Western Australia no longer world's best mining destination
PERTH (miningweekly.com) – Western Australia is no longer the world’s top jurisdiction for mining investment, the latest survey by Canada’s Fraser Institute has shown. Moving up three spots in the survey’s investment attractiveness index, Finland is now considered the best address for mining and exploration investment.
Along with Finland, the top ten jurisdictions are Saskatchewan, Nevada, Manitoba, Quebec, Wyoming, Newfoundland & Labrador, Yukon and Alaska.
Western Australia has dropped to fifth place in the investment attractiveness index of the survey, which evaluated 122 jurisdictions.
Western Australia is the only Australian state or territory to make it to the top ten ranking in this year’s survey. Apart from South Australia, all other Australian states and territories fell in placement over the last year.
In response to the survey, the Minerals Council of Australia (MCA) noted in a statement that Australia’s ranking in the international survey was affected by policy issues, with global executives expressing concern at duplicative and costly approvals procedures, higher royalty charges over recent years and development delays caused by anti-coal activism.
MCA CEO Brendan Pearson noted that if Australia’s attractiveness continued to decline, the cost would be borne across the Australian community in slower growth in household incomes, real wages and higher unemployment.
On the other hand, the gains on offer from lifting Australia’s ranking were considerable.
“The abolition of the carbon and mining taxes are important steps forward, as is the conclusion of free trade agreements with nations that import more than A$125-billion in mineral exports annually,” Pearson said.
He noted that the passing of legislation to streamline state and environmental approvals into a one-stop-shop, would further build on these reforms.
He pointed to research by BAEconomics, which showed that reducing project delays by one full year would add A$160-billion to Australia’s national income over the period to 2025.
“That dividend will happen because by reducing costly delays Australia can start to regain market share in major global markets, with subsequent flow on effects on additional investment in the sector.
“The continued success of Australia’s mining industry must not be taken for granted,” Pearson said.
Australia’s minerals exports reached A$164-billion in 2013/14, with the sector producing more gross value added per unit of labour than any other industry in Australia.
The 2014 survey evaluated 122 jurisdictions, compared with 112 in 2013, 96 in 2012 and 93 in 2011 and 79 in 2010.
The survey stated that many jurisdictions had considerable room for improvement. Papua New Guinea, with a score of 48, is the jurisdiction with the most room for improvement, followed by Brazil, Argentina – Santa Cruz, Mongolia and Indonesia, each with scores of 47. The Canadian province with the most room for improvement is British Columbia, with a score of 37.
Included in this year’s report for the first time are Solomon Islands, Central African Republic, Egypt, Lesotho, Mauritania, Morocco, South Sudan, Sudan, Uganda, Cambodia and Hungary.
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