Finland is the most attractive jurisdiction in the world for mining investment, followed the Canadian province of Saskatchewan and the U.S. state of Nevada, but India is missing from the list altogether, according to the Annual Survey of Mining Companies by the independent Canadian think-tank Fraser Institute.
“Rich mineral reserves, competitive taxes, efficient permitting procedures and certainty around environmental regulations will still attract significant investment— even with slumping commodity prices,” said Kenneth Green, senior director of the Fraser Institute’s energy and natural resource studies.
This year’s survey of mining executives rates 91 jurisdictions around the world based on their geologic attractiveness for minerals and metals and the extent to which government policies encourage or deter exploration and investment.
“India is not an attractive mining option for International investors. This year (2017) India has not been even included. In 2016, it was the least attractive destination. India is not in the reckoning for mining investment,” said Federation of Indian Mineral Industries (FIMI) Secretary General R K Sharma.
A number of countries including India and Pakistan were dropped out of a survey of mining companies of 91 countries for not responding to the minimum number of questions.
The survey seeks to create a report card that governments can use to improve their mining-related public policy in order to attract investment in mining sector to better their economic productivity and employment.
The survey includes 91 countries from all continents except Antarctica.
A list of 15 questions was prepared and the companies had to answer at least five to get their views included in the survey. Any country with fewer than 5 responses was dropped.
The survey struck off countries including Afghanistan, Albania, Angola, India, Iraq, Israel, Jordan, Kyrgyzstan, Laos, Lesotho, Liberia, Madagascar and Pakistan, among others.