(Kitco News) - New technology, new players and new ideas are helping revitalize Idaho’s mining sector more than 150 years after gold was first discovered and led to the creation of the state.
While Idaho has always been one of the top mining jurisdictions in the U.S. and the world, the region has recently toiled in obscurity; it has been nearly two decades since gold was produced in the area.
However, perceptions are starting to change. In an interview with Kitco News, C.L. "Butch" Otter, governor of Idaho, said that the state is open for business as it works with a variety of new junior miners that see untapped potential in the region’s mineralization.
Otter noted that Idaho has rich mineralization and is home to the historic Coeur D'Alene silver valley and major silver producer Hecla Mining (NYSE: HL). The region is one of the richest mining areas in the world, producing metals valued at $2 billion since 1885.
“Mining is part of Idaho’s DNA,” he said. “We have established a reputation that we are doing business in the right way. Capital wants stability, security and predictability, and those are all things our government is providing for the resource sector.”
Major producers are even starting to take notice of Idaho’s renewed potential as Barrick Gold (NYSE: ABX, TSX: ABX) recently invested $38 million in Midas Gold, which is pushing its Stibnite gold project through the permitting stage, which could be concluded by 2020.
Along with Midas Gold (TSX: MAX), other junior companies like Revival Gold (TSX.V: RVG) and Integra Resources (TSX.V: ITR) are pushing forward with their plans to revive historic projects.
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