Nevada Reclaims World's Top Mining Investment Destination
Fraser Institute Names Nevada #1 Globally — Strategic Hub for 36 Critical Minerals Including Lithium and Gold
Nevada has reclaimed the top spot in global mining investment attractiveness, cementing the United States as the new center of gravity for critical mineral supply chains. For Korea's battery and advanced materials industries — where reducing dependence on Chinese minerals has become a matter of industrial survival — this marks a pivotal turning point in supply chain realignment.
Nevada's Governor's Office of Economic Development (GOED) announced that Nevada ranked first overall among 68 mining jurisdictions evaluated in the Fraser Institute's Annual Survey of Mining Companies 2025. Nevada moved up from second place in 2024, displacing Finland. Ontario, Canada ranked second — a dramatic jump from 15th in 2024 — while Saskatchewan came in third, up from seventh.
Conducted annually since 1997, the survey is based on responses from 256 mining executives worldwide, assessing mineral potential and public policy factors that influence exploration and investment decisions. The results confirm Nevada as the only mining jurisdiction to have consistently placed in the global top three.
Nevada achieved a perfect score of 100 on the Policy Perception Index (PPI), ranking first across all 68 jurisdictions. The PPI evaluates 15 factors including regulatory uncertainty, environmental regulations, the legal system, taxation, land disputes, infrastructure, political stability, and labour availability.
Figure 4: Policy Perception Index — Fraser Institute 2025
Source: Fraser Institute Annual Survey of Mining Companies 2025 — Figure 4: Policy Perception Index
Investment Attractiveness Index (IAI) — Global Top 10
Rank | Jurisdiction | Notes |
|---|---|---|
1 | Nevada, USA | Perfect PPI score: 100/100 · Up from 2nd in 2024 |
2 | Ontario, Canada | Rose from 15th in 2024 |
3 | Saskatchewan, Canada | Up from 7th in 2024 |
4 | South Australia | Surged from 35th in 2024 |
5 | Arizona, USA | 2nd US jurisdiction in top 10 |
6 | Western Australia | |
7 | Botswana | Africa's top-ranked |
8 | Norway | |
9 | Sweden | |
10 | Saudi Arabia | Asia's top-ranked |
Nevada's Standing as a Critical Mineral Powerhouse
Nevada's mining competitiveness rests not only on its investment climate but also on the depth of its physical mineral endowments.
- Produces over 70% of all gold mined in the United States
- Home to the only active lithium mine in the US — Thacker Pass
- Contains 36 of the 60 minerals designated as critical by the U.S. Department of the Interior (DOI)
Federal Investment Pipeline
Project | Funder | Amount | Notes |
|---|---|---|---|
Thacker Pass Lithium | U.S. DOE | $2.26 billion | Only active lithium mine in the US |
Ioneer Lithium-Boron | U.S. DOE | $996 million | Combined lithium-boron project |
Golden Metal Resources | Federal | $6.2 million | Metal resource development |
These investments underscore the U.S. government's commitment to building Nevada as a critical mineral supply hub — reducing dependence on China for rare earth elements and battery materials.
Bottom-Ranked Jurisdictions (IAI)
Rank | Jurisdiction | Notes |
|---|---|---|
68th | China | Bottom of IAI — world's largest refiner ranked last |
67th | Burkina Faso | Political instability / security risks |
66th | Egypt | Regulatory uncertainty |
The paradox of China — the world's largest mineral refiner — ranking last for investment attractiveness underscores that mineral dominance is determined by policy credibility, not deposit size alone.
Industry Reaction
"Just as Nevada answered the nation's call to supply critical minerals in the 1860s, this ranking proves that Nevada stands ready to meet America's critical mineral needs today," said Tom Burns, Executive Director of GOED.
Robert Ghiglieri, Administrator of the Nevada Division of Minerals, added: "Nevada has no equal worldwide in terms of both mineral endowment and policy framework."
The Fraser Institute noted that approximately 40% of mining investment decisions are driven by policy factors, with the remainder based on mineral potential and economic parameters. Nevada's first-place finish across both dimensions signals an accelerating concentration of global mining investment in the state.
The Fraser Institute's Annual Survey of Mining Companies is among the most widely cited benchmarks in the global mining sector, directly influencing capital allocation decisions. This year's results are set to reshape the discourse around mineral resource development and supply chain restructuring across North America and beyond.
About the Governor's Office of Economic Development (GOED)
Created during the 2011 session of the Nevada Legislature, the Governor's Office of Economic Development is the result of a collaborative effort between the Nevada Legislature and the Governor's Office to restructure economic development in the state. GOED's role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development.
Sources: Fraser Institute Annual Survey of Mining Companies 2025 · Nevada GOED Official Release · Mining Weekly · Mining.com · Geomechanics.io