded by several locations that boast of Uranium, gold, silver, petroleum, and other metals essential for construction and building.
$1.5-billion Opportunity in Utah
Rio Tinto’s projected $1.5-billion investment for its Kennecott copper mine expansion in Utah means prolonging the life of the century-old pit-mine in the Salt Lake City area until 2032. Kennecott is responsible for producing roughly 20% of copper production in the United States, as well as gold and silver production. Initially, analysts had thought that an acquisition was more likely instead of an expansion. Economists and industry experts will continue to monitor what this means for Utah and for the United States’ economy as a whole.
Greater Employment in the State of Utah
With all the progress seen later in 2019 and feeding into 2020, there’s no doubt that the mining industry opens more doors for employment in Utah. Mechanical engineers and mining experts will be delighted to see the following opportunities: mining engineers, mining technicians, mine mechanics, project management in the mining division, even human resource officers and other consultant positions could be offered, as companies slowly expand due to the clamor in the industry.
Mining jobs typically offer miners an average annual salary income of roughly $52,000 to $69,000, while underground mining salaries are pegged at an estimated $24 per hour.
Utah remains profitable, especially in the mining industry—which means great news for miners, engineers, and metal suppliers alike. There’s definitely no slowing down in this industry, and the possibilities for growth are endless. Whether you’re a business owner or someone looking to thrive in mining, 2020 may be your best year yet in conquering this industry.