Canadian policy thinktank the Fraser Institute has ranked Western Australia the best location in the world for mining investment, with Mines and Petroleum Minister Bill Marmion today touting the results as a tick of approval for the state government’s red tape reduction strategy.
The state bumped Nevada, in the US, from top place to third and came ahead of Saskatchewan, Canada, now second.
Two other Australian jurisdictions featured in the top 10, with the Northern Territory seventh and South Australia 10th.
WA has surged up the rankings in recent years, finishing seventh in 2011-12.
The state scored highly for encouraging investment, although there were lingering concerns over the previous federal government’s Minerals Resource Rent Tax.
Security, political stability and availability of labour were high, while scores for uncertainty around environmental laws, tax regimes, and industrial relations laws were somewhat lower.
“There is never a bad time to be the world’s best, but it is particularly important at this stage in the resources cycle,” Mr Marmion said.
“This is a win-win situation for responsible development and all Western Australians.
“Investor confidence means projects are more likely to get the financial go-ahead, which means more jobs to build WA communities.
“What really hits home are quotes from industry, praising the streamlining of landmark mining projects that are now supporting major employment.”
Association of Mining & Exploration Companies chief executive Simon Bennison said the rankings were encouraging but conditions in WA and across Australia could further benefit from making the approvals process more efficient and effective, increasing incentives to explore for minerals, improving land access and workplace relations.
"There is still much more to be done to reduce the regulatory burden, duplications and processing delays," Mr Bennison said.
“Whilst Australia as a whole is on top of the world for investment attractiveness, more can be done at the federal, state and territory levels to increase mineral exploration and reduce the operating cost environment."
