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Canadian Think Tank Names Australia Best Mining Jurisdiction For 2015


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Canadian Think Tank Names Australia Best Mining Jurisdiction For 2015

Tuesday March 01, 2016 15:30

(Kitco News) - Australia is now the best investment jurisdiction in the global mining sector, according a Canadian-based think tank.

Tuesday the Fraser Institute released the results of its 2015 annual survey of mining and exploration companies. The survey rated 109 mining regions and three Australian region made it into the top 10 global ranking with Western Australia coming in first place.

Western Australian’s saw an impressive jump as it was ranked fourth in the 2014 survey. The previous global leader, Finland dropped down to fifth place last year.

In Canada, Saskatchewan was once again ranked as the top mining region and coming in second place in the global survey. However, only one other Canadian jurisdictions made it into the top ten, Quebec.

“On the Investment Attractiveness Index, Canadian jurisdictions continue to perform well, although Australia surpassed Canada in 2015 to become the most attractive region in the world for investment,” the report said.

The institute ranked the U.S. as the third most attractive investment country in the world with three regions making into the top 10 list, “only slightly behind Canada and Australia.”

Nevada came in third in the global marketplace; however, it is probably Ireland that saw the biggest jump hitting the fourth spot, up 10 spots from 2014. Rounding out the top 10 are: Alaska in sixth place, Northern Territory in seventh, Quebec in eighth, Utah in ninth and South Australia in tenth.

In last place, as the least attractive investment jurisdiction was the Argentine province of La Rioja. The others regions coming in the bottom 10 included from the worst included Venezuela, Honduras, Greece, Solomon Islands, Chubut, Guinea (Conakry), Kenya, Mendoza, and Rio Negro

It is not surprising to see Australia take the top spot, the country’s gold sector alone has been benefiting from a combination of lower costs and a higher gold price. In 2015 the average gold price in the Australian dollar averaged A$1,540 an ounce. Currently gold price in Australian dollar is hovering above A$1,700 an ounce.

According to Surbiton Associates, a Melbourne based mining consultancy firm, Australia’s gold production hit new multi-year highs of 285 tonnes last year. The attractive marketplace is causing some moth-balled projects to come back on line, the firm said.

Not only does Australia has a wealth of mineral potential but the regulatory environment is also not overly taxing for companies.

“Mining at the two deposits commenced within three years of discovery, which illustrates the strong support for the mining industry provided by the state government and local communities,” said one of the comments in the survey, in relation to the Western Australian region.

The Survey was conducted between Sept. 15 and Nov. 27 and included the responses of 449 mining executives from around the world.

By Neils Christensen of Kitco News;nchristensen@kitco.com
Follow me on Twitter @neils_C

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.