Africa is home to some of the world’s richest mineral reserves, yet policy, infrastructure, and governance often determine whether these resources attract investment.
According to the Fraser Institute’s 2025 Annual Survey of Mining Companies, mining executives rank jurisdictions based on geological potential and government policy, including taxation, regulatory certainty, and infrastructure quality.
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).
While mineral potential drives roughly 60% of investment decisions, policy perception remains critical.
Globally, the most attractive mining jurisdictions continue to be in North America and Oceania, led by Nevada, Ontario, and Saskatchewan. Africa, despite its vast resources, still faces significant hurdles.
Africa’s survey results show that while the continent is rich in minerals, policy, governance, and local content measures are decisive in attracting and sustaining mining investment.
Countries like Botswana, Morocco, and Zambia illustrate how geological wealth paired with investor-friendly policies can draw capital, while others with rich reserves fall behind despite nationalization and revenue-focused efforts.
Here are Africa’s top 10 mining jurisdictions in 2025 according to survey data from the Fraser Institute.
Within this context, some countries have made notable strides. Botswana tops the continent, combining strong geological potential with favorable mining policies, followed by Morocco and Zambia.
In West Africa, Côte d’Ivoire reclaimed its position as the region’s most attractive mining country, overtaking Ghana. Other jurisdictions, such as Mali, Burkina Faso, and Guinea (Conakry), continue to struggle with policy uncertainty, security risks, and governance challenges.
Africa’s Mining Revenue Challenge
A major challenge is that much of Africa’s mining sector is controlled by foreign companies, which has prompted several governments to explore ways to capture more value from their mineral wealth.
Nationalization attempts, higher royalties, and stricter local content rules have emerged in countries such as the AES region, South Africa, and Zimbabwe, reflecting a push to ensure that Africa’s mineral riches translate into jobs, infrastructure, and domestic revenue rather than primarily benefiting multinationals.