PDAC 2014: Sweden named top mining jurisdiction, while Kyrgyzstan called worst

Sweden has unseated Finland as the best place in the world for mining investment, while former darling Quebec has plummeted right out of the top 20.

That is according to the Fraser Institute’s annual Survey of Mining Companies, which was released Monday during the PDAC conference. The Nordic countries Sweden and Finland finished first and second, largely because they are judged to have very strong political stability and infrastructure. That more than offsets their higher-than-average taxes on mining. Finland finished first last year, while Sweden was second.

Canadian provinces had mixed results in the survey. Alberta (third), New Brunswick (seventh) and Newfoundland and Labrador (ninth) all scored highly.  But the results were much worse for Quebec (21st), Ontario (28th), and British Columbia (32nd).

Quebec and Ontario were both in the top 20 last year, and Quebec in particular has experienced a stunning fall in the ranks. The province finished in first place every year from 2007 to 2010, and fell to 11th last year.

Until Quebec passed its new mining act in December, there had been persistent uncertainty for miners in the province on regulation. They have also faced tax hikes.