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Thursday, Jul 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Duo of international mining companies set up shop in Nevada

Quebec’s FTE Drilling and the United Kingdom’s Capital Mining Services will be putting their dollars into the Silver State

International mining companies put their dollars into Nevada
Image credit: FTE Drilling

Nevada’s Governor Joe Lombardo revealed that his state would be obtaining a series of investments from international companies last week. Notably, two that will be contributing to Nevada’s mining industry.

He made the announcement at this year’s Select USA Investment Summit in Maryland. The event was hosted by United States Secretary of Commerce Gina Raimondo and attended by American government figures such as Antony Blinken and Pete Buttigieg.

“Our low cost of doing business, favourable regulatory environment and robust litigation ecosystem make us a top destination for companies seeking expansion in the U.S.,” Lombardo said, “and we’re excited to continue diversifying our economy with international partners.”

The mining companies that are investing in the Silver State are Canada’s FTE Drilling and the United Kingdom’s Capital Mining Services. FTE will be setting up its American headquarters in Winnemucca while Capital establishes a facility in Elko.

For mining, Quebec’s FTE specializes in drilling techniques like reverse circulation, diamond core and rotary air percussion. Capital focuses on drilling services as well, runs the mining industry laboratory analysis provider MSALabs, and offers maintenance services.

Read more: Big name shareholder sells high percentage of its stake in Calibre Mining

Read more: U.S. Gold gets nod from Wyoming Environmetal regulators for reclamation bond

Capital has initial contracts with NGM

The British mining expert has negotiated to provide lab assay and mineral exploration services to the major operator Nevada Gold Mines this year and next. Capital plans to expand its business in Nevada and find more state clients.

Nevada’s prolific gold industry, which produces about 75 per cent of all American gold, has many other prospective operators that may be interested in the company’s services. These include aspiring mid-tier producers like Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF) and advanced exploration companies like U.S. Gold Corp. (Nasdaq: USAU).

Companies from other industries that Lombardo announced were investing in Nevada include PCM RailOne Ag, a German railroad contractor that will be investing US$20 million in a project near Las Vegas; and Urban Mobility Systems, a battery electric and hybrid fuel cell drive train manufacturer from the Netherlands.

Also Noovo, a French mobile home creator that will be investing a considerable sum to expand the size of its Nevada manufacturing facility by over 230 per cent.

The Investment Summit’s host, Gina Raimondo, also just notified the public that Nevada has received a US$21 million grant for its Lithium Loop Tech Hub: a facility created to strengthen the state’s battery metal supply chain. Nevada’s lithium mining industry contributes significantly to the state’s economy too.

“The Nevada Tech Hub based in Reno will help make the region a global lithium leader by bringing together companies, startups, schools and workforce development organizations,” Raimondo said Tuesday.


U.S. Gold and Calibre Mining are sponsors of Mugglehead news coverage 


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