Nevada Mining Industry Sees Revenue Slump Amid Stable Gold Prices

Nevada's mining industry had a record-breaking year in 2025 due to skyrocketing gold prices. The price of gold rose significantly, leading to a 26% increase in gold mined in Nevada, with a total value of $12.2 billion. This meant that the industry's expenses were smaller as a percentage of gross revenue, resulting in a lower effective tax rate.

As a result, the mining industry collectively paid nearly $313 million under the state's primary mining tax in 2025, a 64% increase from $190.8 million in 2024. An additional $135 million was collected under a separate tax on gross proceeds, roughly double what it has generated annually since its enactment in 2021.

However, with the price of gold remaining stable and production levels expected to match those of 2025, revenue from the net proceeds tax is likely to fall short. The mining industry's expenses will also be higher due to record-high diesel prices, which could lead to a decrease in tax revenue from the net proceeds tax.