The Cameco mine at McArthur River. Photo courtesy

Saskatchewan has been named as the most attractive jurisdiction in the world for mining investment.

The Fraser Institute Annual Survey of Mining Companies ranked Saskatchewan number one out of 104 jurisdictions in their Investment Attraction Index, up from second place in 2015.

Competitive tax regimes, efficient permitting procedures and certainty surrounding environmental regulations and land-claims were among the reasons for the province’s top rating.

Energy and Resources Minister Dustin Duncan says Saskatchewan enjoys an excellent reputation in the mining sector. He says the province is gifted with a variety of resources, and as a government, the Wall administration is doing its share to encourage the industry and to make sure it is competitive and friendly to investment.

Duncan also said the government is continuing to upgrade and enhance the Mineral Administration Registry Saskatchewan (MARS) system to help mining companies operate more efficiently in the province.

A stable royalty structure over the last number of years, supported by government policies has helped Saskatchewan remain a destination of choice for investors and business.

The Fraser Institute’s Investment Attractiveness Index is based on two components: the geologic attractiveness of a region based on actual mineral potential, and its policy attractiveness in terms of the effects of government policy on attitudes toward exploration investment.

Manitoba ranked second in the Fraser Institute survey, followed by West Australia, which fell from first to third.