Best Countries for Gold Mining Investment, Ranked

The best countries for gold mining investment, on the most widely quoted ranking, are Nevada, Ontario and Saskatchewan. They took the top three places in the Fraser Institute’s 2025 Annual Survey of Mining Companies, which scored 68 jurisdictions on both geology and government policy. Australia holds the most gold in the ground (13,000 tonnes of reserves, per the US Geological Survey), and its states sit high on the same list. The safest jurisdictions are therefore mostly in the United States, Canada and Australia, while Ghana, Mali, Tanzania and Burkina Faso carry more fiscal and political risk.

This guide is for mining licence and claim owners, consultants and investors who need to compare places, not just metals. It shows what the rankings measure, where gold is actually produced, how royalties and mining taxes differ, what has gone wrong in the riskier jurisdictions, and a five-step check you can run on any jurisdiction before committing money. Every figure carries its source and date. It is general information, not investment advice.

How we define best and safest

“Best” and “safest” are not the same question, and a country can be good on one and poor on the other. This page uses four separate lenses so you can weigh them yourself.

• Investor perception. The Fraser Institute’s Investment Attractiveness Index combines a Best Practices Mineral Potential Index (geology, about 60% of the score) and a Policy Perception Index (about 40%). Executives answer a questionnaire; the 2025 edition went to 2,304 senior mining executives between 5 August and 26 November 2025, and 256 replied, an 11% response rate (MyJoyOnline summary). It is a sentiment survey, not an audit.
• Physical gold. Mine output and reserves from the USGS Mineral Commodity Summaries 2026, which are government estimates and rounded.
• Fiscal terms. Royalties and mining taxes written into law, which decide how much of each ounce the owner keeps.
• Intervention history. Recent cases where a government took, froze or re-priced mining assets. Past behaviour is the best available guide to political risk.

One caution up front: the Fraser index covers all minerals. A jurisdiction can rank in the top ten because of uranium, potash, lithium or iron ore, so a high rank does not by itself mean good gold ground.

Best jurisdictions for gold mining investment, ranked by the Fraser index

The 2025 survey, published in early 2026, put these ten at the top, in order, in Table 1 of the Fraser Institute report. The right-hand column is our reading of how much each matters for gold specifically, using the USGS tables and the producers named by the survey coverage.

Three details change how you should read the list. First, coverage of the survey reports that Finland, Alaska, Wyoming, Newfoundland and Labrador and Guyana dropped out of the top ten. Second, the same coverage shows that good rock does not guarantee a good score: the Yukon and Manitoba ranked 11th and 13th on geology but fell to 47th and 39th when policy alone was scored. Third, the bottom of the table was China, Burkina Faso and Egypt, with China last.

For gold-focused readers the practical short list from this ranking is Nevada, Ontario and Western Australia, with South Australia and Saskatchewan as secondary options. If you want a district-level view of those places, our guides to gold deposits in Ontario and gold exploration in Australia by state cover them.

Where the world’s gold is produced and held

A jurisdiction can score well for stability and still hold little gold. The USGS estimates world mine production at 3,300 tonnes in 2025 and world reserves at 66,000 tonnes. China (380 tonnes), Russia (310) and Australia (280) led output, followed by Canada (200), the United States (160), Ghana (150) and Mexico (140). Each of Kazakhstan and Uzbekistan produced 130 tonnes, and Peru 110 (USGS, 2026). Our ranking of top gold-producing countries has the full table.

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Seven largest gold-producing countries

Mine production in 2025, estimated, tonnes

Reserves tell a different story from output. Australia holds 13,000 tonnes, the largest national total, followed by Russia at 12,000 and South Africa at 5,000. South Africa’s reserves are large relative to its roughly 90 tonnes of annual output, which reflects deep, costly, long-life mines. For an investor, reserves per year of output is a rough measure of how long a country’s mines can keep running at today’s pace. Australia’s 13,000 tonnes against 280 tonnes a year is about 46 years on this crude arithmetic; Ghana’s 1,000 tonnes against 150 tonnes a year is under 7, although reserves rise as companies drill and as higher prices make more rock economic.

The two countries with the highest output, China and Russia, are not realistic destinations for most foreign investors, and China ranked last in the Fraser survey. That leaves Australia, Canada and the United States as the places where large gold output, strong reserves and investor-friendly policy overlap. For the US detail, see our list of the largest active gold mines in the USA.

Safest jurisdictions for gold mining investment: United States, Canada and Australia

Safety for a mining investor means three things: your title cannot be taken or changed without due process, permits arrive in a predictable time, and the tax and royalty rules do not change after you spend your money. The top of the Fraser table scores well on the second and third because the rules are written and public.

