Nevada has a strong reputation as one of the best jurisdictions in the world for mining.
Mining and tourism are Nevada's two most important industries. Nevada has an abundance of natural resources making it one of the most important states in the country for mining. Minerals mined in Nevada include gold, silver, copper, lead, zinc, tungsten, uranium, manganese and opal.
Mining has been and continues to be vital to Nevada’s economy. Nevada is a major global producer of gold and is the only state producing lithium, which is quickly becoming the “gold rush” of the 21st century due to its value for use in emerging technologies in stored energy.
The Fraser Institute has consistently ranked Nevada as being one of the best jurisdictions in the world to invest in mineral exploration and mining. This ranking takes into account mineral endowment, regulation, taxation, infrastructure, and political stability.
The many advantages of mining in Nevada over other jurisdictions include:
- Skilled mining workforce
- Substantive mining support businesses
- Well-developed infrastructure
- Favourable geology and large mineral endowment
- Excellent access to public land
- Arid climate
- Streamlined permitting
- Supportive State Government
- Local County receives a net proceeds royalty
- Home to the USA’s burgeoning electric vehicle industry
Nevada is home to North America’s only producing lithium mine, Albemarle’s Silver Peak Mine.
Taxes are relatively low in Nevada with a net proceeds minerals tax not exceeding 5% (split between the local County and State) and a Federal corporate tax rate of 21%.
Nevada’s long mining history is reflected in its nickname the “Silver State”. However, Nevada may soon become recognised as the key lithium state in the USA as Rhyolite Ridge becomes an important domestic source of this critical mineral.