In January 1998, the Homestake Gold Mine announced a major restructuring of mining operations to help maintain operations during a time of low gold prices, according to an annual report by the United State Geological Service. The mine suspended operations until April 1998.
When operations resumed that spring, only 280 workers were brought back, down from the 850 prior to the restructure. Gold production also decreased to 4,300 kilograms in 1998 from 12,400 in 1997.
Less than three years later, the Homestake Mining Company announced that the Lead gold mine would permanently close. The mine operated for 124 years, before officially closing at the end of 2001. The mine currently serves as a neutrino research center.
Learn more about the Homestake Gold Mine by reading previous stories on the Black Hills Knowledge Network.