Ireland has become the number one country for mining industry policy attractiveness, according to the latest edition of a renowned report.
In the Fraser Institute’s Annual Survey of Mining Companies, released on Jul. 29, the Canadian think tank highlighted that the European nation now has a perfect score based on a Policy Perception Index. Ireland went from position number 15 in last year’s edition to a global leader in this year’s.
“The Republic of Ireland had the highest PPI score [100] this year, displacing Utah as the most attractive jurisdiction in terms of policy,” the Fraser Institute specified.
However, despite making this claim, the Fraser Institute does not provide any explanation regarding why its status has risen so much in their assessment.
One key factor likely having a significant impact on the rating is the recent implementation of the EU Critical Raw Materials Act. It came into force in mid-2024.
This legislation mandates that European Union member states like Ireland boost their output of critical minerals and materials deemed strategic. It also focuses on tackling unfair trading practices related to raw materials, reducing administrative burdens and prioritizing the environment.
“It creates a framework to select and implement strategic projects, which can benefit from streamlined permitting and enabling conditions for access to finance,” the European Commission specified in a news release about the framework taking effect on May 23, 2024, “as well as sets out national requirements to develop exploration programmes in Europe.”
Aside from this key development and a stable industry environment, the cause behind the major shift in Ireland’s ranking on the new report is uncertain. But, it should be noted that Ireland has consistently ranked within the top 10 for policy attractiveness over the past decade.
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Ireland has held the crown in previous years
In 2013, 2014, 2015 and 2018, Ireland sat in spot number one, and in 2021, the nation captured fourth place on the leaderboard. The lower-than-usual ranking in last year’s analysis may merely be the result of a temporary dip resulting from survey variability.
In terms of overall investment attractiveness with regard to mineral exploration and mining project development, Ireland is sitting in spot number 19 out of 83 countries in discussion this year. It is the fourth most appealing mining jurisdiction in Europe — according to the think tank — behind Finland, Sweden and Norway.
Ireland is known for having considerable deposits of gold, copper, antimony, rare earths, lithium and other commodities.
“Ireland is ahead of many countries in Europe with a mature and established mining industry,” said Emer Blackwell, a Board Member from the Institute of Geologists of Ireland, in 2024, “accompanied by comprehensive geological data and developed regulatory systems.”
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