02-08-2025
- Business
- Winnipeg Free Press
Manitoba slides down mining sector investment attractiveness list: report
Manitoba's attractiveness to mining investors has dropped, a new report by a conservative think tank states.
The keystone province made the Fraser Institute's top-10 list of most attractive jurisdictions for mineral endowment. However, the 2024 Annual Survey of Mining Companies — released earlier this week — places Manitoba 26th of 82 jurisdictions for investment attractiveness.
A year prior, Manitoba ranked sixth of 86.
The Tanco lithium mine near Lac du Bonnet. (Sinomine Resource Group / Free Press files)
'It's just a wake-up call that there are some outstanding issues that need to be addressed,' said John Morris, co-director of the Mining Association of Manitoba.
Survey respondents cited increased concerns about Manitoba's community development conditions, political stability and uncertainty over what areas will be protected, the report reads.
Morris said it aligns with what he's heard from junior firms that don't yet have operational mines.
Hesitation stems, in part, from the New Democrats' 2023 promise to protect 30 per cent of Manitoba's lands and waters by 2030, Morris said.
'They do not know whether certain areas will become off limits for future mining projects,' he continued. 'If you're trying to plan a 30-year project … you will want to know in the early days whether where you're exploring is going to be put into a protected area or not.'
Mine production often follows a decade of research and exploration, Morris noted. Policy interpretation of Manitoba's heritage resource permits and requirements is a long-standing issue, he added.
Morris expressed confidence the industry's concerns will be addressed: 'Our association has a very good working relationship with the provincial government.'
Politicians have touted Manitoba as the 'Costco of critical minerals,' referring to the variety of goods available at the big-box retailer.
Manitoba has 30 of 34 minerals deemed critical. It has four active mines producing zinc, copper, gold, nickel, tantalum, cesium and lithium.
Provincial mining minister Jamie Moses underscored the Fraser Institute report's timeline: the survey was conducted August-December 2024. Since the feedback window's tail end, the NDP has released a critical mineral strategy, opened a critical mineral office and a new gold mine, Moses said.
(The Alamos Gold mine near Lynn Lake was being developed during the Progressive Conservatives' most recent reign.)
'Our government takes seriously the economic opportunity we have in our critical minerals sector,' Moses said.
Environmental safety is also taken seriously, he said.
He deferred to the province's environment minister when asked about a map or other means of transparency to show which areas will be conserved by 2030.
There's been 'a lot of discussion' about the Seal River Watershed, Moses noted. Government and Indigenous leaders are pursuing a formal designation to turn the watershed, which is 50,000 square kilometres, into an protected area; it follows a year-long assessment.
'We know that we can do more than one thing at one time,' Moses said. 'That includes being able to advance mineral projects and also ensure that we have the right environmental sustainability approach.'
Lauren Stone, PC finance critic, said the report shows the New Democrats have demonstrated they're 'anti-development and have created an anti-business rhetoric.'
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'Manitoba should be very concerned when we have almost equivalent the number of critical minerals here … to Saskatchewan.'
Saskatchewan ranked seventh on the Fraser Institute's list for investor attractiveness. It touts 27 critical minerals within its borders.
The 86-page report incorporates 350 responses from mining and exploration companies. Finland was crowned the top jurisdiction based on investment attractiveness.
The Fraser Institute ranked every province and territory except for Prince Edward Island. Newfoundland and Labrador, British Columbia, Ontario, Quebec and Yukon also ranked ahead of Manitoba in investment attractiveness, the report says.
Gabrielle PichéReporter
Gabrielle Piché reports on business for the Free Press. She interned at the Free Press and worked for its sister outlet, Canstar Community News, before entering the business beat in 2021. Read more about Gabrielle.
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