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.
Minister's office - 6552 6800
Top 10 Worldwide Investment Attractiveness Rankings
- Western Australia
- Northern Territory
- South Australia.