Global mining companies have ranked Queensland behind the Democratic Republic of Congo for environmental regulation certainty as the state slipped down an annual ranking of investment attractiveness.
The Canadian-based Fraser Institute’s annual survey of 2600 mining companies showed the state sliding one spot overall to 13th out of 83 jurisdictions but lagging some of the world’s least stable countries in key investment areas.
Queensland was marked down in uncertainty for environmental regulation (49), ranking behind the Congo, Papua New Guinea and Russia.
It also ranked poorly for regulation duplication and inconsistency (48), behind the Congo and China, and the interpretation of existing regulation (39).
Federal Resources Minister Matt Canavan said the Queensland government’s handling of approvals for the stalled Adani Carmichael coal mine was damaging the state.
“The Labor party’s woefully inconsistent treatment of Adani is putting at risk 50,000 jobs in the resources industry and hundreds of thousands more that rely on a strong resources sector”.
Queensland Resources Council chief executive Ian Macfarlane said the “world is watching” and warned state could not afford to put out “mixed messages” on resources.
“We need to speak with one voice — we want the investment to deliver the energy mix, infrastructure, advanced manufacturing and expansion of renewable energy, electric vehicles and batteries around the globe,” he said.
Mr Macfarlane has organised urgent meetings with senior government officials in a bid to stop the state falling any further the list.
Queensland Mines Minister Anthony Lynham said the “trajectory” of future investments demonstrated Queensland had the right policy settings and investment climate to “bring on the next wave of resource projects and jobs”.
“In looking to the future, our pipeline of potential projects clearly demonstrates confidence in Queensland as a resources investment destination,” Dr Lynham said.
Originally published via The Courier Mail