Nevada has been named as “the world’s top mining destination,” according to the 2020 survey of resource and exploration companies released by the Fraser Institute.
The survey’s result is based on answers from 276 participants, which provided sufficient data to evaluate the overall investment attractiveness of 77 jurisdictions.
Many mining companies conduct business in Nevada. Among them are Blackrock Silver Corporation, Barrick Gold Mines, Nevada Sunrise Gold and Equinox Gold Corporation.
The state has two key characteristics miners look for—best practice for mineral potential and policy perception— making Nevada an outstanding option for production, according to the press release.
For example, Blackrock Silver Corporation, a mining exploration company focused on both silver and gold, has attracted significant interest over the past year on the back of multiple high-grade discoveries made on its Tonopah West property, according to the press release.
Additionally, Barrick Gold Mines, noted as one of the world’s largest gold mining companies, was established as a joint venture in July 2019 with Newmont Corporation and introduced their subsidiary, Nevada Gold Mines, the release said. Barrick stated that the driving force behind the creation of Nevada Gold Mines was the large potential of the Nevada gold fields and prospective gold establishments.
While geologic and economic considerations are important factors in mineral exploration, a region’s policy climate is also an important investment consideration, according to Fraser Institute.
The Policy Perception Index (PPI), is a composite index that measures the overall policy attractiveness of the 77 jurisdictions in the survey. The index is composed of survey responses to policy factors that affect investment decisions.
Policy factors examined include uncertainty concerning the administration of current regulations, environmental regulations, regulatory duplication, the legal system and taxation regime, uncertainty concerning protected areas and disputed land claims, infrastructure, socioeconomic and community development conditions, trade barriers, political stability, labor regulations, quality of the geological database, security, and labor and skills.
Nevada moved up from third place in 2019, and Arizona, which ranked ninth in 2019, moved into second place this year. Saskatchewan climbed eight spots from 11th in 2019 to third in 2020.
Western Australia ranked fourth this year after topping the ranking last year, and Alaska dropped a spot from fourth in 2019 to fifth in 2020. Rounding out the top 10 are Quebec; South Australia; Newfoundland; Labrador, Idaho; and Finland, according to the press release.