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- 10 Worst Countries for Mining + the 10 Best ones
10 Worst Countries for Mining + the 10 Best ones
Highlighting companies involved in each
Oilman Jim
February 11, 2025
10 Worst Countries for Mining
1. Democratic Republic of the Congo (DRC)
Why it’s bad:
Extreme political instability, corruption, and frequent changes to mining laws.
Key Problems:
Resource nationalism, with increasing taxes and royalties on foreign miners.
Security risks from armed groups controlling parts of mining regions.
Illegal mining competes with legitimate operations, often supported by corrupt officials.
Key Resources:
Cobalt, copper, gold, diamonds, coltan.
Notable Companies Affected:
Ivanhoe Mines – Operating Kamoa-Kakula copper mine despite regulatory uncertainty.
MMG Limited – Faces high operating costs at Kinsevere copper mine.
2. Venezuela
Why it’s bad:
Economic collapse, corruption, and mining controlled by criminal groups.
Key Problems:
Hyperinflation and sanctions make foreign investment nearly impossible.
Illegal mining operations run by armed militias and criminal networks.
Government frequently seizes private mining assets.
Key Resources:
Gold, diamonds, coltan, bauxite.
Notable Companies Affected:
Most international miners have exited Venezuela due to high risks.
3. Zimbabwe
Why it’s bad:
High corruption, strict ownership laws, and political instability.
Key Problems:
The government forces foreign miners to hand over a majority stake to local investors.
Currency instability and hyperinflation make business difficult.
Frequent policy changes create uncertainty for investors.
Key Resources: Platinum, gold, diamonds, lithium.
Notable Companies Affected:
Caledonia Mining – Struggles with government-imposed local ownership rules.
4. Russia
Why it’s bad:
Western sanctions, increasing state control, and geopolitical risks.
Key Problems:
Sanctions limit access to global markets and financing.
The government pressures companies to sell stakes to state-owned entities.
Risk of asset seizures amid growing nationalism in the resource sector.
Key Resources:
Gold, diamonds, nickel, uranium, rare earths.
Notable Companies Affected:
Norilsk Nickel – Facing supply chain disruptions due to sanctions.
Polyus Gold – Impacted by international restrictions on Russian exports.
5. Myanmar
Why it’s bad:
Military rule, human rights concerns, and illegal mining.
Key Problems:
The military government has taken control of mining projects.
Sanctions and reputational risks deter international investment.
Illegal jade and rare earth mining operate without oversight.
Key Resources:
Jade, rare earths, gold, tin, copper.
Notable Companies Affected:
Most major public miners avoid Myanmar due to ethical and legal risks.
6. Papua New Guinea
Why it’s bad:
Government unpredictability, poor infrastructure, and community conflicts.
Key Problems:
The government has revoked mining licenses without warning.
Frequent protests from local communities disrupt operations.
Corruption and security risks make investment uncertain.
Key Resources:
Gold, copper, nickel, natural gas.
Notable Companies Affected:
Barrick Gold – Had operations suspended at Porgera Gold Mine.
Newcrest Mining – Faces ongoing challenges at Lihir Gold Mine.
7. South Africa
Why it’s bad:
High crime, frequent labor strikes, and unreliable power supply.
Key Problems:
Load shedding (power cuts) disrupt operations.
Strikes and labor disputes lead to mine shutdowns.
Government pushes for more local ownership, creating costs for miners.
Key Resources:
Gold, platinum, diamonds, coal.
Notable Companies Affected:
Anglo American – Faces operational challenges due to unreliable electricity.
Gold Fields – Struggles with labor unrest and safety issues.
8. Peru
Why it’s bad:
Political instability and frequent mine blockades.
Key Problems:
Protests by local communities often shut down major mining operations.
Frequent tax policy changes create investment uncertainty.
Weak rule of law makes enforcing mining contracts difficult.
Key Resources:
Copper, gold, silver, zinc.
Notable Companies Affected:
Southern Copper – Faced production halts due to protests.
MMG Limited – Had its Las Bambas copper mine shut down by protests.
9. Mexico
Why it’s bad:
Rising cartel violence and stricter government regulations.
Key Problems:
Drug cartels extort mining companies in some regions.
The government has limited new mining concessions.
Higher taxes and environmental restrictions increase costs.
Key Resources:
Silver, gold, copper, lithium.
Notable Companies Affected:
Fresnillo plc – Faces rising security costs due to cartel threats.
Grupo México – Impacted by new government policies limiting mine expansion.
10. Sudan
Why it’s bad:
Civil war, political instability, and corruption.
Key Problems:
Ongoing civil war disrupts mining.
Militias control gold mines, creating security risks.
Foreign investors face high corruption and instability.
Key Resources:
Gold, copper, uranium.
Notable Companies Affected:
International miners avoid Sudan due to extreme risks.
10 Best Countries for Mining
1. Canada
Why it’s good:
Stable government, strong infrastructure, and access to capital.
Key Resources:
Gold, nickel, copper, uranium, rare earths.
Notable Companies:
Barrick Gold, Teck Resources.
2. Australia
Why it’s good:
Pro-mining policies, rich resources, and strong infrastructure.
Key Resources:
Iron ore, gold, coal, lithium.
Notable Companies:
BHP, Rio Tinto.
3. Chile
Why it’s good:
World’s largest copper producer with clear mining laws.
Key Resources:
Copper, lithium, gold.
Notable Companies:
Antofagasta, Codelco.
4. United States
Why it’s good:
Strong legal protections and access to advanced mining tech.
Key Resources:
Gold, copper, lithium.
Notable Companies:
Freeport-McMoRan, Newmont.
