The Fraser Institute has released its 2025 global ranking of the most attractive mining jurisdictions, placing Morocco and Botswana at the top of the African continent, according to its annual survey.
Published on the sidelines of the Prospectors & Developers Association of Canada (PDAC) convention held in Toronto from 1–4 March, the survey- considered a global benchmark since its launch in 1997- was based on responses from mining and exploration company executives.
The 2025 edition gathered 256 responses between 5 August and 26 November 2025, allowing the think tank to evaluate 68 jurisdictions, down from 82 in 2024, due to fluctuating sector activity and minimum response thresholds.
The rankings draw on the Institute’s Investment Attractiveness Index (IAI), which combines an assessment of a jurisdiction’s geological potential with its Policy Perception Index (PPI)—a composite measure of how taxation, regulation, land access, legal certainty and other policy factors influence investment decisions. The Institute says political factors typically represent about 40% of investment decisions, with mineral potential accounting for the remaining 60%.
Morocco ranked second on the continent and 15th globally with a score of 78.97, up 4.27 points year-on-year. The improvement reflects gains in geological potential (+2.73 points) and policy perception (+6.59 points). However, investors cited growing concerns over the country’s geological database, legal system and regulatory enforcement.
Botswana came first rising to 7th worldwide with a score of 85.99 out of 100, gaining 12.25 points from 2024. The Institute attributes the jump both to improved geological potential (+10.12 points) and stronger policy perception (+15.45 points). Respondents nonetheless raised concerns over labour availability, infrastructure and security.
The 2025 survey reflects renewed investor confidence in several African markets despite persistent governance and infrastructure challenges. Fourteen African jurisdictions were included in this year’s index.
