Utah took over the No.1 spot in the Fraser Institute’s 2023 global ranking of jurisdictions for mining investment, while Saskatchewan and Quebec were in the top five.
Utah beat out its neighbouring state of Nevada, the winner from 2022.
The ranking encompasses 86 jurisdictions around the world, based on their geologic attractiveness (minerals and metals) and government policies that encourage or deter exploration and investment, including permitting times.
To arrive at the ranking, the Fraser Institute surveyed around 2,045 mining-related firms globally between Aug. 16, 2023, and Jan. 9, 2024, tallying their opinions on both mineral endowment and policy factors.
These companies had reported exploration expenditures of US$4.2 billion in 2022 and US$4.1 billion in 2023, according to the Canadian think tank.
The top rankings for 2023. Credit: The Fraser Institute
Rounding out the top five was the provinces of Saskatchewan and Quebec, followed by Western Australia, which topped the list in 2021. Overall, Canada has the most jurisdictions within the top 10.
On the other end of the scale, the least-attractive jurisdiction was Niger, followed by China, Solomon Islands, and Argentina: La Rioja. Of the 10 least-attractive jurisdictions globally, four are in Africa.
“A sound regulatory regime coupled with competitive taxes make a jurisdiction attractive to investors,” said Elmira Aliakbari, director of the Fraser Institute’s Center for Natural Resource Studies and co-author of the report.
“Policymakers across the globe should understand that mineral deposits alone are not enough to attract investment,” she added.
Utah, now the most attractive jurisdiction, has a rich history in mining metals dating back to the 1860s. The total historical value of its minerals is valued at over US$215 billion, according to government estimates. The state was ranked 17th in investment attractiveness in 2022.
Click here to read the full report.
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