Mining Through Uncertainty

1.1% Michigan Wyoming NEVADA Mining Association Policy Perception Index Growth United States 17.6% 16.8% 13.6% 13.7% 11.0% 11.2% 11.6% 12.1% 9.7% 7.2% 7.5% Arizona Nevada Utah Alaska Washington Idaho MINING THROUGH UNCERTAINTY New Mexico Colorado Source: Fraser Institute Survey of Mining Companies (2017 vs. 2018) and Applied Analysis 79 APPLIED ANALYSIS California Minnesota Montana 23.0%

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