U.S. mineral values are up in 2011

The U.S. Geological Survey released its annual mineral production statistics and summary of events and trends affecting domestic and global nonfuel minerals.

“The value of mineral production in the United States increased by 12 percent in 2011 from that of 2010, suggesting that the nonfuel minerals industries, particularly metals, continued to recover from the economic recession that began in December 2007 and lasted well into 2009.

The value of raw, nonfuel minerals mined in the United States was $74 billion in 2011, up from $66 billion in 2010, according to the U.S. Geological Survey’s annual release of mineral production statistics and summary of events and trends affecting domestic and global nonfuel minerals.”

The U.S.G.S. press release also mentions that:

“The metals sector was marked by higher prices for many domestically mined metals, resulting in a 23 percent increase in the value of domestic metal production.  The non-metallic minerals sector increased by 3 percent, the first increase since 2007.

U.S. dependence on foreign sources for minerals increased, continuing a trend that has been evident for more than 30 years. The United States relied on foreign sources to supply more than 50 percent of domestic consumption of 43 mineral commodities in 2011. The United States was 100 percent reliant on imports for 19 mineral commodities in 2011.”

The USGS report “Mineral Commodity Summaries 2012” is available online.

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