Company Could Generate an Estimated $5 Billion for Local Region in Next 24 Years
Trevor Phipps
Over the past 150 years Colorado has benefitted from two mega economic drivers: agriculture and mining.
And even though the world of mining precious minerals has changed in recent decades, modern mining operations, such as the Cripple Creek-Victor Gold Mine, still contribute greatly to the local economy.
Fueled by the drastic increase in gold prices, a growing boom time for mining has paved the way for the CC/V operation, owned by SSR Mining. CC/V has become the top economic driver in Teller County. Ever since SSR Mining took over the Cripple Creek and Victor Gold Mine, the new management team has stepped up its efforts to inform the public about their operations and what they contribute to the entire Pikes Peak region.
This was the theme of a recent meeting, conducted online, with top leaders in the area participating in the discussion.
Starting at the end of last summer, new mine manager, Lowe Billingsley, made the decision to bring back public tours so locals and visitors can once again see firsthand how the mine operates. The mine manager then decided to commission an economic impact report to get a better idea regarding how much the mine economically impacts the region it operates in.
The results of this report were astounding.
Overall, the report outlines the fact that Teller County receives the largest economic impact from the mine. “In 2025, CC&V generated $635.4 million in total economic contribution within the county and supported 644 direct, indirect, and induced jobs,” the mine reported in a press release. “The mine also generated $60.5 million in labor income and $27.4 million in state and local tax revenue in Teller County.”
Currently, the mine generates more than half of Teller County’s gross domestic product (GDP), which represents the total value of goods and services produced. This makes the mine the county’s most significant single-site economic asset.
CC&V Mine Positively Impacts the Entire Pikes Peak Region
But the mine’s impact doesn’t stop in Teller County. In fact, its contributions also expand to neighboring counties since nearly half of the mine’s workers live in El Paso or Fremont County.
“Colorado Springs and the Pikes Peak region are known for our aerospace, defense and military sectors, but this report underscores the significant role mining continues to play in our economy,” Johnna Reeder Kleymeyer, president and CEO of the Colorado Springs Chamber & EDC said. “CC&V alone accounts for more than half of Teller County’s economic output, while supporting jobs, businesses and economic activity throughout the region. That kind of impact demonstrates why mining remains an important part of the economic strength and diversity of the Pikes Peak region.”
One of the main reasons the mine’s economic contributions are so high is due to the high salaries of its workforce. With an average annual pay at CC&V set at $94,314, the pay offered is 74.7 percent higher than the Teller County average annual salary, 66.2 percent higher than Fremont County’s average pay and 35.6 percent higher than the annual salary in El Paso County.
“These are large numbers, but what matters most is what they represent: good jobs, families supported, purchases from local businesses and revenue for public services,” CC&V Manager Billingsley said. “We understand the responsibility that comes with being such a significant part of the regional economy. We want to continue earning the community’s trust by working safely, operating responsibly and being a good neighbor.”
Small Towns and Rural School Districts Emerge as Big Winners
Aside from their employees’ contributions to the state economy, the mining company also directly donates money to the communities where their employees live. Every year, the mine dishes out money to local school districts and various community projects in Cripple Creek, Victor and Woodland Park.
According to Victor Mayor Barbara Manning, the mine has done much to contribute to the city as well as its businesses/nonprofits through the years. “Recently we were able to execute a new contract with the mine for water rights,” Manning said. “It was a 25-year contract, and it will bring in about $15 million to the city of Victor. We only have a tax base of about 400 residents. You cannot run a city on the tax income from 400 residents. So, the mine’s income will allow us to have better infrastructure and repairs to truly ancient infrastructure that needs to be replaced or modernized at least.”
According to Cripple Creek Mayor Annie Durham, there are committees made up of residents and stakeholders in Victor and Cripple Creek that receive $100,000 apiece annually for various community projects. Local nonprofits can then apply to the committees for funding.
Durham also pointed out that the mine donates $20,000 each year to the CC-V RE-1 School District, which disperses the funds for youth activities and programs. “Some of the things that have been funded are special trips, or field trips that give kids special experiences,” Durham said. “Also, some activities for the school that normally wouldn’t be funded by the school’s general fund. Something I have applied for in the last few years and received funding for is the care of our school turtles. They are an important part of our school family.”
And with the recent surge in gold prices, the mine plans to continue impacting the region and state in a major way for the next several decades. The mine estimates that they will contribute an additional $5 billion to the Teller County economy from now until the year 2050.
