Finland has emerged as the world’s most attractive jurisdiction for mining investment, reclaiming the top spot in the Fraser Institute’s 2025 Annual Survey of Mining Companies. The Nordic nation’s ascent from 16th place last year signals a shift in global investor confidence toward stable, well-governed jurisdictions.
The Fraser Institute’s report, which assesses both mineral potential and government policies, highlights a strong performance by the United States. Nevada held its second-place ranking for the second consecutive year, while Alaska surged into the top three. Overall, four U.S. states—including Wyoming and Arizona—landed in the top ten, underscoring the country’s enduring appeal for resource investment.
In Canada, Saskatchewan once again led the way, ranking seventh globally and maintaining its position as a top-ten destination for six of the past seven years. The province is highly regarded for its policy framework, which placed it in the global top three on policy factors alone. However, other Canadian provinces faced challenges. British Columbia, a major mining hub, continued to underperform on policy due to investor concerns over land claims, environmental regulations, and regulatory uncertainty.
Australia, despite its significant mineral wealth, failed to break into the top ten, with its highest-ranking jurisdiction, Western Australia, coming in at 17th.
Meanwhile, Botswana, the top-performing African country, saw its overall ranking slip to 20th from 15th last year. While its policy rank remains strong at 14th, a notable decline in investor perception—fueled by rising concerns over regulatory duplication and security—suggests growing unease.
At the bottom of the list, Ethiopia was ranked as the least attractive jurisdiction for mining investment, followed by Suriname and Niger. Other countries in the bottom ten included Mozambique and Bolivia. The survey’s findings reinforce the idea that a stable and transparent regulatory environment is as crucial as mineral potential in attracting global capital.
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