Québec City, February 25, 2021 – Québec has had some good news from the Fraser Institute, which has ranked it 6th worldwide and 2nd in Canada in its annual survey of mining jurisdiction attractiveness for exploration investment. The Québec Mining Association (QMA) is delighted by this twelve-place jump compared to last year, but notes the gap between today’s result and the first place held by Québec from 2007 to 2010.
The move from 18th to 6th position sends a signal that Québec has the ability to attract exploration investment. The QMA welcomes this finding and hopes that exploration spending will lead to the opening of new mines in the near future.
Although Québec’s overall performance is strong, a more detailed analysis of the results shows room for improvement in several areas. Comparing the surveys for 2020 and 2021, the province scores poorly under several headings:
- uncertainty about protected areas (27th in 2020 to 35th in 2021);
- uncertainty about land claims (18th in 2020 to 42nd in 2021);
- the tax regime (26th in 2020 to 27th in 2021);
- the quality of its geological databases (7th in 2020 to 18th in 2021).
The end to the uncertainty surrounding environmental regulations has been profitable for Québec, which rose from 41st position in 2020 to 18th position in 2021 on this point. Similarly, the reduction of uncertainty in the administration, interpretation and application of existing regulations allowed Québec to move from 28th place in 2020 to 18th place.
Only Saskatchewan, of all the jurisdictions in Canada, ranked higher than Québec overall—3rd worldwide and 1st in Canada.
« This is good news for the mining sector because it will put Québec in the spotlight for investors. What we hope for now is that exploration projects will be implemented and lead to new mines in the future. This is the crucial point. We need more exploration and investment, but ultimately what we want to see is more operating mines. This is the only way to ensure the future viability of the industry. »
« Unfortunately, only a few mines have come into production in recent years. It is important to address Québec’s weaknesses to stimulate the development of new mine sites. Because several of the weakest points are under the responsibility of the Québec government, it must continue to focus on creating the conditions that are conducive to mine development. The intention is there, and the results are encouraging. But we must do better, starting today. »– Josée Méthot, QMA President and CEO
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 48,006 jobs and total expenditure of $9.9 billion generated by Québec’s mining industry in 2018, based on the most recent data. The QMA’s mission is to promote, support and proactively develop a responsible, committed and innovative mining industry in Québec.