Saskatchewan continues to hold a top spot as one of the most attractive areas for mining investment in the world. 

For the second year in a row, the Fraser Institute placed Saskatchewan high on the list among 109 jurisdictions in the world, with the province finishing second only to Western Australia. In 2014 Western Australia ranked fourth globally.  

The rankings are based on geological attractiveness for minerals and metals.

"While Saskatchewan is blessed with potash and uranium reserves, miners also appreciate its approach to mining policy," said Kenneth Green, senior director of energy and natural resources and director of the Survey of Mining companies, in a news release.

"Compared to other jurisdictions, the province is perceived to have a competitive tax regime, efficient permitting procedures and clarity around land claims."

Quebec, Ontario, B.C. creep up the list

Quebec ranks second in Canada and is the only Canadian province joining Saskatchewan in the top 10 overall. Yukon ranks 12th worldwide while Ontario and British Columbia placed 15th and 18th respectively, which Green said reflects the transparent Canadian mining policies.

"Many of the Canadian provinces continue to rank highly… but if Canada strays from such policies we could see mining investment go elsewhere — even with slumping commodity prices, global competition is fierce," Green said.

Investment attractiveness is compiled from looking at a region's geological makeup, and the Policy Perception Index (PPI), which looks at the jurisdictions' mining regulations, taxation levels, labour regulations and labour availability.

About 3,800 development and mining-related companies around the world participated in the annual survey.

Canadian investment attractiveness rankings:

1. Saskatchewan

2. Quebec

3. Yukon

4. Ontario

5. British Columbia

6. Manitoba

7. Nunavut

8. Newfoundland and Labrador

9. Alberta

10. Northwest Territories

11. New Brunswick

12. Nova Scotia

Top 10 worldwide:

1. Western Australia

2. Saskatchewan

3. Nevada

4. Ireland

5. Finland

6. Alaska

7. Northern Territory

8. Quebec

9. Utah

10. South Australia