Mining executives evaluate jurisdictions based on geological potential and government policies, including taxation and regulatory certainty, according to the Fraser Institute’s 2025 Annual Survey of Mining Companies. The survey, which polled over 2,300 executives, combines a Policy Perception Index (PPI) and a Best Practices Mineral Potential Index to produce the Investment Attractiveness Index (IAI).
Globally, North America and Oceania remain the most attractive regions for mining investment, with Nevada, Ontario, and Saskatchewan leading the way. Despite its abundant mineral resources, Africa continues to face significant challenges in attracting and sustaining investment.
The survey results for Africa indicate that policy, governance, and local content measures are critical factors in attracting mining investment. Botswana currently ranks as the most attractive jurisdiction on the continent, combining strong geological potential with favorable mining policies, followed by Morocco and Zambia.
Africa’s Mining Revenue Challenge
Countries in the AES region, South Africa, and Zimbabwe have seen attempts at nationalization, increased royalties, and stricter local content rules. These measures reflect a growing desire to ensure that Africa’s mineral wealth translates into jobs, infrastructure, and revenue for local populations, rather than primarily benefiting multinational corporations.
These policies aim to strike a balance between attracting foreign investment and maximizing economic benefits for local communities.
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