Ontario, long considered a powerhouse of mineral potential, has taken a step back in the global eyes of the mining industry.

According to the Fraser Institute’s 2024 Annual Survey of Mining Companies, released on July 29, the province has fallen from 10th to 12th place in its ranking of 82 global jurisdictions deemed most attractive for mining investment.

While still relatively strong on the global stage, Ontario’s slip signals mounting concern within the mining and exploration sectors over the province’s regulatory environment and permitting processes.

Executives participating in the survey cited growing frustration with tax policies, labour regulations, and political uncertainty, even as they noted improved confidence in areas like environmental rules, legal transparency, and overall security.

The report, widely regarded as a policy report card for governments, surveyed 350 mining executives worldwide between August and December 2024. Their feedback sheds light on how Ontario's policy framework is perceived—and where it may be falling short.

Though environmental concerns were slightly less prevalent in this year’s survey, delays tied to environmental assessments remain a sticking point. One Ontario-based exploration executive noted, “The Environmental Assessment process on some projects has raised concerns due to its complexity and delays.”

Permitting, especially for exploration, also emerged as a major drag. Just 47% of Ontario respondents reported receiving their permits within six months—well behind the U.S. average of 73%, and only slightly above Canada’s overall average of 45%. For the remaining respondents, waits stretched from 11 months to more than two years. The perception of “slow permit processing and a lack of decisive action” was echoed by multiple participants.

These bureaucratic slowdowns challenge the Ontario government’s push—led by Premier Doug Ford’s administration—to accelerate mine permitting as part of its critical minerals strategy.

The Bigger Picture: Canada’s Mixed Performance

While Ontario’s ranking dipped, two other Canadian jurisdictions—Saskatchewan (7th) and Newfoundland & Labrador (8th)—secured top 10 positions, bolstered by strong policy environments and investor confidence. In contrast, Quebec, previously a consistent top-10 performer, dropped to 22nd, highlighting a broader national trend of policy-related headwinds.

Other provinces didn’t fare well either. British Columbia (32nd), Yukon (40th), Manitoba (43rd), and Nova Scotia (76th) all underperformed in the eyes of global investors. The Fraser Institute attributes much of this underperformance to uncertainty surrounding Indigenous land claims, overlapping jurisdictional regulations, and lack of clarity in protected area policies.

Elmira Aliakbari, co-author of the report and director of the Fraser Institute’s Centre for Natural Resources Studies, underscored the core message:

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

Finland Leads, U.S. States Surge

Globally, Finland emerged as the top-ranked jurisdiction, leaping from 17th to 1st place, followed by Nevada (2nd) and Alaska (3rd). These rankings reflect a combination of rich geological potential and regulatory efficiency—two elements that increasingly define investment decisions in the mining world.

Ontario may still hold world-class mineral wealth—from gold in Red Lake to nickel in the Ring of Fire—but its ability to attract mining investment depends on more than geology. As the Fraser Institute’s 2024 survey makes clear, policy clarity, regulatory efficiency, and faster permitting are now critical to keeping pace in a highly competitive global market.