Hon Bill Marmion BE MBA MLA

Hon Bill Marmion BE MBA MLA

Former Minister for State Development; Transport; Innovation

    WA rated the world’s top investment destination

    2/03/2016 12:45 PM
     
    • Fraser Institute rates winning combination of innovative policy and geology
    • Investors praise red tape reduction
    • WA has the fastest discovery to production times 

    Red tape reduction has helped make Western Australia the world's most attractive mining investment destination, according to the internationally respected Fraser Institute's Annual Survey of Mining Companies: 2015.

     

    Outlining the results of the latest survey today, Mines and Petroleum Minister Bill Marmion said the State Government's innovative resources policies and WA's abundant natural resources was the winning combination.

     

    "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.

     

    Fact File

    Minister's office - 6552 6800

     

    Top 10 Worldwide Investment Attractiveness Rankings 

    1. Western Australia
    2. Saskatchewan
    3. Nevada
    4. Ireland
    5. Finland
    6. Alaska
    7. Northern Territory
    8. Quebec
    9. Utah
    10. South Australia.