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A new study released Tuesday shows that mining investors are losing confidence in the mineral exploration licensing process in most Canadian provinces because of longer application times, longer approval times and a lack of transparency
.
According to the Fraser Institute, an independent, nonpartisan Canadian policy think tank, British Columbia, Ontario and Quebec are the three main provinces
where exploration requirements have become more complex and less transparent over the past decade.
In fact, 50 per cent of mining executives who participated in the Fraser Institute's latest Mining Survey said a lack of transparency in Ontario had led to reduced investment, followed by British Columbia at 48 per cent and Quebec at 40 per cent
.
In 2017, 83 per cent of companies with projects in Ontario said permits had been extended over the past decade, compared with 73 per cent in British Columbia and 50 per cent
in Quebec.
On average, more respondents in Canadian jurisdictions reported longer licensing times compared to respondents in Australia and Scandinavia
.
Kenneth Green, a resident scholar at the Fraser Institute and co-author of the 2017 Mining Exploration Licensing Times, said the situation is not only discouraging investment, but also Canada's ability to
tap its vast resource potential.
Ultimately, uncompetitive mining policies fail to bring valuable investment money and the jobs and prosperity
they create.
The results of this survey are divided into three areas: the length of time required to approve the necessary licenses, the transparency of the licensing process, and the certainty of the licensing process
.
"We do not recommend reducing regulations to reduce risks and costs
for industry," Green said.
Instead, we believe that regulations should be as efficient and cost-effective
as possible when trying to address issues such as external factors that may arise from exploration activities.
”
A new study released Tuesday shows that mining investors are losing confidence in the mineral exploration licensing process in most Canadian provinces because of longer application times, longer approval times and a lack of transparency
.
According to the Fraser Institute, an independent, nonpartisan Canadian policy think tank, British Columbia, Ontario and Quebec are the three main provinces
where exploration requirements have become more complex and less transparent over the past decade.
In fact, 50 per cent of mining executives who participated in the Fraser Institute's latest Mining Survey said a lack of transparency in Ontario had led to reduced investment, followed by British Columbia at 48 per cent and Quebec at 40 per cent
.
In 2017, 83 per cent of companies with projects in Ontario said permits had been extended over the past decade, compared with 73 per cent in British Columbia and 50 per cent
in Quebec.
On average, more respondents in Canadian jurisdictions reported longer licensing times compared to respondents in Australia and Scandinavia
.
Kenneth Green, a resident scholar at the Fraser Institute and co-author of the 2017 Mining Exploration Licensing Times, said the situation is not only discouraging investment, but also Canada's ability to
tap its vast resource potential.
Ultimately, uncompetitive mining policies fail to bring valuable investment money and the jobs and prosperity
they create.
The results of this survey are divided into three areas: the length of time required to approve the necessary licenses, the transparency of the licensing process, and the certainty of the licensing process
.
"We do not recommend reducing regulations to reduce risks and costs
for industry," Green said.
Instead, we believe that regulations should be as efficient and cost-effective
as possible when trying to address issues such as external factors that may arise from exploration activities.
”
