Western Australia is the fourth most attractive place for mining investment in the world, according to the Fraser Institute’s Annual Survey of Mining Companies 2023.
The State continues a strong reign of being among the top jurisdictions, scoring first place in the 2021 survey and second for 2022.
“WA is a global leader in the mining industry with a reputation for excellence, innovation and safety,” says CCIWA Chief Economist Aaron Morey.
“Our mines are some of the best in the world and we have a highly skilled workforce with existing infrastructure to deliver major projects.”
In this latest report, WA was superseded by North American regions, with Utah, the United States, topping the list, followed by Nevada, US, and Saskatchewan, Canda.
All the top 10 jurisdictions are in the US (3), Canada (5) and Australia (2).
The report ranks 86 jurisdictions around the world based on their geologic attractiveness (minerals and metals) and government policies that encourage or deter exploration and investment.
| Most attractive jurisdictions for mining investment | Least attractive jurisdictions for mining investment |
| Utah, USA | Niger |
| Nevada, USA | China |
| Saskatchewan, Canada | Solomon Islands |
| Western Australia, Australia | La Rioja, Spain |
| Quebec, Canada | Mozambique |
| Manitoba, Canada | Zimbabwe |
| Arizona, USA | Senegal |
| Northern Territory, Australia | Kazakhstan |
| Newfoundland & Labrador, Canada | Bolivia |
| Ontario, Canada | Cambodia |
Source: Annual Survey of Mining Companies 2023.
Policy environment drags score down
The report indicates WA’s drop in mining investment appeal is largely due to policy factors, ranking 17th (of 86) on the Policy Perception Index. This is a drop from 10th (of 62) in 2022 and fourth (of 84) in 2021.
Morey says mining project approval times are a major barrier for the industry and are impacting WA’s global reputation.
“These results show it’s not enough to simply have minerals in the ground. Governments need to make sure the conditions are right to attract and keep investment,” he says.
“The WA Government has taken encouraging steps to slash green tape but it’s clear that concerns remain about planned changes to federal environmental approvals which will make it harder for projects to get off the ground.”
CCIWA’s Green Web report, released in October 2023, estimated up to $318 billion worth of known projects in the WA pipeline alone were waiting for environmental approval and 40% of projects were at risk of being abandoned due to delays.
Morey says the cost of doing business is also increasing, compounded by the Federal Government’s overhaul of workplace laws.
“Changes to Federal workplace laws are also likely damaging Australia’s international reputation when it comes to investing in new projects,” he says.
Ongoing mining investment is ‘vital’
The mining and resources industry directly contributes almost $99b to the national economy and makes up almost half of WA’s gross state product (GSP).
Morey says the role of investment in the State’s mining industry cannot be overstated.
“It is absolutely vital for WA to have a long-term pipeline of investment in the mining sector,” he says.
“Having a sustainable mining industry that’s here for the long haul is central to WA’s ongoing economic prosperity and will ensure our grandchildren and great-grandchildren can enjoy the same quality of life we have today.
“This includes continuing well-established sectors like iron ore but also ensuring the stability of the emerging critical minerals industries like lithium, nickel, manganese, and rare earths.”
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