{{Short description|American mining company}} '''NERCO''' was an American mining company headquartered in Portland, Oregon, with interests in coal, natural gas, and oil. The company also had significant operations in gold and silver mining, and manufacture of gallium arsenide wafers.<ref name="FU">{{cite web|url=https://www.fundinguniverse.com/company-histories/NERCO-Inc-Company-History.html|title=NERCO, Inc.|year=1993|work=International Directory of Company Histories, Vol. 7, St. James Press|publisher=fundinguniverse.com|access-date=2009-04-13}}</ref>
NERCO was created in 1977 by Pacific Power & Light Company 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 mining. In August 1984, the company went public, selling 10% of its shares and trading on the New York Stock Exchange.<ref name="FU"/> By 1992, the company had grown to $920 million in annual revenues and employed 2,200.<ref name="FU"/> NERCO was included in the Fortune 500 list of major American companies from 1985 to 1993, peaking at number 353 in 1992.<ref name="Fortune">{{cite web|url=https://money.cnn.com/magazines/fortune/fortune500_archive/snapshots/1993/3384.html|archive-url=https://web.archive.org/web/20121016214616/http://money.cnn.com/magazines/fortune/fortune500_archive/snapshots/1993/3384.html|url-status=dead|archive-date=October 16, 2012|title=Fortune 500: Nerco|work=Fortune 500: A database of 50 years of FORTUNE's list of America's largest corporations|publisher=Fortune.com|access-date=2009-04-13}}</ref>
In 1993, NERCO was acquired for $470 million (plus assumption of debt) by the Kennecott Corporation, a Utah-based subsidiary of the Rio Tinto Group. PacifiCorp owned 82% of NERCO stock at the time.<ref name="NYT-Sale">{{cite news|url=https://www.nytimes.com/1993/02/19/business/company-news-british-mining-giant-to-buy-nerco-for-470-million.html?scp=1&sq=NERCO%20RTZ&st=cse|title=Company News; British Mining Giant to Buy NERCO for $470 Million|date=February 19, 1993|work=The New York Times|access-date=2009-04-13}}</ref> Rio Tinto sold off NERCO's oil and gas operations later that year for $510 million.<ref name="RT-Disp">{{cite news|url=https://www.nytimes.com/1993/07/20/business/company-news-nerco-oil-unit-to-be-sold-for-353.7-million.html?sec=&spon=&scp=2&sq=NERCO%20RTZ&st=cse|title=Company News; NERCO Oil Unit to be Sold for $353.7 Million|date=July 20, 1993|work=The New York Times|access-date=2009-04-13}}</ref>
Tom Albanese, the former chief executive officer of the Rio Tinto Group, joined that company when it acquired NERCO, which was his previous employer.<ref name="BW">{{cite web|url=http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=8048018&symbol=RTP|archive-url=https://web.archive.org/web/20080518214451/http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=8048018&symbol=RTP|url-status=dead|archive-date=May 18, 2008|title=Executive Profile: Tom Albanese|work=Businessweek.com|publisher=Business Week|access-date=2009-04-16}}</ref>
==References== {{reflist}}
Category:Defunct mining companies of the United States Category:Former Rio Tinto (corporation) subsidiaries Category:Defunct companies based in Oregon Category:Energy companies established in 1977 Category:Non-renewable resource companies established in 1977 Category:Non-renewable resource companies disestablished in 1993 Category:1977 establishments in Oregon Category:1993 disestablishments in Oregon