Mining is a dying industry.
That’s the conclusion of a report released Thursday by the National Mining Association, which says that the industry’s mining profitability has been “in tatters” for more than a decade.
The report said the industry has lost roughly 40 percent of its mining workforce since the 1970s, when the government mandated the creation of the National Minerals Management Service (NMMS) to manage mining operations.
While mining companies have been trying to revive the industry in recent years, it has been plagued by high cost of living, an influx of foreign competition and the government’s new “managed” mining standards that are causing a domino effect among companies.
The NRMA report said that despite the economic downturn and the regulatory changes that have put mining out of reach for many miners, mining has seen “a dramatic decline in profitability.”
The report found that mining has been driven out a lot of small towns, which were formerly home to a large number of mining operations, such as those in New Mexico, Arizona and Utah.
The National Mining Institute, a trade group, said that the decline has occurred at the expense of the mining community as a whole.
“The mining industry has suffered from a decline in revenue that is, in part, the result of government regulation,” NRMA President Tom Fitton said in a statement.
“It’s been a long, painful process for miners.
Mining is an industry that has struggled to stay relevant for a generation.
It’s time to get the message out and to turn the page on the mining industry’s demise.”
The industry is estimated to be worth $2.4 trillion in the U.S., and according to the NRMA, it is losing about $200 billion in revenue each year.
It is the largest mining industry in the world, with about 70 percent of the world’s resources.
Mining companies have struggled to make a profit in the past decade.
According to the mining lobby group American Coalition for Mining Safety, the mining sector lost $3.4 billion in the fourth quarter of 2018, a $3 billion decline from the same period a year earlier.
It said the decline in the industry is primarily due to regulations, and not to any other factors.
NRMA says the industry “has been losing money for more years than most industries in the United States.”
It said that mining lost more than $6.8 billion in profit for every $1 it earned in revenue in the previous fiscal year.
Mining businesses have had to compete for talent with foreign competition, as well as with local companies that are unable to meet current or anticipated regulatory requirements.
It was not immediately clear how much the NRMAS found in the state of Nevada, where Nevada is one of the largest states in the country, to be responsible for the mining decline.
The industry has struggled with lower oil and gas prices in recent decades, as a result of climate change and the increased presence of the coal industry in mining regions, according to NRMA.