5. Finland
Why it’s good:
High environmental standards, clear regulations.
Key Resources:
Nickel, lithium, copper.
Notable Companies:
Outokumpu.
6. Sweden
Why it’s good:
Politically stable with government mining support.
Key Resources:
Iron ore, copper, lithium.
Notable Companies:
Boliden AB.
7. Botswana
Why it’s good:
Low corruption, investor-friendly policies.
Key Resources:
Diamonds, copper, nickel.
Notable Companies:
Debswana.
8. Brazil
Why it’s good:
Large mineral resources, strong industry support.
Key Resources:
Iron ore, gold, bauxite.
Notable Companies:
Vale.
9. Kazakhstan
Why it’s good:
Government incentives, vast untapped resources.
Key Resources:
Uranium, copper, gold.
Notable Companies:
Eurasian Resources.
Namibia
Why it’s good:
Politically stable, pro-mining government.
Key Resources:
Uranium, diamonds, gold.
Notable Companies:
Namdeb Diamond Corporation.
A selection of small and micro cap companies involved in these countries:
Democratic Republic of the Congo (DRC)
Alphamin Resources Corp. (TSXV: AFM) – Tin mining at Bisie.
Katanga Mining Limited (TSX: KAT) – Copper and cobalt (Glencore subsidiary).
Cobalt 27 Capital Corp. (TSX-V: KBLT, OTCQX: CBLLF) – Cobalt investments.
Bison Gold Resources Inc. (CSE: BGD) – Copper, cobalt, and gold projects.
Jinchuan Group International Resources Co. Ltd. (HKEX: 1001) – Chinese mining interests in the DRC.
Zimbabwe
Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL, AIM: CMCL) – Gold mining at Blanket Mine.
Premier African Minerals Limited (AIM: PREM) – Lithium and tungsten mining.
African Consolidated Resources plc (AIM: AFR) – Base and precious metals.
South Africa
Village Main Reef Limited (JSE: VIL) – Gold and other minerals.
Eastplats (TSX: EPS) – Platinum Group Metals (PGM).
Trans Hex Group Ltd. (JSE: TSX) – Diamond mining.
Great Basin Gold Ltd. (OTC: GBGLF) – Gold mining operations.
Namibia
Osino Resources Corp. (TSXV: OSI, OTCQX: OSIIF) – Gold projects.
Deep-South Resources Inc. (TSXV: DSM) – Copper exploration.
AfriTin Mining Ltd. (AIM: ATM) – Tin mining at Uis.
Weatherly International plc (AIM: WTI) – Copper mining.
Orion Minerals Ltd. (ASX: ORN) – Copper and gold.
Helio Resource Corp. (TSXV: HRC) – Gold exploration.
United States
Northern Dynasty Minerals Ltd. (NYSE: NAK, TSX: NDM) – Gold-copper project.
Northern Vertex Mining Corp. (TSXV: NEE, OTC: NHVCF) – Gold mining.
U.S. Gold Corp. (NASDAQ: USAU) – Gold and copper.
Westwater Resources, Inc. (NASDAQ: WWR) – Uranium and graphite.
Mexico
Excellon Resources Inc. (TSX: EXN, OTC: EXLLF) – Silver mining at Platosa.
Impact Silver Corp. (TSXV: IPT, OTC: ISVLF) – Silver mining.
Minera Alamos Inc. (TSXV: MAI) – Gold production.
Southern Silver Exploration Corp. (TSXV: SSV) – Silver and copper mining.
Magna Gold Corp. (TSXV: MGR) – Gold exploration.
VVC Exploration Corporation (TSXV: VVC) – Base and precious metals.
Peru
Sierra Metals Inc. (TSX: SMT, BVL: SMT) – Gold and copper mining.
Dynacor Gold Mines Inc. (TSX: DNG) – Gold ore processing.
Tinka Resources Limited (TSXV: TK) – Zinc exploration.
Venezuela
Crystallex International Corporation (TSX: KRY) – Gold mining at Las Cristinas.
Rusoro Mining Ltd. (TSXV: RML) – Gold mining.
Troy Resources Limited (ASX: TRY) – Former gold mining interests.
Brazil
Aurora Minerals Ltd. (ASX: ARM) – Gold and copper.
Goldmining Inc. (TSX: GOLD, OTC: GLDLF) – Gold assets in Brazil.
Metalla Royalty and Streaming Ltd. (TSXV: MTA) – Gold and mining royalties.
Chile
Atacama Pacific Gold Corporation (TSXV: ATM) – Gold exploration.
Antilles Gold Limited (ASX: AAU) – Gold and copper.
Elementos Limited (ASX: ELT) – Tin and gold.
Finland
Firefinch Limited (ASX: FFX) – Gold and lithium.
Endomines AB (OMX: ENDO) – Gold mining.
Sweden
BodaGold (OTC: BGDHF) – Gold exploration.
Nordic Mining (OSE: NOM) – Base minerals.
Kazakhstan
Kaz Minerals Plc (LSE: KAZ) – Copper mining.
Steppe Gold Limited (TSX: STGO, OTC: STPGF) – Gold mining.
OZ Minerals Limited (ASX: OZL) – Copper mining.
Australia
Golden State Mining Ltd. (ASX: GSM) – Gold and nickel.
Magnetite Mines Limited (ASX: MGT) – Iron ore.
Palladium One Mining Inc. (TSXV: PDM) – Nickel and palladium.
Papua New Guinea
K92 Mining Inc. (TSX: KNT, OTCQX: KNTNF) – Gold mining at Kainantu.
Niuminco Group Limited (ASX: NIU) – Exploration and mining projects.
Xtract Resources plc (AIM: XTR) – Small-scale gold mining.