Three provinces make top 10, according to Fraser Institute
“While geologic and economic considerations are important factors in mineral exploration, a region’s policy climate is also an important investment consideration,” the report said.
This is the fifth time in six years that Saskatchewan has ranked in the global top three, though it fell from No. 2 in last year’s survey.
Saskatchewan isn’t the only Canadian jurisdiction that made the top 10, with Newfoundland and Labrador coming in at No. 4 and Quebec at No. 8.
But the report said some Canadian provinces and territories are failing to capitalize on their strong mineral potential, largely because they’re lacking a solid policy environment to attract investment.
“A sound regulatory regime coupled with competitive taxes make a jurisdiction attractive to investors,” Elmira Aliakbari, director of the Fraser Institute’s Centre for Natural Resource Studies and co-author of the study, said in a press release. “Policymakers across the globe should understand that mineral deposits alone are not enough to attract investment.”
Investor concerns over disputed land claims, protected areas and environmental regulations continue to be a major policy hurdle for British Columbia and Atlantic Canada. Uncertainty about protected areas, including which ones are off limits for mining exploration and production, is among the top three policy-related barriers to investment in the Atlantic provinces.
Canada, however, is emerging as a preferred jurisdiction for green investments by the global mining industry, according to a separate report by DBRS Morningstar.
It said mining companies across the world are increasingly embracing Canada for investing in the new technologies needed to reach net-zero greenhouse gas emission targets.
Part of the reason is because Ottawa’s federal budget for 2023 introduced a range of new tax incentives for sustainable investing.
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- The abundance of hydroelectric power generation.
- The availability of advanced research and development centres in mining and processing industries.
- An extensive resource base of most of the 31 critical minerals identified by Ottawa for driving economic growth in the green economy.
- A highly skilled and experienced labour force.
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