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Countries with the largest gold reserves

Reserves, tonnes of gold

Nevada

Nevada ranked first and has the top policy score. The Department of Taxation sets the state’s net proceeds of minerals tax each year on the basis of the previous year’s actual production, taxing gross revenue minus allowable mining, processing and transport costs. Rates in the Department’s net proceeds bulletin run up to 5% depending on the net-to-gross ratio. Federal land is the bigger consideration for claim holders: a claim gives a right to the minerals, not ownership of the surface, a distinction our video below explains.

Ontario and Saskatchewan

Ontario’s mining tax is 10% of taxable profit for non-remote mines and 5% for remote mines, after an annual $500,000 deduction. A new mine can also claim an exemption on up to $10 million of profit for 3 years (non-remote) or 10 years (remote). That is a published rate that an investor can model in advance. Saskatchewan placed third overall.

Western Australia and South Australia

Western Australia charges 2.5% of the royalty value of gold produced, with no royalty on the first 2,500 ounces a year from a gold royalty project, valued at the London Bullion Market price in Australian dollars. The rate is published by the state government, so it can be modelled in advance.

Who is slipping

Not every Western jurisdiction is rising. Alaska, Wyoming and Newfoundland and Labrador all left the top ten. The Fraser index is relative, and many places fell simply because others improved. Nova Scotia is the opposite case: its Policy Perception score jumped from 13.6 to 74.0, moving it from 76th of 82 to 32nd of 68, the largest gain among the jurisdictions reported (Streetwise Reports, March 2026). Rankings move quickly when governments change rules, which is why a policy score is a starting point and not a verdict.

▶ Explains why a gold claim gives mineral rights, not ownership of the land, and how to check the ground first. · 3:19

Royalties and mining taxes compared

Fiscal terms decide how much of the gold price you keep. The rates below are headline figures for gold from the cited official or professional sources; each jurisdiction also levies corporate income tax, local taxes and fees that are not shown.

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Headline gold royalty and tax ranges

Percent; lower and higher rate in each system

The chart below shows the range for three of these: Ghana, Tanzania and Ontario. Ghana’s sliding scale is the one to watch: KPMG’s tax alert records that gold and lithium royalties now move with the international price, and the levy on gold miners was cut by two percentage points as an offset. The scale runs from 5% to 12% and rises with the gold price, reported as 5% below US$2,000 per ounce and 12% above US$4,500, so a higher price moves more of each ounce to the state; the schedule published on TaxLawGH lists 10% for gold above US$3,500 to US$4,000, 11% above US$4,000 to US$4,500 and 12% above US$4,500 (Graphic Online, 3 February 2026).

The calculator in this section turns those rates into dollars. Enter your own ounces, price, royalty, levy, all-in cost per ounce and income tax rate to see the government’s take and what is left for the company. It is a simple screen, not a financial model: it ignores timing, capital spending, depreciation and withholding taxes.

Gold price context

Kitco showed spot gold at US$4,116 per troy ounce at 1:06 a.m. ET on 5 November 2026, up 1.4% on the day, and Trading Economics showed US$4,118.60 the same day, down about 1.1% over a month but up about 3.6% over a year (Kitco, Trading Economics). The USGS puts the 2025 average at US$3,300 per ounce and the value of US mine production at US$17 billion, up 32% on 2024. High prices help every jurisdiction, but they also tempt governments to raise royalties and renegotiate terms, as Ghana’s sliding scale shows. When you model a project, stress-test it at several prices and at the fiscal terms that would apply if prices stay high.

Higher-risk gold jurisdictions: Ghana, Mali, Tanzania and Burkina Faso

West and East Africa produce a lot of gold, but the rules have been moving. These examples are drawn from company announcements and press coverage.

Ghana

Ghana produced 150 tonnes in 2025, the largest African total in the USGS table. In the Fraser survey it ranked 53rd of 68 jurisdictions, down from 46th of 82 in 2024, with a score of 55.21%, and eighth among the 14 African jurisdictions in the index table, two places ahead of South Africa (MyJoyOnline). The new sliding royalty and the lower levy are described above. Our Ghana gold exploration guide covers licence types and belts.

Mali

Mali’s 2023 mining code raised royalties, increased the state’s ownership stake and removed stability clauses. Barrick Mining, Mali’s top gold producer, was in dispute with the government for two years; in November 2025 it signed an agreement to resolve all disputes over the Loulo and Gounkoto mines, with charges dropped and arbitration claims withdrawn. Per two sources cited by Reuters, Barrick agreed to sign the 2023 code in return for a ten-year permit extension (Mining Technology, 25 November 2025). Separately, Mali’s finance minister said a sector-wide audit had recovered more than US$1 billion in arrears (Mining Weekly, 2 December 2025). For a new investor, the lesson is that the dispute ended, but only after a long shutdown and under tougher terms.

