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U.S. markets recover from steep losses
WASHINGTON, Feb. 22 (UPI) -- The U.S. Geological Survey said the value of mined minerals in the United States, excluding energy products, fell by 20 percent in 2009 compared to 2008.
The raw materials mined in 2009 were valued at $57.1 billion -- a value that increased to $454 billion after processing, the USGS said.
On the other hand, the value of processed U.S. minerals for the year was also lower compared to 2008, down by 25 percent.
More than half of 38 critical mineral commodities consumed in the United States came from foreign sources with 100 percent of 19 of those mined in other countries, the USGS said.
The trend for years has been an increased reliance on foreign sources for raw and processed minerals.
"Over the last year, there has been reduced production of almost every mineral commodity and lower prices for most metals," said USGS Mineral Resources Program Coordinator Kathleen Johnson, referring to the "Mineral Commodity Summaries 2010" report released Monday.
Although most metal prices dropped last year, gold was "one notable exception," with prices hitting a record high of $1,215.21 per troy ounce in December 2009.
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