Finland reclaims mining crown as Canada loses ground

[Redator]

Finland has regained its status as the world’s most attractive jurisdiction for mining and exploration it held in the early 2010s, followed by Nevada and Alaska, according to the Fraser Institute’s latest Annual Survey of Mining Companies.

Canada’s standing slipped this year, with only two provinces — Saskatchewan and Newfoundland and Labrador — remaining in the global top 10. Saskatchewan placed seventh, down from third in 2024 and second in 2023, while Newfoundland and Labrador ranked eighth.

Rounding out the top five jurisdictions that are most attractive to investors, considering both mineral endowment and policy, are Wyoming and Arizona. The worst performing jurisdictions overall were Ethiopia, followed by Suriname, Niger, Canada’s Nova Scotia, and Mozambique. 

On policies alone, Ireland ranked first and Bolivia last.

With data from FI’s Annual Survey of Mining Companies, 2024.

The survey evaluates jurisdictions based on geological potential and government policies that either encourage or discourage exploration and investment. This year’s edition ranked 82 regions and included responses from about 350 mining professionals, mostly from exploration and mining companies. Participants assessed issues such as tax regimes, permitting timelines, environmental regulations, and labour availability.

Most of the respondents (40%) worked for exploration companies, 32% for mining companies and the remainder identified as consultants or as other.

Policy uncertainty hits Canada

Policy uncertainty was a recurring concern among respondents, particularly in Canada. The Fraser Institute noted that disputed land claims with Indigenous groups and shifting environmental protections contributed to investor hesitation.

The nation had four provinces ranked amongst the world’s top 10 jurisdictions last year, compared to only two this year: Saskatchewan and Newfoundland and Labrador.

Yukon, British Columbia, and Manitoba still boast strong geological potential but ranked 40th, 32nd, and 43rd respectively when policy factors were included. Ontario continued its downward slide, falling to 15th from 10th last year due to rising concerns over taxes, labour rules, and political stability. Quebec saw the steepest drop, from fifth to 22nd, amid worries about tax policies, regulatory duplication, and its legal framework.

In response to Nova Scotia’s poor performance, Sean Kirby, executive director of the Mining Association of Nova Scotia, said the province must overhaul its permitting process to unlock its potential. “Nova Scotia has great geology for critical minerals and many others, but we need to fix permitting to attract investment and create jobs,” Kirby said. “The new Fraser Institute study is a stark reminder that we need to copy how other provinces regulate their mineral sectors.”

He added that while most of the government’s mining experts work in the Department of Natural Resources’ Geoscience and Mines Branch, they play almost no role in permitting. “Instead, we are almost entirely regulated by people in other departments who are not experts in mining.”

Since the survey was conducted between August and December last year, Canada has seen significant political and regulatory shifts. Mark Carney’s election as prime minister and new federal and provincial legislation aimed at speeding up major project approvals could improve Canada’s standing in next year’s report.