KENYA is ranked third least attractive country in the world and worst in Africa for mineral investments, trailing Zimbabwe and Zambia which recently locked horns with multinational mining firms over higher rates. This is according to a report released last week by Fraser Institute of Canada, that examined a country's attractiveness to mineral-based investments, based mainly on policy matters and mineral potential. Generally Kenya is ranked 120 out of 122 in the attractiveness survey. In the report, Malaysia is ranked the worst country for investments by mineral companies, followed by Hungary, Kenya, Honduras, Solomon Islands, Egypt,Guatemala, Bulgaria, Nigeria, and Sudan in that order. "Kenya and Bulgaria experienced large drops from 79 th (of 112) and 57 th (of 112) overall in 2013, respectively," states the report. The Fraser Institute's 2014 annual survey of mining and exploration companies was conducted between August and November last year and included reviews from 4,200 exploration, development, and other mining-related companies around the world. Under policy factors, the survey examined factors such as uncertainty concerning the administration of current regulations, environmental regulations, regulatory duplication, the legal system,the taxation regime and uncertainty concerning protected areas and disputed land claims. Other factors under policy issues included, infrastructure, socioeconomic and community development conditions, trade barriers, political stability, labour regulations, quality of the geological database, security, labour and skills availability. Kenya's Senate is set to discuss amendments to the Mining Bill 2014 which was approved by parliament and the Cabinet last year. Delays in enacting the law to regulate the mining sector has made it difficult for mining companies to undertake relevant mining activities in the country. The process of reviewing Kenya's mining laws has been ongoing for the last 20 years but major breakthrough was only realised last year after the Cabinet and Parliament's approval. Kenya has been using the law drafted in 1940 which according to the government has been more beneficial to mining firms than the local economy and communities. On policy perception alone, Kenya has been ranked number 107 out of 122 countries. In the Fraser survey, the most attractive country for mining investments is Finland, which moved three ranks higher compared to last year. However, firms survey said that of utmost importance in their investments decision is mineral potential with policy only influencing 40 per cent of their decision. On the best practice index in the survey which ranks regions based on geology that encourages exploration investment and sets aside policy matters, Kenya took position 120 out of 122. Kenya's position has significantly dropped compared to last year when it beat 33 countries in the investment attractiveness survey when it was position 79 out of 112 surveyed then.