Saskatchewan has reaffirmed its status as the leading mining investment destination in Canada and among the top three globally, according to the latest findings from the Fraser Institute’s Annual Survey of Mining Companies.

Released this week, the survey placed Utah and Nevada as the two top jurisdictions globally. Rounding out the top five jurisdictions are Quebec and Western Australia.

The report ranks 86 jurisdictions around the world based on their geologic attractiveness (minerals and metals) and government policies that encourage or discourage exploration and investment, including permit times.

On overall investment attractiveness, Saskatchewan ranks in the global top three for the fifth time in six years and in third overall for the second year in a row, followed by Quebec at fifth, Manitoba sixth, Newfoundland & Labrador at ninth and Ontario in tenth.

Frasier Institute stresses that some Canadian jurisdictions are not capitalising on their strong mineral potential due to a lack of a solid policy environment that would attract investment. For instance, Yukon and the Northwest Territories, despite being among the top ten most attractive jurisdictions for mineral endowment, rank twenty-eight and forty-fifth, respectively, when considering policy factors alone.

In addition, the survey shows that British Columbia continues to perform poorly on the policy front largely owing to investor concerns over disputed land claims and protected areas.

Overall, Fraser says uncertainty surrounding protected areas, land claims disputes and environmental regulations continue to hinder mining investment in various Canadian jurisdictions.

“A sound and predictable regulatory regime coupled with competitive fiscal policies help make a jurisdiction attractive in the eyes of mining investors,” says Fraser Institute’s Centre for Natural Resource Studies and co-author of the study Elmira Aliakbari.

“Policymakers in every province and territory should understand that mineral deposits alone are not enough to attract investment.”

Meanwhile, the least-attractive jurisdiction for mining investment is Niger and, in fact, of the ten least-attractive jurisdictions in the world, four are in Africa.