PERTH (miningweekly.com) – Western Australia has emerged as the most attractive jurisdiction for mining investment in the world, while South Australia ranked sixth within the top ten jurisdictions in Canadian think tank Fraser Institute’s annual survey of mining companies.

The Northern Territory came in at number 13, while Queensland lost ground, falling two places to number 15 in the world ranking. Tasmania was ranked as twenty second, Victoria was forty third and New South Wales was forty seventh in terms of global rankings.

“The mining survey is the most comprehensive report on government policies that either attract or discourage mining investors,” said Fraser Institute senior policy analyst and co-author Ashley Stedman.

“A sound regulatory regime coupled with competitive taxes is key to making a jurisdiction attractive to investors.”

The Queensland Resources Council (QRC) on Wednesday said that the drop in ranking for Queensland was a "wake-up call" that the state could not take its place as a resource superpower for granted.

“World class and abundant mineral resources are not enough. These results show that Queensland must work harder to attract international investment in the projects that create jobs and support regional communities,” said QRC CEO Ian Macfarlane.

“This hasn’t come out of the blue, but Queensland must heed the warning.

“In the past 12 months there have been several examples that have raised industry concern about policy and consultation on significant issues that could affect investment and jobs.  

"Examples include a proposed significant expansion to the area of land locked up from gas development in western Queensland under the Pristine Rivers policy, a sudden 25 per cent hike in the gas royalty rate, and lack of consultation on important issues such as methane regulations and cultural heritage.”

Macfarlane said that it was essential that Queensland had policies that provided clear, consistent and transparent regulations and timeframes for project applications and assessments.

“It is equally important to have a stable and transparent system for royalty taxes and a clear framework for environmental assessments and approvals,” he added.

This year’s survey ranked 76 jurisdictions around the world based on geologic attractiveness and government policies.

The top ten jurisdictions also included Alaska, Portugal, the Republic of Ireland, Idaho, Arizona and Sweden, while the least attractive jurisdictions included Tanzania, Argentina and Guatemala.