Lyric discussion by thesithwithashotgun 

Cover art for Rox in the Box lyrics by Decemberists, The

It does specifically mention mining, but this song always reminds me of the construction of the Transcontinental Railroad; when the railroad companies reached mountains, they blew tunnels through them in a manner similar to mining. Plus, for whatever reason, the violin, mandolin, and accordion riff reminds me of a train's whistle, further bringing to mind the railroad's construction.

Also, the chorus makes me think of a countdown to the explosion of the nitroglycerine. I'm not quite sure how to specifically interpret each line, but I think in its entirety the chorus is about the nitro.