Abstract
The global mining industry is witnessing a fierce competition for private investment. This study investigates investment strategies in West Africa by analysing exploration spending data (2011-2020) across three stages (grassroots, late-stage, and mine site) in four countries: Burkina Faso, Ghana, Mali, and Guinea. We examine how policies have impacted investment attractiveness over time. Additionally, we explore the correlation between the Fraser Institute's investment attractiveness index and exploration spending trends.