Saskatchewan remains Canada’s top-rated jurisdiction for mining investment, according to the Annual Survey of Mining Companies released on Thursday by the Fraser Institute.

Nevada is the top-ranked jurisdiction worldwide for mining investment in this year’s survey, followed by Western Australia.

“The Fraser Institute’s mining survey is the most comprehensive report on government policies that either encourages or discourages mining investment, and Saskatchewan remains not only the top choice in Canada, but third overall globally,” said Fraser Institute Centre for Natural Resources Studies director and co-author of the study, Elmira Aliakbari.

This year’s report ranks 62 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 (having dropped from second in last year’s survey to third this year), followed by Newfoundland and Labrador at fourth and Quebec at eighth.

However, some provinces and territories are not capitalising on their strong mineral potential owing to the lack of a solid policy environment that would attract investment. Ontario and Manitoba, despite being among the top ten most attractive jurisdictions for mineral potential, rank eighteenth and twenty-fourth respectively when considering policy factors alone. Similarly, Yukon ranks tenth for its mineral potential but thirty-first on policy factors. In addition, British Columbia continues to perform poorly on the policy front largely owing to investor concerns over disputed land claims and protected areas.

“A sound and predictable regulatory regime coupled with competitive fiscal policies help make a jurisdiction attractive in the eyes of mining investors,” said Aliakbari. “Policymakers in every province and territory should understand that mineral deposits alone are not enough to attract investment.”

Globally, rounding out the top five jurisdictions are Newfoundland and Labrador, and Colorado. Once again, the least-attractive jurisdiction for mining investment is Zimbabwe and, in fact, of the ten least-attractive jurisdictions in the world, eight are in Africa.