The US has the second longest mine development times in the world, at almost 29 years on average from first discovery to first production, according to a new report by S&P Global
Only mines in Zambia take longer, at 34 years.
Another concern flagged by the report is not just time and cost, but “it is unusually uncertain” due to litigation, in comparison to mines in Canada and Australia which may take a long time but reliably enter production.
“Mines coming online in the US are the exceptions. Since 2002 only three mines have come online in the US – but they are the exception rather than the rule. None of them are located on federal lands, where the permitting process is more complicated and litigation risk higher. For a full perspective of development times in the US and around the world, it is important to consider non-operating mines, i.e. those that are still in development. In the US there are another 10 of these”
— Mine development times: The US in perspective, S&P Global
The uncertainty in particular with developing new mines in the USA is impacting investment in domestic mines at a time when both there is bipartisan agreement that the USA needs to secure critical mineral supply chains.