Manitoba less attractive for mining investment, conservative think-tank says
Province drops in Fraser Institute survey, despite government focus on critical minerals
A conservative Canadian think-tank says Manitoba is less attractive to mining companies than it was a year before, despite the provincial government's characterization of the province as a "Costco for critical minerals."
The Fraser Institute, a charitable organization that promotes free-market economics, ranks Manitoba 26th among 82 jurisdictions around the world in its 2024 survey of mining companies' opinions of the most attractive places to invest.
That's down from No. 6 in the organization's 2023 survey, based on concerns expressed by survey participants about community development conditions placed on mining proposals, political stability and "uncertainty regarding what areas will be protected" from development, according to study authors Julio Mejía and Elmira Aliakbari.
"Overall, investors expressed concern over all aspects of policy in Manitoba," the study authors note in the report, which includes comments expressed by survey respondents about the province's attractiveness to mining companies.
"Manitoba was once a world-class jurisdiction that welcomed exploration. Today, it aspires to be a leader in critical minerals, yet only [four] mines are operating in the province, and a long list of roadblocks makes it difficult to explore new ground," according to unnamed exploration company president cited in the study.
A manager at another unnamed mining exploration company is quoted as calling the province's heritage impact assessment "an example of poor policy" because, the officials claims, the assessment "halts exploration altogether."
Both Premier Wab Kinew and his predecessor Heather Stefanson have extolled Manitoba's mining potential, with both premiers calling the province "Costco for critical minerals."
But there are only four active mines in the province: the Padcom potash mine near Russell; Hudbay's Lalor zinc, copper and gold mine at Snow Lake; Vale's nickel and copper mine in Thompson; and Sinomine's Tanco mine at Bernic Lake, which has tantalum, cesium and lithium deposits.
New gold mine significant: minister
Jamie Moses, Manitoba's minister of Business, Mining, Trade and Job Creation, would not say whether he believes the Fraser Institute ranking is credible or not.
Moses said the survey was conducted before construction started on the Alamos Gold open-pit project east of Lynn Lake and the launch of a provincial critical minerals strategy.
"We've shown significant steps of how we're getting better and how we're working with industry better," Moses said Wednesday in an interview.
"We have actually done more than previous governments have. We've opened up a new generational gold mine in the province. That's something the previous government couldn't say."
The Opposition Progressive Conservative Party, which was in power when the Alamos Gold project was being developed, said in a statement it hears complaints directly from industry about Manitoba's receptiveness to mining.
"NDP policies are anti-business and are discouraging development in our province. Manitoba has what the world needs, and Wab Kinew's NDP need to stop letting their ideology get in the way of prosperity," PC finance critic Lauren Stone, the MLA for Midland, said in the statement
A spokesperson for the Mining Association of Manitoba deferred comment on the Fraser Institute survey, stating the organization is still reviewing the study.
The jurisdictions ranked by the survey included every Canadian political division except Prince Edward Island, 13 U.S. states, seven out of eight Australian states and territories, two Argentinean provinces, one region of the U.K. and 46 entire countries.
Finland ranked first in the survey for investment attractiveness, while Saskatchewan was the top-ranked Canadian jurisdiction, at seventh. This index combines both mining policies and the mineral potential in a given jurisdiction, the survey authors stated.
