Finland has surged to the top of the global mining investment landscape, clinching the number one spot in the Fraser Institute’s influential Annual Survey of Mining Companies for 2024. Finland moved up from 17th place in 2023; Nevada ranks 2nd for the second year in a row, and Saskatchewan holds the top position in Canada.
Top 5:
- 1. Finland
- 2. Nevada
- 3. Alaska
- 4. Wyoming
- 5. Arizona
The top jurisdiction in the world for investment based on the Investment Attractiveness Index is Finland, which moved up from 17th place in 2023. Nevada ranks 2nd for the second year in a row. Alaska joined the podium this year, ranking 3rd after ranking 11th in 2023. Rounding out the top 10 are Wyoming, Arizona, Sweden, Saskatchewan, Newfoundland & Labrador, Guyana, and Norway. The United States has the most jurisdictions (4) in this year’s top 10, followed by Europe (3) and Canada (2).
Africa has the most jurisdictions (5) in the bottom 10, followed by Latin America (3), Canada (1), and the United States (1)
The Report
Released in July 2025, the Fraser Institute’s latest survey—widely regarded as the “barometer” of global mining investment—ranked 82 jurisdictions based on both their mineral endowment and the quality of government policies that shape mining activity. This year, Finland’s blend of transparent permitting, robust infrastructure, and a skilled workforce propelled it past perennial leaders like Nevada and Alaska, who claimed the second and third spots, respectively.
“Finland’s predictable regulatory regime and world-class geological data make it a magnet for mining investors,” said Elmira Aliakbari, director of the Fraser Institute’s Centre for Natural Resource Studies and co-author of the report. “Policymakers everywhere should note: mineral deposits alone are not enough—sound policy is essential.”
Finland’s ascent to mining supremacy is no accident—it’s the result of a decades-long commitment to regulatory clarity, geological mapping, and infrastructure investment that together create a stable, attractive environment for mining capital.
The survey’s top five are rounded out by Wyoming and Arizona, underscoring the strong showing by U.S. states in 2024. But Canada’s mining reputation, while still formidable, faces headwinds. Saskatchewan, long celebrated for its uranium and potash riches, held onto seventh place in the global rankings, making it one of only two Canadian provinces to crack the top ten this year alongside Newfoundland & Labrador. This marks a contraction from previous years, when four Canadian jurisdictions routinely appeared in the elite tier.
Analysts point to several factors behind Canada’s slippage: lengthening permitting timelines, increased policy uncertainty, and unresolved Indigenous land claims. In contrast, Finland’s streamlined permitting, transparent land use rules, and collaborative approach with local communities have made it a global model for mining-friendly governance.
The bottom of the rankings tells a different story, with Ethiopia, Suriname, and Niger deemed the least attractive jurisdictions for mining investment due to political instability, regulatory unpredictability, and infrastructure deficits.
As global demand for critical minerals intensifies, the 2024 survey is a wake-up call for mining jurisdictions: in the race for investment, policy clarity and operational efficiency matter as much as what lies beneath the ground.