WELCOME LETTER
The last year has been transformational for the mining industry in the Western US. The motto “Mined in America” now prevails across the entire mining value chain, and was mentioned during most of the interviews Global Business Reports (GBR) conducted for this Western USA Mining 2024 report. There is currently a prime for operating in the USA, with reshoring finding favor among investors, operators, and government alike. The geopolitical nature of the energy transition, where some minerals can be weaponized with dire economic effects for the US economy, has led Washington to play its cards. The Biden-Harris Administration has passed several bills and regulations, including the IRA and the CHIPS, to foster a domestic supply chain of critical minerals, and the entire mining industry is adapting to try and leverage these. However, challenges persist, some self-imposed and others due to the cyclical nature of mining. The US mining industry confronts a growing labor shortage, hindering efforts to meet Washington’s goals and the increases of production required by the energy transition. Additionally, cumbersome permitting processes and opposition from environmental groups present obstacles to bringing new mines online. While navigating these challenges, miners, engineering and consultancy firms, as well as service providers must strike a balance between sustainability and profitability, while conveying the message that mining is necessary to maintain the current foundations of American society and the economy, and is fundamental in realizing a greener future. Off-take agreements between mining companies and automakers are breaking the silos that characterized industries until a few years ago, contributing to a more vertically-integrated supply chain. The goal is the same: To extract the minerals necessary to ensure a more sustainable future and reduce dependence on other countries. This Western USA Mining 2024 report offers a comprehensive analysis encompassing more than 100 interviews with mining leaders across the largest mineral-producing region in the US. In the upcoming pages, we give a voice to the key players as they share their insights and thoughts on the challenges and opportunities that the industry is undergoing, as well as outlining their ambitions. We would like to thank all those who contributed to this report, and express particular gratitude to our partner associations at both state and national levels.