NAICS 212220 Quarterly Industry Report
Gold Ore and Silver Ore Mining
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 212220Sector: Mining, Quarrying, and Oil and Gas Extraction (21)Updated: Q1 2026
About This Report
This industry profile for Gold Ore and Silver Ore Mining (NAICS 212220) draws on data from the U.S. Census Bureau[9], U.S. Geological Survey[5], Bureau of Labor Statistics[10], and SBA size standards database[6]. Published by Fair Market Value and updated quarterly, it provides valuation professionals, mining sector analysts, and precious metals industry investors with current market data. All quantitative claims are sourced to publicly verifiable databases.
Industry Snapshot
Key metrics for the gold ore and silver ore mining industry.
Industry Definition & Overview
Gold Ore and Silver Ore Mining (NAICS 212220) encompasses establishments primarily engaged in developing mine sites for gold and silver ore, mining gold and silver ore, and beneficiating gold and silver ore including milling, concentrating, and refining precious metal ores at the mine site per the U.S. Census Bureau[4]. Activities include lode gold mining, placer gold mining, silver ore mining, and combined gold-silver extraction from complex ore bodies.
Nevada accounts for roughly 70% of all U.S. gold production, with the Goldstrike, Cortez, and Carlin mines serving as the three largest domestic operations per U.S. Geological Survey[5] mineral commodity data. Industry revenue reached an estimated $12.7 billion in 2024, growing 11.5% year-over-year as record gold prices offset declining domestic production volumes. The Nevada Gold Mines joint venture between Barrick Gold (61.5% ownership) and Newmont Corporation produced 2.68 million ounces in combined output. Alaska ranks second in U.S. gold production at roughly 16% of national output, with the Fort Knox mine operating as a major open pit and heap leach facility. Despite strong pricing, the United States produces roughly half the quantity of gold and silver compared to peak output in 2000, reflecting declining ore grades in mature mining districts and extended permitting timelines for new mine development.
Per the SBA Table of Size Standards[6], the size standard is 1,500 employees. The Mine Safety and Health Administration[7] regulates worker safety at gold and silver mines under the Federal Mine Safety and Health Act. EPA[8] mining effluent guidelines govern wastewater discharge, with cyanide heap leach operations subject to specific environmental permits. State mining agencies in Nevada and Alaska administer mine permitting, bonding requirements, and reclamation standards.
What's Included in This Industry
- Open pit gold and silver ore mining
- Underground lode gold mining operations
- Placer gold mining and gravity separation
- Cyanide heap leach gold extraction
- Mill processing including crushing, grinding, and flotation
- Carbon-in-pulp and carbon-in-leach gold recovery
- Silver ore milling and concentration
- Mine site development and exploration drilling
- Tailings management and water treatment
- Mine reclamation and closure activities
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Mining, Quarrying, and Oil and Gas Extraction | 21 |
| Subsector | Mining (except Oil and Gas) | 212 |
| Industry Group | Metal Ore Mining | 2122 |
| NAICS Industry | Gold Ore and Silver Ore Mining | 21222 |
| National Industry | Gold Ore and Silver Ore Mining | 212220 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 212230 | Copper, Nickel, Lead, and Zinc Mining | Copper, Nickel, Lead, and Zinc Mining often produces gold and silver as byproducts from polymetallic ore bodies, with base metal mines recovering precious metal credits from copper and lead concentrates that generate supplemental revenue alongside primary base metal production |
| 212290 | Other Metal Ore Mining | Other Metal Ore Mining extracts metals including platinum group elements and rare earth minerals from deposits that may contain associated gold and silver mineralization, with ore geology frequently creating multi-metal mining operations across overlapping commodity classifications |
| 213114 | Support Activities for Metal Mining | Support Activities for Metal Mining provides contract drilling, blasting, mine construction, and equipment maintenance services to gold and silver mining operators, with exploration drilling contractors performing the core sampling and assay work that precedes mine development decisions |
