Kingsrose Exploration, the Finnish subsidiary of Australian-based Kingsrose Mining, aims to explore the Penikat area in Simo for valuable metals such as palladium, platinum, and rhodium.
The Finnish Safety and Chemicals Agency (Tukes) has now announced a public hearing on the application for an exploration license in the Ala-Penikka area of Simo. The proposed exploration area covers approximately 200 hectares, with over 150 hectares within a Natura conservation zone. Penikat, located in Simo and Keminmaa, is also a popular hiking destination.
Classified as essential raw materials
Based on the area's geology and previous studies, it's believed that the region contains palladium, platinum, rhodium, gold, copper, nickel, and silver. Kingsrose Exploration is particularly interested in the platinum group metals – palladium, platinum, and rhodium – critical for catalytic converter technologies. These metals are classified as essential raw materials in the EU, with the majority currently produced in Russia and South Africa.
Deep drilling planned
The exploration would involve standard mineral prospecting methods such as deep drilling and geophysical studies. Kingsrose Exploration has submitted an assessment document evaluating the impact on the Natura site and has undergone a consultation process as required by nature conservation law.
Public opinions on Kingsrose Exploration’s application will be submitted to Tukes by early March.
This exploration initiative highlights the ongoing global search for critical raw materials, especially in regions like Simo with rich geological potential. The findings and developments from this exploration could have significant implications for producing these essential metals.