Mining rankings are out and Ontario’s far from tops

Ontario prides itself on being one of the world’s top places for mining, but a new ranking of the world’s top jurisdictions shows otherwise, at least according to the Fraser Institute.

Released this week, Saskatchewan topped the institute’s list as the most attractive jurisdiction for mining investment in Canada, followed by Quebec and then the Yukon.

Ontario ranked fourth place.

"While Saskatchewan is blessed with potash and uranium reserves, miners also appreciate its approach to mining policy,” said Kenneth Green, Fraser Institute’s survey director. “Compared to other jurisdictions, the province is perceived to have a competitive tax regime, efficient permitting procedures and clarity around land claims."

Globally, Saskatchewan also ranked as the top Canadian jurisdiction for the second consecutive year, finishing second behind Western Australia.

On the international ranking, Ontario placed 15th, which may seem low but is actually eight spots higher than last year.

The full report contains submitted comments from mining executives on doing business in each jurisdiction.

The Ring of Fire factored into comments from two unnamed exploration company presidents, both of whom complained about the Ontario government’s inertia in moving projects forward.

“A company was attempting to permit an advanced exploration project in the James Bay lowlands,” said one. “The government took three years to grant the required permits. During this time the funding partner, frustrated with the time taken by the government, exited the project.”

“Government management of the Ring of Fire was a disaster,” said another, echoing the first. “It has been 12 years since the original discovery and no sign as to when a development might occur.”

The Canadian rankings are as follows:
1. Saskatchewan
2. Quebec
3. Yukon
4. Ontario
5. British Columbia
6. Manitoba
7. Nunavut
8. Newfoundland and Labrador
9. Alberta
10. Northwest Territories
11. New Brunswick
12. Nova Scotia

The Fraser Institute is a Calgary-based public policy think-tank. Every year, it surveys mining executives in rating 109 jurisdictions around the world based on a combination of geology and policy attractiveness.