A significant part of Nevada’s history is its longstanding dominance in the mining industry that has resulted in the state enjoying the highest mineral wealth nationwide. Over time, the aptly-named “Silver State” has assembled a ‘word-class mining infrastructure,” boasting a large and strong group of experienced industry professionals combined with unique geology that provides an abundance of mines and deposits.
An annual tradition at the Fraser Institute involves ranking what they consider the “most attractive mining jurisdictions” in the United States. Nevada has consistently dominated with top rankings, including first in 2018 and third the following year.
A Monumental 2020 for the Mining Industry
The advent of pandemic-driven shutdowns has not slowed down mining activity. In fact, it has resulted in a jump in precious metal prices, putting a bright spotlight on the mining of gold and silver not only in Nevada, but also throughout the nation. The latter part of August marked record prices, smashing the $2,000 per ounce mark, before settling into the $1,900 range. Silver is also doing well at $800 per ounce.
Also driving the growth is what is considered a “mining-friendly bureaucracy” in the state with an expedited process of securing a permit, not to mention an attractive industry tax rate.
The Tonopah Silver District, discovered at the turn of the 20th century has resumed production following a 100-year shutdown. Resumption has resulted in more than 174 million ounces of gold and 1.8 million ounces of silver. A recent second discovery makes it clear that more precious metals are on the way.
The boom has attracted high profile mining companies that include Kinross Gold, Hecla Mining, Coeur Mining, and Argonaut Gold Inc. in Canada.
Precious metals mining remains a thriving business in Nevada, and business is, to say the least, good.