Contents:

- Foreword i

- Executive summary iii

*Key findings

- Australia 1

- Brazil 11

- Canada 19

- China 27

- Indonesia 35

- South Africa 43

- References 52

- Methodology 58

- Contacts 62

Excerpt from Forward:

Welcome to the fourth report in our Global Business Challenges series. This report considers the impact of regulatory arrangements and other issues on mining investment in a number of the world's key mining jurisdictions.

We surveyed industry leaders from Australia, Brazil, Canada, China, Indonesia and South Africa. While each jurisdiction has its own specific issues, the common theme across all jurisdictions surveyed is that investing in mining is becoming more difficult and less certain. Factors contributing to this include an increase in the complexity of regulation, the rising trend of “resource nationalism”, bribery and corruption, and rising costs of doing business.

More and more mining industry participants are being drawn to the "frontier" regions of Africa, Asia and Latin America for their growth opportunities. The development of these regions provides increased competition to the established mining jurisdictions – all the more reason to consider whether their regulatory arrangements and other controllable issues are optimal.

While a country may have the natural benefit of high quality mineral resources, investment decisions and capital flows are significantly influenced by other factors such as foreign investment restrictions, the processes for obtaining consents and approvals, land access, access to infrastructure and fiscal arrangements such as applicable taxation and royalty regimes.

Governments are now charged more than ever with balancing the interests of mining companies with other stakeholders, including landowners and indigenous groups. Governments must also consider broader policy issues such as the protection of the environment and the sharing of the benefits of mining operations.

For the established mining jurisdictions, this research provides a reminder of the need to evaluate their competitiveness in attracting mining investment. This report identifies some areas where the competitiveness of our surveyed jurisdictions could potentially be enhanced. We hope you enjoy reading our report.

Please see full report below for more information.