The Québec Mining Association reacts to the annual survey by the Fraser Institute : QUÉBEC IMPROVES ITS WORLDWIDE RANKING, BUT LOSES GROUND IN CANADA
Québec City, February 28, 2017 – Québec ranks as the 6th most attractive destination for mining investment worldwide according to the annual survey released by the Fraser Institute, moving two places higher compared to last year. The Québec Mining Association (QMA) welcomes this improvement, but is concerned that at the same time Québec slipped from second to third position in Canada.
Saskatchewan and Manitoba now occupy the first two positions, both within Canada and worldwide. This result can be explained by their competitive tax regimes, the efficiency of their permitting process, and the certainty surrounding their environmental regulations and land claims situation. "For several years now, the QMA has asked for a reduction in administrative and regulatory red tape and a halt to the increases in the financial burden borne by mining companies. The strong performance by Saskatchewan and Manitoba shows that our concerns are founded and that the government must continue to take steps to ensure that Québec improves its performance and attractiveness for investors," says Josée Méthot, the QMA's president and CEO.
According to the Association, the projects known to be currently in development have been on the drawing-board for many years. Truly "new" projects are rare. Since the discovery of a mineral deposit today will only become a mine in fifteen years' time, action must be taken now to ensure the ongoing viability of Québec's mining industry. "Unfortunately, the unprecedented slowdown in the mining sector has left its mark and investment has declined, making it even more important to attract mining sector investors to Québec. At the present time, we can only wonder where the new mines will be located, and above all, if the conditions will be in place to allow them to be developed. We have to compete with the rest of the world. By improving Québec's competitiveness, we can improve our position and ensure a strong mining presence here, with all the benefits it generates," Josée Méthot continues.
It is important to note that, according to a recent survey of the economic benefits of Québec's mining sector commissioned by the QMA, the mining industry makes a significant contribution to prosperity in Québec:
• 45,550 new and ongoing jobs, whether direct, indirect or induced;
• $5.8 billion in expenditure;
• a network of 4,100 suppliers;
• over $1 billion paid in taxes to the Québec government each year.
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 jobs and total expenditure of almost $6 billion generated by Québec's mining industry. The QMA’s mission is to promote, support and proactively develop a responsible, committed and innovative mining industry in Québec.