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Finland rules in Fraser Institute poll

SCANDINAVIA has topped the list for the world's friendliest mining destination, while Australia r...

Kristie Batten

The Survey of Mining Companies: 2012/2013, released to coincide with the start of PDAC in Toronto, had Finland in the top spot, followed by Sweden, Alberta, New Brunswick, Wyoming, Ireland, Nevada, Yukon, Utah, and Norway.

Eight of the entrants ranked among the Top 10 last year, although Utah entered the Top 10 from 21st spot and Norway jumped in to 10th from 24th, replacing Saskatchewan (11th) and Quebec (13th), which was first in 2007-10.

“Falling from number one 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 director Kenneth Green said.

“The confidence miners have in Finland and Sweden proves that resource development and environmental protection can go hand in hand. Quebec’s political leaders should take note.

Western Australia was the top-ranked Australian state, in 15th spot, followed by South Australia in 20th, the Northern Territory at 22 and Victoria with 24th.

WA and the NT were equal 12th last year.

According to the survey, the world’s worst mining jurisdictions are Indonesia, Vietnam, Venezuela, Democratic Republic of Congo, Kyrgyzstan, Zimbabwe, Bolivia, Guatemala, Philippines, and Greece.

Mongolia, Indonesia and Papua New Guinea were named as the three top countries in terms of “room for improvement”

“In order to compete for investment on the global mining stage, jurisdictions need not only stellar resource potential but also a stable, certain, straightforward mining policy framework,” Green said.

“Reduce red tape, minimise risk with regard to policy changes and tax increases, respect negotiated contracts: that’s how you woo the global mining sector.”

The survey found that miners were pessimistic over short-term commodity prices, flagging lower prices for silver, copper, diamonds, coal, zinc, nickel, potash and platinum.

Gold was expected to rise.

Less than half of respondents were planning to lift exploration budgets for the year, compared with over two-thirds last year.

The survey was based on answers from executives representing 742 mining companies operating in 96 jurisdictions, including newcomers French Guiana, Greece and Serbia, as well as several Argentinian provinces.

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