Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Quebec’s three-year run as the Fraser Institute’s favourite mining jurisdiction ended after Alberta took the top spot.
Releasing it’s findings on Wednesday, the think tank lauded Alberta’s tax policies and clear rules regarding mining.
“Alberta’s resource-friendly government, competitive taxation regime, and superior infrastructure render the province a standout for mining investment, not only in Canada but also globally,” said Fred McMahon, coordinator of the survey and the Institute’s vice-president of international policy research.
“There’s minimal uncertainty around mining in Alberta.”
The study ranked Nevada second and Saskatchewan third. Quebec slipped to fourth position.
“Quebec damaged its reputation when the government proposed tax increases last spring and tabled a bill amending the provincial mining act in December 2009. These variables rocked miners’ confidence in the province and we see the result with the drop in rankings,” McMahon said.
The Fraser Institute’s Survey of Mining Companies: 2010/2011 is based on the opinions of mining executives representing 494 mineral exploration and development companies on the investment climate of 79 jurisdictions around the world. The companies participating in the survey reported exploration spending of US$2.43 billion in 2010 and US$1.86 billion in 2009.
This year, Canadian provinces claimed four of the top 10 spots, with Alberta jumping to first from fourth, Saskatchewan climbing to third from sixth, Quebec falling to fourth from first, and Manitoba holding steady at ninth.
The other provinces and territories generally fared well, with Newfoundland and Labrador placing 13th, the Yukon 15th, Ontario 18th, Nova Scotia 19th, New Brunswick 23rd, British Columbia 36th, Nunavut 44th, and Northwest Territories 52nd.
“BC continues to be viewed poorly, with respondents citing land claims issues, environmental uncertainty, and political turmoil at the provincial level as reasons to remain hesitant about investing in British Columbia,” McMahon said.
The bottom 10 scores went to Indonesia, Zimbabwe, Wisconsin, Madagascar, India, Guatemala, Bolivia, Democratic Republic of Congo, Venezuela, and Honduras.
Michael Allan McCrae wrote this story. You can contact him at [email protected].
