The Fraser Institute’s latest Annual Survey of Mining Companies has given a less than rosy view of Australia’s mining attractiveness.

The annual global mining survey says the attractiveness of Australian mining prospects and policy competitiveness is waning.

The report measures mining appeal on two main factors - geological attractiveness and the influence of government policy on exploration investment.

It also includes a survey of the perceptions and opinions of mining company executives.

Within Australia, Western Australia ranked highly for investment attractiveness, though it dropped from 3rd to 5th place on the table.

Consideration of WA’s policy dropped from 9th to 17th place.

Queensland was ranked second in Australia on the investment attractiveness index, but 12th globally.

The Northern Territory’s policy perception slid down to 33rd of 91 in 2017 from 22nd of 104 places in 2016.

New South Wales and Victoria were both ranked in bottom half of the 91 surveyed mining regions.

The rating of the top five locations for investment attractiveness were as follows:

  1. Finland
  2. Saskatchewan, Canada
  3. Nevada, USA
  4. Ireland
  5. Western Australia

Minerals Council of Australia (MCA) interim chief executive David Byer described Australia’s drop in ranking as “alarming”.

“It is alarming to note that some Australian states are only just ahead of tiny African nations like Burkina Faso in perceptions of government policy that influence mining exploration investment,” he said.

“Australia’s world-class mining sector is handicapped by over-regulation, red tape and duplicated environmental laws across most jurisdictions — all of which limits job creation and prosperity, especially in regional communities.”