Philippines among areas deemed ‘least friendly’ to mining firms
The Philippines figured 70th in a list of 72 jurisdictions worldwide rated by a poll for having policies conducive to mining investments.
The survey was conducted by Fraser Institute, described as an independent policy research group in Canada, among executives and managers of 670 mining and mining consulting firms worldwide from September to December last year.
Listed as the 10 areas having “the least friendly” policy were, in descending order: Venezuela, Ecuador, the Philippines, Zimbabwe, Democratic Republic of the Congo, Mongolia, Bolivia, Honduras, Guatemala and California USA.
The top 10 jursidictions deemed having “the friendliest policy” were, in descending order: Quebec and New Brunswick in Canada; Finland; Alberta, Canada; Nevada, USA; Saskatchewan, Canada; Chile; Newfoundland & Labrador in Canada; Manitoba, Canada and South Australia.
In March, however, Quebec surprised minders with a tax hike, while Australia slapped a 40% tax on miners’ profits in May. Reuters
