Finland has reclaimed the top spot as the world’s most attractive jurisdiction for mining investment, climbing 16 places to lead the Fraser Institute’s 2025 Annual Survey of Mining Companies.

The Nordic nation was followed by Nevada in second place for the second consecutive year, with Alaska rounding out the top three after a strong rise from eleventh in 2023.

“The Fraser Institute’s mining survey is the most comprehensive report on not just a jurisdiction’s mineral potential, but also government policies that either attract or discourage mining investors,” said Elmira Aliakbari, director of the Fraser Institute’s Centre for Natural Resource Studies and co-author of the report.

The top ten included four from the US – Nevada, Alaska, Wyoming and Arizona – underscoring the country's continuing appeal for resource investment. European countries claimed three top-ten spots, while Canada had two.

Saskatchewan has once again been crowned the most attractive Canadian jurisdiction for mining investment, placing seventh globally. The province, known for its vast potash and uranium reserves, has consistently ranked in the global top ten in six of the last seven years.

“Saskatchewan ranks in the global top three when it comes to policy factors alone,” said Aliakbari.

Newfoundland and Labrador was bolstered by improvements in policy perception. Alberta ranked ninth globally on policy but failed to crack the top ten overall, highlighting a disconnect between its governance framework and investor perception of its mineral potential.

In contrast, British Columbia, despite being a hub for exploration and home to major mining operations, continued to underperform on policy. “Uncertainty surrounding protected areas, land claims disputes, and environmental regulations along with regulatory duplication and inconsistency continue to hinder mining investment in various Canadian jurisdictions,” Aliakbari noted.

Despite its mineral wealth and stable regulatory framework, Australia failed to crack the top ten on overall investment. Western Australia was the country's best-performing jurisdiction, ranking seventeenth, followed by South Australia, the Northern Territory and Queensland, which all landed in the 30s.

Botswana, which remains the top-performing African country, has slipped on the overall Investment Attractiveness Index, falling to twentieth from fifteenth last year. On the policy front, Botswana placed fourteenth out of 82 globally. However, its policy perception score fell notably from the previous year –when it ranked fourth out of 86 – reflecting growing investor unease. Concerns around regulatory duplication and inconsistency rose sharply, along with apprehensions over security and the legal system. 

BOTTOM OF THE LIST
On the other end of the scale, Ethiopia ranked last on the Investment Attractiveness Index, followed by Suriname and Niger. Nova Scotia, Mozambique, Madagascar, Bolivia, the Dominican Republic, Guinea (Conakry) and Minnesota also featured in the bottom ten.

Africa was the worst-performing region, with five jurisdictions in the bottom tier, followed by Latin America with three, and one each from Canada and the US.

South Africa continues its downward slide. It now ranks fifteenth from the bottom overall. On the policy front alone, South Africa dropped to seventieth out of 82, down from sixty-sixth last year. Survey respondents cited rising concerns over political stability, socioeconomic agreements and the country’s geological database. The country’s policy perception score declined by nearly 20 points.

“A sound, predictable regulatory regime coupled with competitive fiscal policies make a jurisdiction attractive to investors,” said Aliakbari. “Policymakers across the globe should understand that mineral deposits alone are not enough to attract investment.”

The Fraser Institute’s annual survey is considered a benchmark for gauging mining jurisdictions’ competitiveness and investment climate. The 2025 edition is based on responses from mining and exploration executives working in 82 jurisdictions globally.