Why It Matters
The Wharf Mine in South Dakota’s Black Hills is the state’s only active large-scale gold mining operation, making its annual performance a significant indicator for local employment, tax revenue, and community investment in the Lead area.
What Happened
Coeur Mining, a Chicago-based company, presented its annual report for the Wharf Mine to the state Board of Minerals and Environment, showing that gold output fell slightly in 2025 while revenue surged by roughly $100 million compared to the prior year.
The mine produced 97,327 ounces of gold in 2025, a decline of about 700 ounces from 2024. Despite that modest production dip, gold revenue reached $334.1 million — up from approximately $234.1 million the year before — driven primarily by elevated gold prices on global markets.
Silver output told a different story. The mine produced 135,722 ounces of silver, a drop of roughly 96,000 ounces from 2024, with silver sales totaling $5.1 million for the year.
By the Numbers
Operations at Wharf involved stripping nearly 15 million tons of earth and excavating more than 4.3 million tons of ore during 2025. The mine employs 266 workers, with total payroll and benefits reaching approximately $35 million.
On the tax side, Wharf paid $16.9 million in state precious-metal severance taxes and approximately $840,000 in state and local taxes. The operation also contributed $230,000 in community donations during the year.
Coeur Mining’s total metal sales across all its operations — which include mines in Nevada, Alaska, and Mexico — exceeded $2 billion in 2025.
Zoom Out
The revenue jump at Wharf reflects broader trends in precious metals markets, where gold prices climbed substantially over the past year, boosting returns for producers even when physical output remained relatively flat. Mining operations across the western United States have similarly reported stronger financial results tied to commodity price gains rather than volume increases.
For South Dakota, the severance tax receipts and local employment figures from Wharf represent a meaningful share of the Black Hills region’s economic activity. The state has historically relied on a mix of tourism, agriculture, and extractive industries to support rural economies. For context on how state revenues and business incentives factor into South Dakota’s broader economic picture, see this recent report on nearly $30 million in tax rebates approved for a major Sioux Falls manufacturing relocation.
What’s Next
With gold prices remaining elevated by historical standards, analysts and investors will watch whether Wharf can maintain or grow production volumes in the coming year to capitalize further on favorable market conditions. Coeur Mining has not announced any major operational changes at the South Dakota site. The annual report submitted to the Board of Minerals and Environment provides the primary public accounting of the mine’s footprint and economic contributions to the state.