South Dakota's only active, large-scale gold mine, the Wharf Mine, experienced a slight dip in gold production in 2025, producing 97,327 ounces, approximately 700 ounces less than the previous year. However, driven by sharply increasing gold prices, the mine's revenue soared, with $334.1 million worth of gold sold in 2025, an increase of over $100 million compared to 2024. The mine, owned by Chicago-based Coeur Mining and located in the northern Black Hills near Lead and Terry Peak Ski Area, also produces silver. Silver production was 135,722 ounces in 2025, a decrease of more than 96,000 ounces from 2024, resulting in $5.1 million in silver sales.
The operation involved stripping nearly 15 million tons of earth and excavating over 4.3 million tons of ore. The Wharf Mine employs 266 people with a payroll, including benefits, of about $35 million. It contributed significantly to state coffers, paying $16.9 million in precious-metal severance taxes and approximately $840,000 in other state and local taxes. Additionally, Coeur Mining donated $230,000 to community groups, schools, athletic programs, and local charities last year. Coeur Mining's total metal sales from all its operations, which include mines in Nevada, Alaska, and Mexico, exceeded $2 billion last year.
The increasing value of gold and mining activity in the Black Hills has also impacted local real estate. The zip code 57759, located outside of Deadwood, has been identified as the most expensive in South Dakota, with a typical home value of $362,288. This represents a 57.2% increase above the typical home value in South Dakota and reflects a 59.3% increase over the past ten years. This area's economic growth is partly fueled by renewed interest in gold mining, as companies like Dakota Gold are planning new operations, including an open-pit mine expected to start in 2029, promising up to 250 jobs and up to $400 million in state taxes over its lifespan.
