Australia named safest mining investment a second time
AUSTRALIA has been named the safest place in the world for mining companies to invest for the second year running, weakening claims by industry and the Federal Coalition that the government was scaring away big spending resource firms.
Mining consultants Behre Dolbear has compiled an annual report since 1999 based on information from clients who deal with its 12 international offices, including those in Monglia, Canada, the United States, China and India.
The report describes itself as being "often considered provocative", ranking 25 countries from best to worst based on each nation's economics, politics, tax policy, corruption and how long it might take to deliver an approval.
In September, the Minerals Council of Australia released a report in which chief executive Mitch Hooke warned that Australia faced a "deteriorating reputation as a place to do business" which risked the country's ability to earn future investment.
The Behre Dolbear ranked Australia best overall for mining investment, ahead of Canada, Chile, Brazil and Mexico which made up the top five.
Australia was also ranked first for economic system, fourth for political system, best for managing social issues, and the best for having fewest delays in the approval process.
Canada and Australia tied for first for having the least corruption.
Countries with less political stability - including Mongolia, Peru, Mozambique and South Africa - were ranked the lowest.
These are countries often accused of taking Australian investment.
Federal Minister for Resources Gary Gray told APN the report showed claims from the Minerals Council, which is currently running a campaign against mining taxes, must be taken with a grain of salt.
He said Australia remained a fantastic place to invest.
A spokesman for the Minerals Council said its September report found Australia to be strong for investment but that its credentials were at risk.
He said findings from Canadian think-thank The Fraser Institute was more accurate, based on surveying 4100 mining companies.
It broke Australia into individual states, ranking Western Australia the highest at 14 in a list of 96.Finland, Sweden, Ireland and parts of the US topped the list.