[3] A rail line to the community that offered passenger and freight services was completed in 1905 by the Tacoma Eastern Railroad,[8] leading to the economic expansion of what would become Mineral.

The arsenic mines were temporarily successful for approximately five years but they began to wane, losing value as the market for the mineral disappeared.

The population peaked at 1,000 residents, and possibly as high as 1,600, by the 1920s, with a flourishing downtown district that contained three general stores, an ice cream shop and a variety of entertainment venues.

Tourism was an important economic engine during this time[3] and the town grew large enough to contain two hotels and an automobile agency.

Leading the decline was conversion to oil as a primary fuel burning source after World War I and a destructive coal mine fire in 1920.

[3] In the following years, coal efforts ceased due to more efficient mining methods, and the largest mill, owned by the Mineral Lake Lumber Company, was destroyed by fire in 1922 and never rebuilt.

A small, though fruitful undertaking was the retrieving of hemlock logs that sunk to the bottom of the lake during the early 20th century.

Over 500 acres (200 ha) were purchased by the YMCA of Greater Seattle in 2021, with support from the Nisqually Indian Tribe, to create a campground north of Mineral on the lake.

[13][14] After several community meetings, environmental studies, and local endorsements, a rezoning of the area was denied by the Lewis County commissioners in November 2022.

Despite the veto of the "master planned resort", the YMCA completed their timetable to purchase 1,600 additional acres two months later in early 2022.

The larger tract adjoins the original land purchase and the YMCA proposed that the parcel remain as a "working forest".

The ruling, citing that the commissioner's decline was based on bias, racial animus, and infringement of free speech, required that the original master plan be approved within 30 days.

The commissioner board formally accepted the YMCA plan two weeks later, under protest, while mentioning the continuing causes of concern, especially for law enforcement coverage in and around the Mineral area.

Rainier Scenic Railroad is a heritage railway that runs from Elbe to Mineral and is operated with steam locomotives and historic cars.

The community, usually small in population, can triple or even exceed 3,000 people on the opening weekend of Washington's fishing season due to the influx of anglers.

"[25][26] Mineral is the location where one of the tallest specimens of Douglas fir was recorded, measuring at approximately 120 meters (390 ft) high.