Burkina Faso

In June 2025 Burkina Faso completed the transfer of five gold assets, two operating mines and three exploration licences formerly held by subsidiaries of Endeavour Mining and Lilium, to the state miner SOPAMIB (Mining Technology, 13 June 2025). The country sits near the bottom of the Fraser table. It is the clearest recent example of state takeover risk in a major gold region.

Tanzania

Tanzania charges a 6% gold royalty, with a reduced 4% for gold sold through the Bank of Tanzania’s purchase programme, launched on 1 October 2024 (TanzaniaInvest). For a small foreign-owned operation, who may hold a licence matters as much as the royalty, a topic the video below covers for Africa as a whole.

For a South African view, where deep mines and a large reserve base sit alongside labour and power constraints, see our South Africa gold exploration page.

▶ Shows which doors are open to foreigners seeking a small-scale mining licence in Africa. · 5:16

Five steps to screen a gold jurisdiction before you invest

1. Check title security. Confirm who grants the licence, how long it lasts, whether it can be revoked and whether there is a public register. Burkina Faso and Mali show what happens when title is contested.
2. Read the fiscal terms at today’s price and at a higher one. Royalties that rise with the gold price, such as Ghana’s, change project returns quickly. Use the calculator on this page.
3. Estimate permitting time and cost. Ontario’s reforms and Nevada’s transparent process explain much of their ranking. Ask for the actual permitting timeline of a comparable mine.
4. Check access to the ground. Surface rights, protected areas, Indigenous consultation and towns can block good rock. A mapped anomaly under a town is not an asset.
5. Only then compare geology. Satellite alteration maps, public geological surveys and drill results rank targets within a jurisdiction. Farmonaut offers satellite screening of a licence boundary for owners who want that view before spending on drilling.

Infographic

Screening a jurisdiction in 5 steps

1. 1TitleWho grants it, how long it lasts, can it be revoked.
2. 2Fiscal termsRoyalty and tax at today’s price and a higher one.
3. 3PermittingTimeline and cost from comparable mines.
4. 4AccessSurface rights, protected areas, towns.
5. 5GeologyCompare targets only after the first four.

▶ Shows how land access can block mineable ground even when the rock is good. · 2:05

Frequently asked questions

Which country is best for gold mining investment?

On the Fraser Institute’s 2025 index, the top jurisdictions were Nevada, Ontario and Saskatchewan. For sheer scale, Australia has the largest reserves (13,000 tonnes) and China the highest output (380 tonnes), according to the USGS. Best depends on whether you value stability or the size of the opportunity.

What are the safest jurisdictions for gold mining investment?

Nevada, Ontario and Western Australia are the strongest combination of gold relevance and stable rules in the 2025 survey, with fixed, published royalties and tax schedules. Safe still carries risk, because commodity prices, costs and permit timing still apply.

Is Nevada a good place to invest in gold mining?

Nevada ranked first in 2025 and accounted for about 64% of US gold production in 2025, according to the USGS. Its net proceeds tax rates run up to 5%. Most claims are on federal land, so check the claim and surface rules.

Which African country is best for gold mining investment?

Botswana ranked seventh worldwide in the Fraser survey, mainly for diamonds and copper. For gold, Ghana was eighth of 14 African jurisdictions with a score of about 55%, and it has the largest African output in the USGS table. All African gold jurisdictions carry more fiscal and political risk than Nevada or Ontario.

Is Canada good for gold mining investment?

Ontario and Saskatchewan placed second and third in the 2025 survey. Ontario’s mining tax is 10% of profit (5% for remote mines). Canada also produced 200 tonnes in 2025 and holds 3,200 tonnes of reserves.

Which country has the most gold reserves?

Australia, with 13,000 tonnes of reserves, followed by Russia at 12,000 and South Africa at 5,000 (USGS, 2026).

What is the Fraser Institute survey?

An annual survey of senior mining executives. The Investment Attractiveness Index combines geology (about 60%) and policy (about 40%). The 2025 edition covered 68 jurisdictions and drew 256 responses from 2,304 executives contacted.

Do higher gold prices raise taxes?

In some places. Ghana’s gold royalty moves in steps from 5% to 12% as the price rises, which means a higher price shifts more of each ounce to the state. Other jurisdictions have flat rates.

Which countries nationalised gold mines recently?

Burkina Faso transferred five gold assets to its state miner SOPAMIB in June 2025. Mali held Barrick’s Loulo-Gounkoto complex under provisional administration before a November 2025 settlement.

How can a small investor get exposure to gold mining?

Most small investors buy shares in listed producers, royalty companies or funds, which are regulated by the exchanges where they trade. Buying a claim or licence directly carries title, access and permitting risk that this page’s five-step check is designed to expose. This is not investment advice.

How can I check the ground before buying a licence?

Review the public register, the surface rights and any land-access constraints first, then compare geology. Satellite imagery can map alteration and structures across a licence boundary, which helps decide where a field programme is worth the cost.