Finland Again Considered Most Attractive Mining Jurisdiction

Finland has reclaimed its position as the top global destination for mining and exploration, a status it previously held in the early 2010s. The country is closely followed by Nevada and Alaska, according to the latest Fraser Institute Annual Survey of Mining Companies.

Canada’s ranking declined this year, with only Saskatchewan and Newfoundland and Labrador remaining in the global Top 10. Saskatchewan fell to seventh place from third in 2024, while Newfoundland and Labrador maintained its eighth position.

Wyoming and Arizona complete the list of the Top 5 most appealing jurisdictions for mining investors, factoring in both mineral resources and government policies. The least attractive locations were Ethiopia, Suriname, Niger, Nova Scotia (Canada), and Mozambique. Ireland was rated highest based on policies alone, with Bolivia at the bottom.

The survey evaluated 82 regions, gathering insights from around 350 mining professionals. It assessed factors such as geology, tax systems, permitting speed, environmental regulations, and workforce availability.

Policy uncertainty notably affected Canada’s appeal. Disputes over Indigenous land claims and evolving environmental rules have dampened investor confidence. Last year, four Canadian provinces ranked in the top 10, while this year only two remain. Yukon, British Columbia, and Manitoba show strong geological potential but rank lower once policy issues are factored in. Ontario dropped to 15th place due to concerns over taxation and political stability, while Quebec fell sharply from fifth to 22nd amid regulatory worries.

In response to Nova Scotia’s low ranking, Sean Kirby, Mining Association of Nova Scotia’s Executive Director, emphasized the need to streamline permitting processes to attract investment and create jobs. He also noted that mining permitting is largely managed by non-experts outside the Department of Natural Resources.

Mexico’s Attractiveness

Mexico improved its Investment Attractiveness Index score by nearly 18 points this year, rising to 49th place out of 82 jurisdictions, up from 74th out of 86 the previous year. In terms of policy, the country gained 4.76 points, moving up to 61st place from 68th. Mining companies reported reduced concerns regarding Mexico’s geological database (down 29 points), labor regulations (down 18 points), and political stability (down 15 points). However, investor concerns grew over regulatory duplication and inconsistency (up 13 points), environmental regulation uncertainty (up 12 points), and socioeconomic agreements (up 6 points).