Ontario ranks highest for mining prospects in Canada: report

Ontario just ranked second in the world for mining investment, and first in Canada, in the Fraser Institute’s latest survey.

The report, released on Thursday, says strong geology helps, but clear, predictable policies are what really draws investors. They ranked 68 places based on their geology and policies that either encourage or discourage exploration to identify potential resource-rich locations, along with policies related to permit times.

Saskatchewan came third, with Ontario ahead in second place. The top location in the world, they say, is the state of Nevada in the U.S.

When considering just the policies that let developers find resources and get digging fastest, Alberta ranks in the top three across the globe, while Ontario comes fifth.

Other places in Canada could rank higher, but the group says their policies are not open to mining.

Some regions with big mineral potential are slipping because of regulatory uncertainty and land-claim disputes.

Nova Scotia ranked as the worst province in Canada on the list despite the government’s recent push for mineral exploration, which overturned previous policies intended to protect the environment.

The group says they want the survey to send a message to government that opening land up to mining is more important than simply having good resources.

with files from Natalie Chiasson