Sweden plunges on global mining list

From being on the world’s top ten list, Sweden is now plunging in the Fraser Institute’s ranking of attractive mining countries, which was released on Tuesday.
– The government’s backward movement in mining issues can be seen in this result, it is nothing but alarming, says Maria Sunér, CEO Svemin.

In 2016, Sweden was in place 8, 2018 in place 21 and now Sweden is plummeting to place 36. From being ranked very high on the Fraser Institute’s list, Sweden has gradually gained an increasingly mediocre position, after countries such as Russia, Mali and Ghana.

The new ranking will have consequences. The capital-intensive mining and mineral industry is completely dependent on long-term investment horizons. The fact that Sweden as a nation is considered attractive for mining investments is central and global rankings are therefore reflected in the markets. In the case of Sweden, investors are now expressing concern about how the legislation is applied and also that there are inconsistencies in the legislation.

Maria Sunér is worried, but not surprised, about Sweden’s new ranking.

– The internal deadlock in the government seem monumental. It is nothing but a disaster for a country with high climate ambitions and a world-leading mining sector, a country that could play a key role in the EU’s ambitions to increase the important degree of self-sufficiency of raw materials, says Maria Sunér.

It is about both climate transition and our welfare. In 2019, ores, metals and minerals were exported to a value of SEK 120 billion, 8 percent of Sweden’s exports of goods. In addition, modern mining technology was exported for more than SEK 150 billion from companies with strong roots in Sweden.

Maria Sunér continues:

– The mining industry is a future industry. Existing mining companies are ready to invest in the future with billions in investments. Sweden’s rich bedrock provides unique opportunities to sustainably extract the metals that the climate transition needs. And our mining technology companies are world leaders. It is not without wondering what the Swedish government is doing.

– From the industry, we have for a long time been extremely clear that Sweden can not continue like this. I have said it before, but I say it again: It is time for a comprehensive overhaul of Swedish mineral policy and the permit processes. Do not slow down the real climate transition and an industry that wants to grow, says Maria Sunér.

It is the well-respected Fraser Institute in Canada that is behind the mining industry’s most important benchmark index, the Investment Attractiveness Index. Behind the Investment Attractiveness Index are data from both the Policy Perception Index and the Best Practice Mineral Potential Index. Investors believe that it is not possible to look unilaterally at the legislation or the mineral potential of a country to determine a potential investment. The factors are weighed together in proportions 40-60 due to the fact that the mineral potential is judged to be somewhat more important than policy factors.

In the Policy Perception Index, Sweden fell from place 3 (2016) to 20 in the latest report. For Best Practice Mineral Potential Index, Sweden fell from place 21 (2016) to place 50.

For more information and interview requests
Emma Härdmark, Head of Communications, Svemin
+46 (0) 70 346 60 48, emma.hardmark@svemin.se

> Read more and download the full survey at Fraser Institute here

FACTS: Investment Attractiveness Index 2020 (2019)

1. Nevada (3)
2. Arizona (9)
3. Saskatchewan (11)
4. Western Australia (1)
5. Alaska (4)
6. Quebec (18)
7. South Australia (6)
8. Newfoundland & Labrador (28)
9. Idaho (8)
10. Finland (2)
…
36. Sweden (10)

Sweden’s rank 2016-2020