Arizona ranked second in the world for mining investment attraction, according to a new report by the .  

Arizona’s vast mineral resources and business friendly public policies are among the reasons for the high ranking this year, according to the institute’s annual 2020 . 

“We are inching up and it has a lot to with the state’s political environment and all that can change. Right now it’s generally friendly,” said Steve Trussell, executive director of the and .

The annual report involves surveying officials at mining and exploration companies in 77 jurisdictions around the world based on their geologic attractiveness and government policies. Respondents answered questions about policy factors such as onerous regulations, taxation levels, the quality of infrastructure and other policy related questions. 

The top 

Nevada took the No. 1 ranking in the survey, moving up two spots since the year before. �鶹��ýӳ��oved up to second from ninth. Rounding out the top five were Saskatchewan, Western Australia and Alaska.

The bottom

Venezuela and a handful of Latin American and African nations and one state ranked among the worst for investment including Venezuela; Chubut, Argentina; Tanzania; and Indonesia.  

Public policies impact investment decisions

While the study revealed that the “pure mineral potential” is important to investors, approximately 40 percent of respondents said their investment decision is determined by policy factors.

The Fraser survey is the most comprehensive report on government policies that either “attract or discourage mining investors,” said Elmira Aliakbari, director of the Fraser Institute’s Centre for Natural Resource Studies and co-author of the report.

“Policymakers in every province and territory should understand that mineral deposits alone are not enough to attract precious investment dollars,” Aliakbari said.

Arizona saw increased confidence from mining community 

Arizona ranked No.1 as the most attractive jurisdiction for mineral potential. But public policies here also played a part. In the survey, miners expressed “decreased concern” over uncertainty concerning disputed land claims, socioeconomic agreements, community development conditions and the state’s legal system, the report states. 

Feeding the need for green technologies  

Arizona is poised to benefit not only the state but the nation as President Joe Biden’s administration focuses on green energy, Trussell said.  

“Arizona currently produces 68 percent of the nation’s copper supply and the demand for it is rising with the development of innovative new products and green technologies,” he said. 

Other minerals being mined in Arizona are also critical to construction, technology and defense industries he said.  

“These materials are both ‘critical’ and ‘strategic’, which are defense terms. Right now 95 percent are being purchased outside of the country. We simply can’t rely solely on foreign sources for these materials.”

�鶹��ýӳ��ining a strong driver for state GDP 

There’s a reason the state Capitol has a copper dome, a copper star on the state flag, and a miner gracing the state seal. Mining is a multi-billion-dollar annual industry in Arizona with a legacy reaching back to the heyday of Tombstone and Jerome.

Today, Arizona is the number one producer of copper in the country and the second-largest mine-producing state. The rock products mining and hardrock mining sectors in Arizona together generate an annual direct and indirect economic impact of $16.3 billion, Trussell said. 

That equates to approximately 64,600 jobs supported by mining according to the Seidman Research Institute W.P. Carey School of Business at Arizona State University.

Meanwhile, the demand for metals is expected to skyrocket in the coming decades. Copper alone will see global demand increase by as much as 50 percent over the next two decades, according to the . 

“The supply chain that drives the economy essentially starts with us,” Trussell said. 

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A major “in situ” copper mine in Pinal County is finally in the home stretch to full  commercial production after a years-long process that included fending off 10 lawsuits from the nearby town of Florence.  

But last week at a state meeting to hear comments from the public about the approval of the company’s aquifer protection permit, a final major step, there was overwhelming support.  

In fact, more than two dozen people spoke on behalf of the project, including three state legislators, one Florence council member, and the executive director of the Greater Florence �鶹��ýӳ�� of Commerce. 

All spoke highly of Florence Copper’s actions so far, and about the promise of new jobs and economic stimulus for the region. Florence Copper is owned by Canadian . 

“It’s a pretty exciting time for such a great project,” Roger Biede, executive director of the Greater Florence �鶹��ýӳ�� and a longtime Florence resident said during the that was held by the permitting agency, the Arizona Department of Environmental Quality (ADEQ). “It’s something that’s been needed in our town for years. And 2020 has only increased that need.” 

Time to move on from “prison town” image

Originally a mining town, historic Florence is now known as a “prison town,” Biede said. This project brings the potential to move beyond that.  

“This is a chance for us to be the model for an in situ mine for the entire world,” he said. 

ADEQ, which has stated that the project has met all requirements to be permitted, is expected to issue its final determination after the public comment period ends Oct. 12. 

It’s been a decade in the making to get to this milestone. 

Hearing the support from the community was “remarkable and gratifying,” said Stacy Gramazio, public affairs manager for Florence Copper.

“We were certainly pleased and greatly encouraged by the display of overwhelming public and community support for the project during the ADEQ public hearing,” she said. “Well over 100 people joined in on the meeting and of the over 30 people who formally presented, all were in favor except one.”       

Gramazio said if permitting is approved, construction for full scale commercial production should start in the first half of 2021.

In-situ extraction less harmful to planet  

In-situ recovery mining is a process that is less invasive than traditional mining. The process involves dissolving copper underground into a liquid and pumping it to the surface.

Among its advantages:

• No waste or ore removal
• No open holes, waste dumps, leach pads or tailings
• Minimal noise, dust and greenhouse gas impact

The $200 million project to stimulate pandemic recovery  

If the permit is granted, Florence Copper can move into full commercial production. That will help stimulate the pandemic recovery, said a number of people who spoke at the meeting including state legislators Rep. David Cook, Rep. Mark Finchem and Sen. Vince Leach.

Taseko expects to spend about $200 million to build the commercial plant, plus $50 million a year for sustaining capital.

During the 30-year life of the project, the mine will create significant economic benefits for Arizona and Pinal County, according to an by the L. William Seidman Research Institute in the W. P. Carey School of Business at Arizona State University. 

According to the report, Florence Copper will:

• Inject about $3.4 billion into the state economy with $2.1 billion remaining in Pinal County 
• Create and support an annual average of 796 direct and indirect jobs in Arizona, with 480 in Pinal County
• Generate $1.9 billion in total personal income over the life of the project with $0.9
• billion going to Pinal County workers and business owners
• Generate local and state revenues exceeding $468 million with approximately $68.5 million directly accruing to the town of Florence and $33.5 million directly accruing to Pinal County

One of the most scrutinized mining projects in Arizona history

To get to this point, Florence Copper has undergone one of the longest, most thorough and detailed examinations of a mining project in the history of Arizona, company officials said.

Since 2013, the company has been fighting lawsuits filed by the town to block the mine. The town challenged the mine on the basis of a zoning ordinance passed in 2007 that prohibits mining on the property. But the court determined that Florence Copper is entitled to operate under the terms of its 2003 development agreement with the town.

Now, it’s time to move forward, said Michelle Cordes, the only current council member to speak at the meeting.

“The people of Florence need high paying jobs and economic activity that a project like Florence Copper can provide us,” Cordes said. “Let’s show the state we’re open for business.”

To read more about the project, go to:

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