SAN ANTONIO, Feb. 27, 2013 /PRNewswire/ -- Alaska is home to large deposits of many metals, including copper, gold, silver, zinc, numerous rare earth metals and a new push for rare gems. Many of these deposits have never been mined, and if current proposals go through, they could dramatically expand the mining industry in the state. In addition to operating mines, there are a number of active prospect mining operations in Alaska.
Small upstart mining companies such as Dorado Equities Inc. are among the companies that have contributed to almost $425 million on exploration costs in 2012, a significant part of the industry's job contribution. Most of these exploration efforts are being undertaken by foreign corporations, with 90% of the exploration costs incurred by Canadian corporations and a further 7% from overseas corporations. The majority of exploration efforts occurred in the Fairbanks Area including, Ester Creek such as Dorado Equities Inc. Prospect and Livengood Prospect near Fairbanks, the Niblack Prospect in the southeast, and the Upper Kobuk Mineral Project in the Interior.
Existing metal mines produce valuable commodities and provide employment and tax revenue. Metals mining is a major industry in Alaska, but is small compared to the oil industry. The total value of metal production and exploration in Alaska was just over $5.5 billion in 2012, representing around 8% of the gross state product. Over half of this was produced by the Red Dog zinc mine and much of the rest by the Greens Creek, Pogo, and Fort Knox gold mines and surrounding Fairbanks Mines. Mining generate around 3% of state revenue, whereas oil/gas generates around 20% of revenue. The mining industry provides around 5,500 direct jobs in the state, and supports around 12,000 additional indirect jobs.
Alaska's mining history began with gold. Russian exploration for placer gold began in the early 1800s. The subsequent gold rushes in the 1890s were responsible for a population and settlement boom in Alaska. Since that time a large number of mines have been prospected and opened. The vast majority of metal today is extracted from large scale open-pit and underground mines targeting rare valuable metals.
Dorado Equities Inc. is a company working in the rare earth metals and gems field with properties in the mineral rich area of Ester Creek.
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SOURCE Dorado Equities Inc.