Nevada is the world’s most attractive mining jurisdiction, while China ranks last, according to the 2025 Annual Survey of Mining Companies published by the Fraser Institute on Thursday.

The Vancouver-based policy think tank’s latest survey ranks 68 jurisdictions globally on the basis of both mineral potential and government policy, combining the two factors into its Investment Attractiveness Index.

Nevada claimed the top spot overall, moving up from second place in 2024. This year, Ontario is ranked as the most attractive Canadian jurisdiction for investment, ranking second in the global ranking after moving up from the fifteenth place in 2024. Saskatchewan joined the top three this year, ranking third after ranking seventh in 2024.

Rounding out the top ten are South Australia, Arizona, Western Australia, Botswana, Norway, Sweden, and Saudi Arabia.

At the other end of the scale, China was ranked the least attractive jurisdiction in the world, preceded by Burkina Faso, Egypt, the Philippines and Mali.

“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.

While geologic and economic considerations are important factors in mineral exploration, a region’s policy climate is also an important investment consideration. The Policy Perception Index (PPI), is a composite index that measures the overall policy attractiveness of each of the 68 jurisdictions in the survey.

Policy factors examined include uncertainty concerning the administration of current regulations, environmental regulations, regulatory duplication, the legal system and taxation regime, uncertainty concerning protected areas and disputed land claims, infrastructure, socioeconomic and community development conditions, trade barriers, political stability, labour regulations, quality of the geological database, security, and labour and skills availability.

Nevada ranked first this year with the highest PPI score of 100 moving up from the fourth place in last year’s report. Botswana made a major jump, moving to second spot in 2025 from the fourteenth place in the 2024 report.

Along with Nevada and Botswana, the top ten ranked jurisdictions for policy perception are Alberta, Saudi Arabia, Ontario, Finland, Newfoundland & Labrador, Saskatchewan, Sweden, and Arizona.

The 10 least attractive jurisdictions based on the PPI rankings (starting with the worst) are China, Mali, Burkina Faso, Guinea (Conakry), South Africa, Democratic Republic of Congo (DRC), Bolivia, Angola, Philippines, and Ecuador.

“A sound, predictable regulatory regime coupled with competitive fiscal policies make a jurisdiction attractive to investors,” Aliakbari said.

“Policymakers across the globe should understand that mineral deposits alone are not enough to attract investment.”