Finland tops annual global mining survey rankings

The Fraser Institute’s Annual Survey of Mining Companies was released on July 29 and Finland claimed the top spot as the most attractive jurisdiction in the world for mining investment.

The survey is an attempt to assess how mineral endowments and public policy factors such as taxation and regulatory uncertainty affect exploration investment. The survey was circulated electronically to approximately 2,289 individuals between August 7, 2024 to December 15, 2024. Survey responses have been tallied to rank provinces, states, and countries according to the extent that public policy factors encourage or discourage mining investment.

Interestingly four jurisdictions in the United States, Nevada, Alaska, Wyoming and Arizona, were among the top ten jurisdictions for mining investment and one, Minnesota, was ranked as the least attractive jurisdiction for mining investment.

It has been turbulent for mining in Minnesota in recent years. Efforts reinstate the Twin Metals minerals leases in Minnesota and rescinding the mineral withdrawal in Minnesota’s Superior National Forest that were included in the U.S. House bill of the One Big Beautiful Bill, were removed by the Parliamentarian from the Senate bill before it was signed into law. The U.S. Forest Service has started the administrative processes to restore the leases and rescind the mineral withdrawal.

For the second consecutive year the survey includes an analysis of permit times.

“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.

This year’s report ranks 82 jurisdictions around the world based on their geologic attractiveness (minerals and metals) and government policies that encourage or deter exploration and investment.

Rounding out the top five jurisdictions on the overall Investment Attractiveness Index, which includes both mineral endowment and policy, are Wyoming and Arizona.

The least-attractive jurisdiction on the Investment Attractiveness Index is Ethiopia, followed by Suriname, Niger, Nova Scotia, and Mozambique. On policies alone, the Republic of Ireland ranks first, while Bolivia ranked last.

“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.”