NERCO was an American mining

Mining

Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...

 company headquartered in Portland, Oregon

Portland, Oregon

Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...

 with interests in coal

Coal

Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure...

, natural gas

Natural gas

Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...

, and oil

Oil

An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....

. The company also had significant operations in gold

Gold

Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...

 and silver

Silver

Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...

 mining, and manufacture of gallium arsenide wafers.

NERCO was created in 1977 by Pacific Power & Light Company (now PacifiCorp

PacifiCorp

PacifiCorp is an electric power company in the northwestern United States.PacifiCorp has three primary subsidiaries:# Pacific Power is a regulated electric utility with service territory throughout Oregon, northern California, and southeastern Washington.# Rocky Mountain Power is a regulated...

) due to a change in United States federal law requiring the development of federal coal leases. From its origins in coal, the company expanded into other mining ventures, including an unsuccessful foray into uranium

Uranium

Uranium is a silvery-white metallic chemical element in the actinide series of the periodic table, with atomic number 92. It is assigned the chemical symbol U. A uranium atom has 92 protons and 92 electrons, of which 6 are valence electrons...

 mining. In August 1984, the company went public, selling 10% of its shares and trading on the New York Stock Exchange

New York Stock Exchange

The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

. By 1992, the company had grown to $920 million in annual revenues and employed 2,200,. NERCO was included in the Fortune 500

Fortune 500

The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...

 list of major American companies from 1985 to 1993, peaking at number 353 in 1992.

In 1993, NERCO was acquired for $470 million (and assumption of debt) by the Kennecott Corporation

Kennecott Utah Copper

Kennecott Utah Copper Corporation , a division of Rio Tinto Group, is a mining, smelting, and refining company. Its corporate headquarters are located in South Jordan, Utah, USA. Kennecott operates one of the largest open-pit copper mines in the world in Bingham Canyon, Salt Lake County, Utah. ...

, a Utah

Utah

Utah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...

-based subisidiary of the Rio Tinto Group

Rio Tinto Group

The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. The company was founded in 1873, when a multinational consortium of investors purchased a mine complex on the Rio Tinto river, in Huelva, Spain from the...

. PacifiCorp owned 82% of NERCO stock at the time. Rio Tinto sold off NERCO's oil and gas operations later that year for $510 million.

Tom Albanese

Tom Albanese

Tom Albanese is the chief executive officer and board member of the Rio Tinto Group.-Biography:Albanese was born in New Jersey and earned both a bachelor's degree in mineral economics and a master's in mining engineering from the University of Alaska Fairbanks.-Career:According to Forbes magazine,...

, the current chief executive officer

Chief executive officer

A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...

of the Rio Tinto Group, joined that company when it acquired NERCO, which was his previous employer.