Québec City, February 28, 2019 – Québec continues to progress in the annual Fraser Institute survey of the mining sector, rising from 6th to 4th place worldwide as an attractive destination for mining investment. This improvement is viewed in a positive light by the Québec Mining Association (QMA), which has made every effort over the last five years to persuade governments to establish measures and actions that will increase Québec’s international presence and attract investors.
For the QMA, it is essential not to lose sight of the ultimate objective: to regain the top position held by Québec from 2007 to 2010. To achieve this goal, it will be necessary to address the issues that caused Québec to drop in the ranking, in particular regulatory incoherence and duplication, the tax regime, uncertainty over land claims and a shortage of workers.
A detailed analysis of the results highlights the areas where Québec is performing well, and also where progress is needed to avoid sharing the fate of Ontario, which has dropped from 7th to 20th place in the ranking. According to the Fraser Institute, a stable regulatory environment, coupled with a highly competitive tax regime, is the key to attracting investors. This is something that the QMA has been repeating for many years, and this is where Québec can make changes to improve its ranking.
« This two-place improvement in the ranking is good news, since it sends a message to investors that Québec is open for business and that mining companies are welcome. However, it is important to avoid over-confidence. The result is not set in stone, and will require a sustained effort to ensure that Québec remains a destination for investors and project developers. »
« The current government has taken a clear position in favour of mining development and we will be glad to help it establish the structural measures that will make Québec the world’s leading destination for investors. We must begin to remove the obstacles that are acting as a brake on the development of mining projects in Québec. »
– Josée Méthot, President and CEO of the QMA
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 40,540 jobs and total expenditure of $8.5 billion generated by Québec’s mining industry over the last year. The QMA’s mission is to promote, support and proactively develop a responsible, committed and innovative mining industry in Québec.