Australia ranked in global mining report

Industry bodies have weighed in on the mixed results from the Fraser Institute’s 2023 Survey of Mining Companies report.

The report assesses the impact of mineral endowments and policy factors on attitudes toward exploration investment across the world.

Survey responses were used to rank jurisdictions based on their overall investment attractiveness, the attractiveness of their mining policy, and their geological attractiveness.

A total of 293 respondents participated in the survey this year, providing data on 86 jurisdictions.

According to the report, the top jurisdiction in the world for investment is Utah, followed by Nevada, Saskatchewan, and Western Australia in fourth place.

WA ranked first in the Best Practice Mineral Potential Index category, but slipped to 17th in the Policy Perception Index.

The Association of Mining and Exploration Companies (AMEC) said the report highlights WA’s reputation as a mining stronghold is not to be taken for granted.

“The Fraser Institute Survey was conducted in August last year, at the height of public debate over recently introduced Aboriginal Cultural Heritage laws,” AMEC chief executive Officer Warren Pearce said.

“The impact that has had on WA’s policy perception index is quite clear. To drop from 4th a couple of years ago to 17th is a concern. Policies that undermine certainty, will deter investment.”

South Australia now sits at the 20th spot on the Policy Perception Index, down from 3rd in 2022, and 22nd on the Best Practice Mineral Potential Index, up from 24th spot in 2022.

The SA Chamber of Mines and Energy (SACOME) said the report results highlight the need for innovative policy measures that will allow the state to reclaim its rightful place in the global rankings.

“South Australia’s decline in ranking reflects a broader decline across the Australian resources sector, noting that for the first time since 2019, Australia is not ranked as the most attractive region in the world for mining investment,” SACOME chief executive officer Rebecca Knol said.

“South Australia’s ratings drop highlights the need to adopt facilitative measures put forward by SACOME, including a SA resources sector economic heatmap and infrastructure corridors, and development of a state Critical Minerals to Metals Strategy supported by a critical minerals development fund.”