Annual survey of the worldwide mining sector by the Fraser Institute: QUÉBEC DROPS TWO PLACES, A MATTER OF CONCERN FOR THE QUÉBEC MINING ASSOCIATION
Québec City, March 1, 2016 – Although Québec remains in the top ten mining jurisdictions worldwide for its ability to attract mining investors, the Québec Mining Association (QMA) is concerned that it has dropped two places compared to last year. This shows that immediate action is needed to prevent any further deterioration.
After ranking first worldwide from 2007 to 2010 in the Fraser Institute's annual survey, Québec slipped to eighteenth position in 2014 before recovering to take sixth place in 2015. In its 2016 survey, the Fraser Institute ranks Québec eighth worldwide and second in Canada (compared to third in 2015).
According to the comments received by the Fraser Institute, the time needed to obtain environmental authorizations, the lack of guidelines for negotiations with Aboriginal communities and the suspension of uranium exploration activities are the main reasons explaining Québec's score.
"The concerns revealed by the survey are the same we have been raising for some time. Unfortunately, our fears have been confirmed and the government must now take action to reverse this apparent trend by providing more support for the development of the mining industry and removing uncertainty for investors. Québec's reputation abroad, and the future of Québec's mining industry, are at stake," says Josée Méthot, the QMA's president and CEO.
Québec's mining industry represents 45,000 direct and indirect jobs and generates significant economic benefits:
$1.7 billion in wages in the extraction sector alone;
$3 billion in investment in 2014, mainly in outlying regions;
3,800 suppliers, over half located in the urban centres of Montréal and Québec City;
an average of $710 million paid to the Québec government each year.
"If mining companies are unable to interest more investors in developing projects in Québec, the investment will go elsewhere, with foreseeable consequences for the socioeconomic prosperity of Québec and its regions. Without being catastrophic, the survey results sound the alarm. It is time to implement concrete measures to increase Québec's attractiveness for investors," concludes Josée Méthot.
About the Québec Mining Association
The Québec Mining Association (QMA) was founded in 1936 and speaks proactively for mining companies involved in exploration, extraction and processing, mining contractors and junior mining companies, along with suppliers, institutions, non-profit organizations and other mining sector partners. It is proud of the 45,000 high-quality jobs and $3 billion in investment generated by Québec’s mining industry over the last year. The QMA’s mission is to promote, support and play a role in the development of a responsible, committed and innovative mining industry in Québec.