| 332410 | Power Boiler and Heat Exchanger Manufacturing | Power Boiler and Heat Exchanger Manufacturing produces industrial processing equipment used in gold and silver milling and refining operations, with autoclaves, pressure oxidation vessels, and heat recovery systems forming key components of modern gold ore processing circuits |
| 423940 | Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers | Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers distributes refined gold and silver products from mining operations to jewelry manufacturers, industrial users, and investment markets through precious metal wholesale trading channels |
| 212311 | Dimension Stone Mining and Quarrying | Dimension Stone Mining and Quarrying represents a parallel mining classification for non-metallic mineral extraction, with both gold/silver and dimension stone mining operations subject to similar regulatory frameworks under MSHA and state mining agencies despite producing different commodity types |
SBA Lending Summary
8
Total SBA Loans
$1.0M
Total Loan Volume
$131K
Average Loan Size
10 yrs
Average Loan Term
10.25%
Average Interest Rate
8
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[3]
Key Insight: Per the SBA Table of Size Standards[6], Gold Ore and Silver Ore Mining (NAICS 212220) has a size standard of 1,500 employees for federal contracting purposes. SBA lending programs[11] support mine development capital, processing equipment acquisition, and working capital for qualifying gold and silver mining firms. Eligible businesses can access SBA 7(a) loans[12] for working capital, equipment, and acquisition financing, while 504 loans[13] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Northeast Bank | 8 | $1.0M | $131K |
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for gold mining?
NAICS 212220 covers gold ore and silver ore mining including lode mining, placer mining, and ore beneficiation per the U.S. Census Bureau[4]. Both precious metals are grouped under this single classification.
Where is most U.S. gold mined?
Nevada accounts for roughly 70% of all U.S. gold production, with the Goldstrike, Cortez, and Carlin mines serving as the three largest domestic operations per U.S. Geological Survey[5] mineral commodity data. Alaska ranks second at roughly 16% of national output.
What is the SBA size standard for gold mining?
The SBA size standard[6] is 1,500 employees, determining eligibility for federal small business contracting programs and SBA lending products available to gold and silver mining firms.
What is cyanide heap leaching?
Cyanide heap leaching extracts gold by applying dilute cyanide solution to stacked ore piles, dissolving fine gold particles that are then recovered from the solution per EPA[8] mining process documentation. This method processes lower-grade ores that conventional milling cannot treat economically.
How large is the U.S. gold mining industry?
Industry revenue reached an estimated $12.7 billion in 2024 per market analysis data, growing 11.5% year-over-year as record gold prices offset declining domestic production volumes. The U.S. currently produces roughly half the gold it mined at peak output levels in 2000.
Who are the largest gold mining companies?
Newmont Corporation and Barrick Gold operate Nevada Gold Mines as a joint venture producing 2.68 million ounces combined per U.S. Geological Survey[5] data. Newmont is the world's largest gold producer by output, followed by Barrick Gold and Agnico Eagle Mines.
What environmental regulations apply to gold mining?
EPA[8] mining effluent guidelines govern wastewater discharge from gold mining operations, with cyanide management, tailings dam safety, and groundwater protection forming the primary environmental compliance requirements at active gold and silver mines.
What is placer gold mining?
Placer mining recovers gold particles from alluvial deposits in stream beds, river gravels, and glacial sediments using gravity separation methods including sluice boxes, jigs, and centrifugal concentrators per U.S. Geological Survey[14] mineral descriptions. Placer operations range from small-scale prospecting to large commercial dredging operations in Alaska.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [4]U.S. Census Bureau census.gov
- [5]U.S. Geological Survey usgs.gov
- [6]SBA Table of Size Standards sba.gov
- [7]Mine Safety and Health Administration msha.gov
- [8]EPA epa.gov
- [9]U.S. Census Bureau data.census.gov
- [10]Bureau of Labor Statistics bls.gov
- [11]SBA lending programs sba.gov
- [12]SBA 7(a) loans sba.gov
- [13]504 loans sba.gov
- [14]U.S. Geological Survey usgs.gov
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