Utah ranked top jurisdiction for mining investment by Fraser Institute

Rounding out the top five were Nevada, Saskatchewan, Quebec and Western Australia.

Utah took over the No.1 spot in the Fraser Institute’s 2023 ranking of jurisdictions for mining investment, topping its neighboring state 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 permit times.

To arrive at the ranking, the Fraser Institute surveyed approximately 2,045 mining-related firms globally between August 16, 2023, and January 9, 2024, tallying their opinions on both mineral endowment and policy factors.

These companies had reported exploration expenditures of $4.2 billion in 2022 and $4.1 billion in 2023, according to Canadian think tank.

Rounding out the top five were the Canadian 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. In fact, of the 10 least-attractive jurisdictions in the world, 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 dating back to the 1860s. The total historical value of its minerals is valued at over $215 billion, according to government estimates. The state was ranked 17th in investment attractiveness in 2022.

Click here to read the full report.