The Fraser Institute's 2015 Survey of Mining Companies has ranked Western Australia as the world's most attractive mining investment destination.
|Date:||Friday, 04 March 2016|
Western Australia was announced as the world's most attractive mining investment destination in the Fraser Institute's 2015 Survey of Mining Companies earlier this week.
Department of Mines and Petroleum Director General Richard Sellers said Western Australia also finished in the top ten across a number of other categories.
"As well as being the number one ranked jurisdiction for mining investment, WA also ranked first in the Best Practices Mineral Potential Index," Mr Sellers said.
"Our geological database was ranked third and we ranked eighth on the Policy Perception Index.
"This was the State’s best performance in the internationally respected survey."
Mr Sellers said the department's program of reforms were central to ensuring Western Australia’s place as a world-leading mining jurisdiction.
"It is also indicative of the world-class quality of WA’s geoscience information and the role it plays in encouraging investment in mining exploration," Mr Sellers said.
Mines and Petroleum Minister Bill Marmion also praised Western Australia's performance in the survey.
"There is never a bad time to be the world's best, but it is particularly important at this stage in the resources cycle," Mr Marmion said.
"This is a win-win situation for responsible development and all West Australians. Investor confidence means projects are more likely to get the financial go-ahead, which means more jobs to build Western Australian communities.
"What really hits home are quotes from industry, praising the streamlining of landmark mining projects that are now supporting major employment."
One respondent is quoted as saying mines have gone from discovery to production faster than anywhere in the world. Another cited a three-year start-up period, praising the support of the State Government and local communities.
"We are processing approvals in record times, while driving new discoveries through our $130 million Exploration Incentive Scheme, WA's significant investment in research and technology, and the creation of Australia's biggest core library," the Minister said.
"The benefits of our world-leading Mining Rehabilitation Fund are also flowing through, cutting costs and encouraging rehabilitation, after returning $1.1 billion to the industry from the old bond system."
Mr Marmion said while red tape reduction and innovation had boosted resources industry confidence, it had not compromised environmental standards.