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Most of the mining profits in Finland are made by foreigners

Kittilä mine in Kittilä, Finland. Photo: Wikipedia, courtesy: Agnico-Eagle Mines Limited
Kittilä mine in Kittilä, Finland. Photo: Wikipedia, courtesy: Agnico-Eagle Mines Limited
Published by
Markku Björkman - 18 Dec 2018

As electronics are becoming increasingly important in everyday life, the demand for metals and minerals increases. Finland is a mineral-rich country, but finding funds takes time and costs money.

The lion's share of all mining activities in Finland is still in foreign ownership, and in the long run, it is also the foreign companies that make home profits.

In November this year, the first blast was made in Sotkamo Silver Mine, Finland's first mine, with the main focus on silvery cracking. A few days later, the gold mine in Brahestad was reopened since 2014. Sotkamo Silver is a Swedish-owned company and Nordic Gold in Brahestad is Canadian.

"We are world leaders at the moment to attract foreign mining companies to us," says Arto Suokas, CEO of Sotkamo Silvers Finland's Department.

Europe's largest gold mine is in Finland - and is owned by a Canadian company. Finland's good infrastructure and political stability attract. There is extensive industry knowledge and the systems for applying for environmental permits are also clear. And metals are in Finland.

The Finnish bedrock is old and hiding both silver and gold in Lapland's green belt belts. Europe's largest gold mine is located in Kittilä, and is owned by Canadian Agnico Eagle Mines.

Among other things, the EU's electric car strategy will increase prices for both lithium and cobalt. The crux is that ore mining is expensive and takes time. From crash to mining it takes fifteen years, but it is far from all projects that go into the goal.

Until 1994, the Finnish mining industry was closed to foreign operators and it is only now that the milling process started seriously. Last year, 480 million euros were invested in the mining industry, which is a clear increase from the previous year.

In the milling industry, however, it seems that the state could help Finnish companies to join the game.

The mining industry often finds criticism of the negative environmental impact it has, and on a regular basis, voices are raised to make the mining laws more strict. None of the mines now operating have been granted their permission based on the new mine law from 2011 but on the old one from 1965.