Ongoing delays in developing the Ring of Fire mineral deposit is one issue hindering the province’s ability ‘to unlock its considerable mineral potential’
Once the biggest destination for mining investments in Canada, Ontario now ranks among the least attractive provinces in the country, according to a new survey of the global mining industry.
The Fraser Institute published its yearly survey of mining companies on investment perceptions Thursday, which showed Ontario had fallen from the seventh most attractive destination worldwide to 20th place. Canada’s most populous province also ranks ninth out of 12 jurisdictions in Canada ahead of only Nova Scotia, New Brunswick and Alberta, while Prince Edward Island was not ranked.
“In Ontario, we see a decline in investor perception, including over geology,” Fraser Institute senior policy analyst Ashley Stedman said, adding the province could improve its poor ranking with regulatory reforms and by making progress on Indigenous land claims.
The Vancouver-based think tank ranks Saskatchewan, Quebec and Yukon as the most competitive jurisdictions in Canada for mining, a ranking that Stedman says is based off miners’ perceptions of both a region’s geology and policies.
The results were based on 291 responses to a survey sent to mining companies in late 2019 that led to rankings of 83 jurisdictions around the world. The respondents ranked Nevada, Western Australia and Saskatchewan as the three most attractive destinations for mining in the world.