The Fraser Institute released its Annual Survey of Mining Companies report this week which highlighted the positive changes in the Manitoba mineral industry over the last few years. The report ranked Manitoba sixth in the world in the Investment Attractiveness Index which combines both the geological potential and the policy environment of a jurisdiction. Manitoba, now the third ranked province, made significant steps in recent years climbing from ninth in Canada only a few years ago driven by policy updates that have made investment more appealing.
Manitoba’s climb up the report rankings also coincides with the introduction of the Manitoba Mineral Development Fund (MMDF) an initiative of the Manitoba Chambers of Commerce which provides support for strategic projects aimed at advancing mineral exploration and development in the province. MMDF was established in 2019 with a $20-million injection of funds from the Province of Manitoba.
Specifically, MMDF focuses on initiatives fostering increased indigenous participation and promoting sustainable economic growth throughout the province’s mineral supply chain. In 2023, MMDF approved a record 25 projects with $5.2 million that supported mineral exploration and innovation, Indigenous enterprise and partnerships, and community economic development. MMDF has been supporting projects since 2020, providing over 76 companies with over $13 million in funding.
The Fraser report noted that mining companies were noticing the changes in the province, with a company president noting that “Manitoba made great progress in mining and exploration policy in 2023. Our hope is that this continues with the upcoming administration.”. The now-current government has been vocal in its support for the industry, with the Premier delivering an address at the PDAC conference in March that reaffirmed Manitoba’s commitment to fostering a competitive, responsible, and sustainable mineral sector. The Manitoba Chambers of Commerce supports this goal and will continue to build a thriving and sustainable future for Manitoba’s mineral industry.
The Fraser Institute report summary regarding Manitoba is below:
“Manitoba climbed to 6th place out of 86 jurisdictions on the Investment Attractiveness Index this year after ranking 14th out of 62 in 2022. Manitoba’s PPI [Policy Perception Index] score also increased this year, by almost 25 points, and its position in the ranking rose from 24th (of 62) in 2022 to 3rd (of 86) in 2023. For the first time since 2016, when the province ranked 6th (of 104), Manitoba joined the ranks of the top 10 jurisdictions for policy alone. Respondents showed decreased concerns over factors like uncertainty regarding what areas will be protected (-37 points), concerns about disputed land claims (-36 points), and the state of community development conditions (-36 points). However, investors did show increasing concern about the province’s taxation regime (+10 points), regulatory duplication (+8 points), and the availability of skilled labor (+3 points).”
For more information on the MMDF, please visit: https://mmdf.ca/
