Canadian jurisdictions claimed three of top 10 spots; powerhouse Quebec dropped to 11th
MONTREAL—Once considered a global leader for mining investment, Quebec has slipped out of the top 10 mining jurisdictions, according to an annual global mining survey.
According to the new Fraser Institute survey, Quebec has dropped to rank 11th out of 96 jurisdictions after holding down the top spot from 2007 to 2010.
La belle province was ranked fifth in last year’s survey.
“Falling from No. 1 to 11th in just three years tells us that the mining policies of the Quebec government, particularly uncertainty around changes to the provincial mining act and proposed royalty hikes, are a serious concern to the global mining community,” Fraser Institute senior director of energy and natural resources and director of the Survey of Mining Companies: 2012/2013 Kenneth Green said in a statement.
By comparison, Finland and Sweden ranked first and second globally.
“The confidence miners have in Finland and Sweden proves that it’s possible to enact sound environmental protections and still maintain a successful mining industry,” Green said. “Quebec’s political leaders should take note.”
Among Canadian provinces, Alberta ranked first in this year’s survey followed by New Brunswick, which topped the global rankings in 2012.
Canadian jurisdictions claimed three of the top 10 spots this year, with Alberta unchanged at third overall, New Brunswick falling to fourth from first, and the Yukon climbing to eighth from 10th.
The remaining provinces and territories generally fared well in the view of the global mining sector, with Nova Scotia placing 12th, Saskatchewan 13th, Ontario 16th, Newfoundland and Labrador 18th, Manitoba 21st, Northwest Territories 29th, British Columbia 31st and Nunavut 37th.
Worldwide, the top 10 mining destinations are Finland, Sweden, Alberta, New Brunswick, Wyoming, Ireland, Nevada, Yukon, Utah and Norway.
The survey is based on the opinions of mining executives representing 742 mineral exploration and development companies.