Finland has reclaimed its position as the most attractive jurisdiction globally for mining and exploration, according to the latest Annual Survey of Mining Companies by the Fraser Institute. The Nordic nation, which led global rankings in the early 2010s, outperformed all other regions based on its mineral potential and mining-friendly policies.
Finland was followed by the U.S. states of Nevada and Alaska, with Wyoming and Arizona rounding out the top five. Canada, once a consistent leader, saw a notable decline with only Saskatchewan (7th) and Newfoundland and Labrador (8th) remaining in the top 10. Saskatchewan dropped four places from the previous year, while Newfoundland and Labrador rose to eighth.
The Fraser Institute’s survey, which assessed 82 jurisdictions through responses from approximately 350 mining professionals, considered both geological potential and policy factors including permitting efficiency, tax regimes, labour access, and environmental regulations. While 40% of respondents represented exploration firms, 32% were from mining companies.
Canada’s fall in the rankings is attributed to growing policy uncertainty, particularly regarding land rights, environmental regulation, and overlapping governance. Quebec experienced the steepest drop, falling from 5th to 22nd, while Ontario slipped to 15th. The Yukon, British Columbia, and Manitoba scored poorly on policy despite strong geology, ranking 40th, 32nd, and 43rd respectively.
Nova Scotia was among the worst performers overall. Sean Kirby, executive director of the Mining Association of Nova Scotia, said the province’s permitting system is hampering investment. “We need to fix permitting to attract investment and create jobs,” Kirby stated. He added that mining regulation is largely handled by officials outside the Department of Natural Resources, many of whom lack expertise in the sector.
Globally, Ethiopia ranked lowest on the index, followed by Suriname, Niger, Nova Scotia, and Mozambique. In terms of policy only, Ireland led the rankings, while Bolivia came in last.
Though the survey covered the period between August and December 2024, recent political changes in Canada — including Mark Carney’s election as prime minister and new legislation to fast-track major projects — could potentially improve the country’s position in future surveys.