More policy risks are forcing emerging Australian mining companies to look abroad for new projects, challenging the nation’s long-established reputation as one of the world’s most stable mining destinations.

Risks associated with tax reform, infrastructure, energy and water ­security, carbon emissions policy, ­industrial relations and lengthy ­regulatory approval processes are ­beginning to outweigh the sovereign risk of starting new mining ventures in far less-developed nations. In the past three years Australian miners have invested more than $3 billion overseas, accelerating the pace of ­offshore investment relative to local spending. A push by goldminers into West Africa led the charge.