The mining policy in New Brunswick is considered to be the second-best in Canada and the seventh-best in the world, according to the latest Survey of Mining Companies prepared by the Fraser Institute.
"New Brunswick continues to be among the best-ranked jurisdictions in the world for mining and exploration," said Energy and Mines Minister Craig Leonard.
Leonard is part of a provincial government delegation attending the Prospectors and Developers Association of Canada International Convention in Toronto. The delegation has been promoting New Brunswick as an ideal place in which to conduct mineral exploration and development.
“Convention attendees have been telling us since our arrival that New Brunswick is a great place in which to do business," said Leonard.
The Fraser Institute report was released March 3 on the opening day of the convention. It placed New Brunswick immediately ahead of Newfoundland and Labrador and behind only Alberta as the Canadian jurisdiction having the best mining policy.
New Brunswick, ranked among the top 10 jurisdictions internationally for the second consecutive year, placing immediately ahead of Nevada, Newfoundland and Labrador, and Norway and behind only Sweden, Finland, Alberta, Ireland, Wyoming and Western Australia.
"A great deal of optimism surrounds the mining sector in the province," said Leonard. "The availability of financing is improving, which is good news. Mining generates investment, employment and royalties. It will have a significant impact on our efforts to rebuild the New Brunswick economy."
The Fraser Institute has conducted an annual survey of mining and exploration companies since 1997. It assesses how mineral endowments and public policy such as taxation and regulation affect exploration investment. Survey results represent the opinions of executives and exploration managers in mining and mining consulting companies around the world. The survey includes data on 112 jurisdictions on every continent except Antarctica, including sub-national jurisdictions in Canada, Australia, the United States and Argentina.
“New Brunswick has a rich mining history and is home to world-class mineral deposits,” said Leonard.
Forty-eight companies hold mineral claims in New Brunswick and many of them are actively exploring. Many projects are undergoing environmental impact assessments or are the subject of feasibility studies. Of note is the Northcliff Resources' Sisson Project, a tungsten and molybdenum mine projected to be the largest mine in New Brunswick in terms of daily ore production. This project is expected to employ 300 New Brunswickers for 27 years.
Other projects set to take off in the near future include PotashCorp's Picadilly Potash Expansion in the Sussex area and Trevali's restart of the Caribou lead-zinc mine near Bathurst.
The Prospectors and Developers Association of Canada International convention, held annually in Toronto, is considered the world's leading mineral exploration meeting. This year’s event has attracted more than 1,000 exhibitors and nearly 30,150 participants from 126 countries. It opened March 2 and concludes today.