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    Saskatchewan Shines in Mining Survey, Finland Takes Global Lead

    Giann Liguid
    Jul. 31, 2025 09:30AM PST

    The Fraser Institute’s report, now in its 26th year, is the mining industry’s most cited benchmark of investment sentiment. The annual report combines perceptions of geologic potential with policy factors across 82 jurisdictions.

    A sack labeled "Investment" and rolled money balanced on a wooden plank.
    Andrii Yalanskyi / Adobe Stock

    Finland has taken the top spot in the Fraser Institute’s 2024 Annual Survey of Mining Companies, edging out various US states in what analysts call an increasingly competitive global investment landscape for mining.

    The Nordic nation climbed from 17th to 1st place on the Investment Attractiveness Index, driven by high marks for both mineral potential and policy stability.

    The US dominated the global top 10 with four entries, while Canada saw fewer provinces among the global leaders than in past years despite Saskatchewan and Newfoundland & Labrador continuing to buck that trend.


    The Fraser Institute’s report, now in its 26th year, is the mining industry’s most cited benchmark of investment sentiment. The annual report combines perceptions of geologic potential with policy factors across 82 jurisdictions.

    For this year’s iteration, a total of 350 industry executives and managers were surveyed between August and December 2024.

    “Policymakers across the globe should understand that mineral deposits alone are not enough to attract investment,” said Elmira Aliakbari, director of the Fraser Institute’s Centre for Natural Resource Studies, in the official press release.

    “A sound, predictable regulatory regime coupled with competitive fiscal policies make a jurisdiction attractive to investors,” Aliakbari added.

    Canada sees varying success, US and Australia a mixed bag

    Saskatchewan remained Canada’s top-performing province and the only Canadian jurisdiction in the global top 10 besides Newfoundland & Labrador. Saskatchewan ranked 7th overall and placed 3rd globally in the Policy Perception Index, thanks to consistent permitting efficiency and institutional support.

    As for permitting, over half (56 percent) of respondents in Saskatchewan reported obtaining permits within two months—far ahead of the Canadian average of 27 percent.

    Newfoundland and Labrador also gained ground, landing at 8th globally. It had the highest permitting speed in Canada, with 86 percent of respondents saying they received exploration permits within two months. Respondents also praised the province for its transparent environmental regulations and growing political support for mining projects.

    By contrast, Quebec fell sharply to 22nd place in the global index after enjoying a top-10 position for the past four years. Though 33 percent of respondents still reported obtaining permits in under two months, concerns over policy direction outweighed its mineral appeal.

    Moreover, the report underscores that some Canadian jurisdictions are failing to convert mineral wealth into investment due to poor policy frameworks. Yukon, British Columbia, and Manitoba all ranked in the top 10 globally for mineral potential, but slipped to 40th, 32nd, and 43rd respectively in overall investment attractiveness.

    Yukon, in particular, saw 75 percent of respondents report that it took more than 11 months to obtain exploration permits. In Nova Scotia, one of the bottom 10 jurisdictions globally, 60 percent reported similar delays, compounded by unresolved land disputes and opaque environmental rules.

    Nova Scotia ranked near the bottom alongside Ethiopia, Suriname, Niger, and Mozambique. While Ethiopia was rated lowest globally, Canadian provinces were the only high-income jurisdictions to appear in the bottom 10.

    Meanwhile, the US continues to outperform many global competitors by rounding up the top spots. Nevada and Alaska secured second and third place, respectively, with Wyoming and Arizona close behind. Alaska and Utah led all US jurisdictions in permitting speed: 86 and 80 percent of respondents in those states said they received permits within six months.

    Australia presented a mixed picture. Though it has strong geological endowments, permitting issues weighed heavily. In the Northern Territory, only 9 percent of respondents obtained permits within two months, while Victoria and Queensland recorded delays exceeding 11 months for 60 and 50 percent of respondents, respectively.

    Methodology and key indicators

    The Fraser Institute’s Investment Attractiveness Index combines two main indicators: a jurisdiction’s geologic potential (weighted 60 percent) and its Policy Perception Index (weighted 40 percent). The latter evaluates a combination of factors, which include: taxation, regulatory quality, permit timelines, land access, and political risk.

    Permit speed emerged again this year as a key differentiator between top- and bottom-performing regions. In this sub-survey, Newfoundland & Labrador and Saskatchewan were the only Canadian provinces where a majority of respondents obtained permits in two months or less. Across the country, the average was just 27 percent.

    In the US, and to a lesser extent Finland and Ireland, strong policy environments and predictable permitting timelines set them apart. Globally, the jurisdictions most penalized in the rankings were those with perceived political instability, inconsistency, or sluggish permitting regimes.

    Don't forget to follow us @INN_Resource for real-time updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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    Giann Liguid
    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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