Canada’s Fraser Institute, an independent education and public policy think-tank, has ranked Nevada as the world’s top mining jurisdiction to invest in.
That is according to the organization’s Annual Survey of Mining Companies released on Thursday, which ranks 62 different jurisdictions around the globe based on their potential for producing metals and minerals and government policies which either encourage or discourage investments and exploration.
Western Australia came in second place and Saskatchewan is sitting in spot number three on the list. Newfoundland and Labrador came in fourth and Colorado took spot number five.
According to the institute, Zimbabwe is the worst mining jurisdiction to invest in and Africa is generally a bad mining investment choice with eight out of 10 of the worst jurisdictions residing in the continent.
“The Fraser Institute’s mining survey is the most comprehensive report on government policies that either attract or discourage mining investors and this year Nevada ranks highest of anywhere in the world,” said Elmira Aliakbari, co-author of the survey and Director of the Fraser Institute’s Centre for Natural Resource Studies, adding that mineral deposits alone are not sufficient to merit investments.
Read more: Calibre Mining budgets $29M for 2023 exploration in Nevada and Nicaragua
Read more: NevGold to hit the ground running at Limousine Butte in 2023: Caesars Report
The survey was provided electronically to 1,966 people between August and December last year and a total of 180 responses were received afterwards. The Institute believes the responses it obtained were sufficient to evaluate the jurisdictions.
Nevada moved up from third place in 2021 to the top spot on the newly announced survey from last year.
Policy factors that were examined include political stability, socioeconomic and community development conditions, labour regulations, infrastructure, environmental regulations, regulatory duplication, quality of the geological database and trade barriers among other things.
Vancouver’s Calibre Mining (TSX: CXB) (OTCQX: CXBMF) and NevGold Corp. (TSX-V: NAU) (OTCQX: NAUFF) are companies that have established substantial operations in Nevada.
This year, Calibre has budgeted $9 million for its mining endeavours in Nevada and will be utilizing those funds for 40 kilometres of exploration in the state. The company will be focusing on drilling near its Pan Gold Mine and Gold Rock project there and believes there are several discovery opportunities along a five-kilometre trend south of the Pan mine.
In March, the analysis firm Caesars Report concluded that NevGold had gained a strong knowledge of the mineralization surrounding its Limousine Butte project in Nevada during its drill campaign last year, particularly the Resurrection Ridge section.
“The Resurrection Ridge target is now shaping up like it could host a million ounces by itself and this could push the greater Limousine Butte project closer to becoming a two million-ounce deposit,” read the firm’s report.
Read more: Calibre Mining to purchase 50% of production royalty in Eastern Borosi, Nicaragua
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Other mining companies operating in Nevada include Lithium Americas (TSX: LAC) (NYSE: LAC), which recently started construction at the Thacker Pass lithium mining operation; Nevada Gold Mines, a joint venture between Barrick Gold (NYSE: GOLD) and Newmont Corporation (NYSE: NEM) (TSX: NGT); Franco Nevada Corporation (TSX: FNV) (NYSE: FNV); and Vancouver’s Nevada Sunrise Metals Corporation (TSX-V: NEV) (OTC: NVSGF).
Calibre’s shares rose by 0.59 per cent Thursday to $1.70 on the Toronto Stock Exchange and have risen by 132.88 per cent over the past six months.
NevGold’s stock rose by 8.33 per cent to $0.39 on the TSX Venture Exchange.
Calibre Mining and NevGold are sponsors of Mugglehead news coverage