LAS VEGAS -- According to corporate reports reviewed by Las Vegas blogger and activist Hugh Jackson, Barrick Goldstrike in 2010 saw sales of $10.9 billion in 2010, and net income (after expenses) of $3.3 billion. It produced a dividend of $436 million for shareholders.
Newmont Mining saw sales of $9.5 billion in 2010, with net income of $3.1 billion and a dividend to shareholders of $708 million.
But the Nevada Mining Association's website reports that in the same year, 2010, the entire mining industry in Nevada paid $204 million in state and local taxes.
Nevada's importance to the mining industry can't be overstated. Corporate reports indicate that Nevada produced 2.8 million ounces of gold for Barrick Goldstrike in 2010, more than South America, Australia and Africa. Newmont Mining mined 1.7 million ounces in Nevada last year, more than Australia, Indonesia and Africa, Jackson found.
Moreover, Barrick estimates that its Nevada mining claims contain 39.2 million more ounces of gold, more than Chile, Argentina, Australia and Africa. Newmont estimates its Nevada holdings contain 28.5 million ounces, more than Australia, Africa, South America and Indonesia.
Because Nevada uses a net proceeds of minerals tax – which allows mining companies to write off expenses before calculating taxes – there are some mines that report a taxable value of zero. Seven such mines reported a zero taxable value in 2009, notwithstanding the fact they produced a collective $110.5 million in gross production, according to figures collected and reviewed by Jackson Nevada Tax Department reports.
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