A decade ago the price for an ounce of gold had declined to a low of $300.
Today that number tops $1,200, and Elko has enjoyed many financial benefits as a result of red-hot mining activity throughout Elko County.
It's no secret that mines eventually play out, and the regional Northeastern Nevada Partnership, part of the Gold Belt Coalition, is tasked with finding ways to keep county coffers full once mining activity cools. Other groups involved in sustainability efforts include:
* Barrick Gold
* Newmont Mining Corp.
* Elko County
* Elko County Economic Diversification
Authority
* Elko Convention and Visitors Authority
* Great Basin College
Even while they enjoy today's boom, many civic and business leaders recall how Elko struggled in the late 1990s when mining and exploration activity, far and away the main industry in Elko County, grew stagnant with depressed gold prices. To avoid another cyclical downturn, groups such as the Elko County Economic Diversification Authority were created to pursue economic diversification and bring new industrial development to the county and those efforts are starting to bear fruit.
Elko County this year finished construction on the Northeastern Nevada Regional Railport and adjacent 500-acre industrial park that eventually will house six industrial tenants and create an estimated 1,400 jobs. Several firms already have commenced operations at the railport.
ECEDA also seeks to draw strategic new industries such as metal fabrication, metal recycling, food processing, transportation, construction and small- and medium-sized manufacturers that service more than just mining companies.
Throughout the recent recession Elko's job market grew while the rest of the state was mired in an economic downturn. Elko unemployment in August was 7.7 percent, far lower than the statewide rate of 14.4 percent and a small decline from July's rate of 8 percent.
Statewide, there were 9,700 workers involved in metal ore mining, and average annual wages for this group was $78,600. Average annual wages for all mining employees was $69,300. Gold accounted for 81 percent of all minerals mined in the state in 2009.
The high commodity prices has led to increased competition for employees to bring new operations online, and the mining industry faces a labor shortage in the next five to 10 years, the Nevada Mining Association reports. A compounding factor: much of the current mining workforce is near retirement age.
Workforce development programs such as the Mine Maintenance Training Program at Great Basin College have helped ease shortages of qualified workers. Founded in 1988, the Mine Maintenance Training Program not only has supplied regional mines with hundreds of skilled workers, it has helped alleviate the migration of youth from the area, program executives say.
