PERTH (miningweekly.com) – Western Australia has come out on top in research organisation Fraser Institute's yearly survey of mining companies in 2015.

Western Australia, which was ranked fourth in the 2014 report, displaced Nevada as the most attractive mining jurisdiction in the world, followed by Saskatchewan as first runner-up.

Ireland moved up ten spots into fourth place. Rounding out the top ten are Finland, Alaska, Northern Territory, Quebec, Utah and South Australia.

The survey was an attempt to assess how mineral endowments and public policy factors such as taxation and regulatory uncertainty affect exploration investment.

The survey was circulated electronically to over 3 800 individuals between September and November last year, and the report was compiled from 449 responses.

The Association of Mining and Exploration Companies (Amec) on Wednesday welcomed the report findings, with CEO Simon Bennison saying that Australia’s ranking as a top-tier jurisdiction was heavily aided by the country’s geological mineral potential, as measured on the Best Practices Mineral Potential Index.

However, Bennison pointed out that Australia’s Policy Perception Index score remained relatively unchanged from previous years.

“Caution needs to be taken when considering the Investment Attractiveness Index, as it is a composite index that combines both the Policy Perception Index and the results from the Best Practices Mineral Potential Index.

“Most Australian jurisdictions ranked lower in the Policy Perception Index, indicating that their mineral potential, which receives a higher weighting in the calculation, increases their overall investment attractiveness.”

Bennison said that this was important to consider as there was still much more to be done to reduce the regulatory burden, duplications and processing delays.

“New South Wales was the lowest ranked Australian jurisdiction on the Policy Perception Index at 51 out of 109, behind Victoria at 43 out of 109. Comments from survey participants highlighted the need for improvements in some Australian jurisdictions, especially in New South Wales with regards to approval timeframes and in Queensland with regards to land access and workplace relations.”

Bennison added that while Australia as a whole was on top of the world for investment attractiveness, more could be done at the federal, state and territory levels to increase mineral exploration and reduce the operating cost environment.

“Making the overall development approvals process through the many government departments more efficient and effective would go a long way to improving both of these objectives.”