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House of Assembly - Fifty-Third Parliament, Second Session (53-2)
2016-03-09 Daily Xml
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Mineral and Energy Resources

Mr HUGHES (Giles) (14:41): My question is to the Minister for Mineral Resources and Energy. Can the minister inform the house of the outcomes of the latest Fraser Institute Annual Survey of Mining Companies, specifically South Australia's performance measured against 109 other mining jurisdictions?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy) (14:41): Yes, I can. I am delighted to inform the house that I have—

Mr WILLIAMS: A point of order, Mr Speaker: the minister has already given this information to the house in a ministerial statement this very day.

The SPEAKER: What date was that?

Mr WILLIAMS: This day. It was a ministerial statement before question time.

The SPEAKER: I will listen carefully to what the minister has to say. I will expect some elegant variation.

The Hon. A. KOUTSANTONIS: Thank you very much, Mr Speaker. I am sure you will cut the baby in half. Each year before the opening of the Prospectors and Developers Association of Canada's conference in Toronto, the Fraser Institute publishes the results of its survey of the mining industry.

Members interjecting:

The Hon. A. KOUTSANTONIS: It is a quote from the bible. A total of 449 responses was received for the most recent survey, providing sufficient data to evaluate the 109 jurisdictions worldwide. The responses to the various survey questions are distilled into an Investment Attractiveness Index that takes into consideration both mineral and policy perceptions.

This attractiveness index combines a Best Practices Mineral Potential Index that ranks regions based on geological attractiveness and a composite Policy Perception Index that measures the effects of government policy on attitudes towards investment in exploration. So, if you have a mining policy, that is good; if you do not have a mining policy, that is bad.

I am pleased to say that South Australia has climbed into the top 10 most attractive jurisdictions in the world to invest in, based on the Fraser Institute's Investment Attractiveness Index. Australia surpassed both Canada and the United States to become the most attractive region in the world for investment when both policy and mineral potential are considered. South Australia played its part in that outstanding result for our nation.

South Australia achieved top 20 rankings in the survey's Policy Perception Index, its Best Practices Mineral Potential Index and the Current Mineral Potential Index. Again, South Australia's Geological Database was ranked highly at ninth, although in this category South Australia scored first in the world for geological databases that encourage investment, and that was before the opening last month of the new State Drill Core Reference Library at Tonsley, which has a brand new Goldsworthy Room named in honour of the former deputy premier.

These latest results were achieved in challenging circumstances for the mining industry as companies battled significant headwinds from low commodity prices and a reluctance to finance mine expansion and mineral exploration, and a hostile South Australian opposition. The new core library, our plan for accelerated exploration, and our now long-term comprehensive copper strategy—backed by the $20 million PACE copper initiative—demonstrate this government's continued support for the resources industry. Here is what a couple of the respondents to the Fraser survey had to say about investing in South Australia's jurisdiction:

Best mineral potential in Australia with a government that wants to be a world producer in copper and encourages exploration more than any other state in Australia.

The president of an exploration company also stated:

Government departments involved in the resources area have a 'can-do' attitude to assist companies wanting to invest.

This government supports exploration with one of the world's best geological databases, a modern core library with state-of-the-art facilities, investment in surveys to better target drilling campaigns, and partnerships for exploration companies that want to drill. Those explorers that make discoveries know that Labor stands with them while the opposition fights them.

Mr Williams interjecting:

The SPEAKER: I don't think the member for MacKillop's anticipated concern was borne out by the answer. The member for Kaurna.

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