Queensland’s attractiveness as an investment destination for mining has dropped out of the global top 10 according to a report from Canada’s Fraser Institute.
Queensland Resources Council (QRC) chief executive Ian Macfarlane said the clear message was that global investors had marked Queensland down because of policy uncertainty.
“Investors don’t like surprises, which is why the sector is always talking about the need for policy certainty”, said Mr Macfarlane.
“The Queensland Government needs to be aware investors are watching every potential change in policy as having a direct impact on the investment profile of the State.
“The clear challenge in the year ahead is to deliver policy certainty that investors expect. A stable regulatory environment is the only way to see Queensland recognised as the best mining jurisdiction in the world.”
The Fraser Institute survey of mining executives rates 91 jurisdictions around the world based on their geologic attractiveness for minerals and metals and the extent to which government policies encourage or deter exploration and investment.
As a whole, Australia—which ranked as the most attractive region overall last year— has fallen to second this year after Canada. The U.S. was rated the third most attractive region overall, followed by Europe.
The Fraser Institute said every Australian jurisdiction had received lower scores on policy this year, indicating increasingly unattractive government regulations across the country.
Western Australia ranked 5th overall, followed by Queensland (12) and South Australia (14).
On a positive note, Queensland continued to receive recognition for its quality mineral deposits moving up one spot to number three in the world —leapfrogging WA to become Australia’s most geologically prospective jurisdiction.
“Queensland’s geological assets are globally well known, with one of the richest and diverse mineral provinces in the world, including the North West Minerals Province, bauxite across Cape York and some of the best quality coal,” Mr Macfarlane said.
“We have the geology the world wants, investors just need to see a steady hand on the policy leaver.”
Read the full survey results here