For the first time in a decade, no Canadian jurisdiction ranks in the top ten for ‘investment attractiveness', according to the latest survey released by the Fraser Institute.

Australian, US and European jurisdictions dominate the top ten, while only one African country has made the top twenty.

Saskatchewan remains Canada’s most attractive jurisdiction for investment, but fell from the third place in 2018, to eleventh out of 76 jurisdictions in the 2019 survey. Ontario is Canada’s second most attractive jurisdiction and improved its position from twentieth in 2018, to sixteenth. Quebec is the third-most attractive Canadian jurisdiction and, like Saskatchewan, dropped sharply in the rankings – from fourth in 2018, to eighteenth in 2019.

Fraser Institute explains that Saskatchewan received low marks from investors on taxes, regulatory duplication and inconsistencies, and trade barriers, while respondents for Quebec expressed increased concern over various regulatory factors.

Three Canadian jurisdictions were in the bottom half of the ranking, including Northwest Territories (35), Nova Scotia (52) and New Brunswick (60).

“A sound and predictable regulatory regime coupled with competitive fiscal policies is key to making a jurisdiction attractive in the eyes of mining investors,” said senior policy analyst at the Fraser Institute, Ashley Stedman.

The survey places jurisdictions on their geologic attractiveness (minerals and metals) and government policies that encourage or deter exploration and investment.

Australia is the most attractive jurisdiction in the world for mining investment and improved its position from second place in 2018.

Finland moved into second place after ranking seventeenth the previous year. Nevada moved down two spots from first in 2018 to third in 2019. Alaska ranked fourth this year, and Portugal improved from forty-sixth in 2018 to fifth in 2019.

Rounding out the top ten are South Australia, the Republic of Ireland, Idaho, Arizona and Sweden.

South Africa has emerged as Africa’s second most attractive investment destination, after newcomer Guinea. Globally, South Africa is the fortieth most-attractive jurisdiction for mining investors. Guinea ranks twentieth and Botswana – which was 2018’s top Africa jurisdiction – ranks forty-fifth.

This year’s least-attractive jurisdiction is Tanzania, which replaced Venezuela as the jurisdiction mining and exploration companies steer clear of. The other bottom jurisdictions include Argentina (Chubut and La Rioja) and Guatemala.