Western Australia ranks as the fourth most attractive place for mining investment globally, according to the Fraser Institute’s Annual Survey of Mining Companies 2023.
The State has maintained a strong presence in the top jurisdictions, securing first place in the 2021 survey and second in 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 the latest report, WA was surpassed by North American regions, with Utah, the United States, topping the list, followed by Nevada, US, and Saskatchewan, Canada.
The top 10 jurisdictions include three in the US, five in Canada, and two in Australia.
The report ranks 86 jurisdictions worldwide based on their geological 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 affects score
WA’s drop in mining investment appeal is attributed primarily to policy factors, ranking 17th out of 86 on the Policy Perception Index. This is a decline from 10th out of 62 in 2022 and fourth out of 84 in 2021.
Morey says mining project approval times are a significant barrier for the industry, 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 WA’s pipeline are awaiting environmental approval, with 40% of projects at risk of being abandoned due to delays.
Morey also highlights the increasing cost of doing business, exacerbated 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 constitutes nearly half of WA’s gross state product (GSP).
Morey emphasises the critical importance of sustained investment in the state’s mining industry.
“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.”