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WHITEHORSE – A new survey from the Fraser Institute demonstrates that the issues facing the territory’s number one private sector economic driver – the mining and mineral exploration sector – have become major concerns.
In 2024, the overall investment attractiveness ranking dropped to 24th in the world. This is the lowest ranking the Yukon has had in decades and is due mainly to a drop in policy perception.
Mining companies active in the territory have expressed concern over the amount of time it takes to secure a permit, uncertainty over environmental regulations, and the Liberal government’s heavy-handed response to some incidents. These are all issues identified by the Yukon Party and the industry. The Yukon Party has promised to accelerate the completion of the territory’s new mining legislation, as well as change the inspections and monitoring regime for major mines in the Yukon.
The report says in the Yukon, it takes almost a year to acquire the necessary permits, compared to the Pan-Canadian average of two months. Also, 63% of companies indicated that established timelines were met less than half of the time. The survey says only 11 percent of respondents for the Yukon were either confident or highly confident that they would receive the necessary permits. This makes the territory the worst performer of all surveyed jurisdictions.
“Mining is the number one private sector industry in the Yukon, and this report confirms the Liberals' failing grade,” said Energy, Mines and Resources Critic Scott Kent. “We have told the government repeatedly these are issues that need to be addressed, and now the Fraser Institute survey confirms what we’ve said all along. We need a change to get the mining industry back on track and feeling confident in the Yukon again, so the economy can rebound, and Yukon businesses and communities can thrive.”
The report surveyed 82 jurisdictions around the world and received 350 responses. You can find the report here.
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Contact:
Tim Kucharuk
Media Director
(867) 689-7874
