Ontario has been booted off the top 10 list in an annual ranking of jurisdictions friendly to mining investment.
Out of 83 mining areas included in the report, the Fraser Institute found that Ontario slipped dramatically from its 2017 ranking of seventh place.
The independent Canadian think tank released the 2018 edition of its Annual Survey of Mining Companies on Feb. 28.
According to the report, the province got “low marks for regulatory uncertainty and concerns about disputed land claims.” Ontario’s mineral potential was also seen as “less attractive” than in previous years.
Mining executives viewed Nevada as the best place to invest, based on the combined criteria of geology and government policy.
Meanwhile, Saskatchewan came out on top when considering policy climate alone. That includes things like onerous regulations, taxation levels, the quality of infrastructure, and uncertainty concerning protected areas and disputed land claims.
Respondents said up to 40 per cent of their investment decision is determined by policy factors.
“The evidence is clear – mineral deposits alone are not enough to attract precious commodity investment dollars,” said Ashley Stedman, a senior policy analyst at the Fraser Institute and study co-author, in a Feb. 28 news release.
“A sound regulatory regime coupled with competitive fiscal policies is key to making a jurisdiction attractive in the eyes of mining investors.”
The Fraser Institute surveyed 2,000 individuals between Aug 21 and Nov. 9, 2018, receiving 291 responses.
Read the full report here.
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