Sotkamo Silver, a company operating a silver mine in Finland, turned its fortunes from loss to profit in 2023, achieving a remarkable improvement to a profit of 67 million Swedish Krona (approximately 5.9 million Euros) from a previous deficit of around 3 million Euros. This positive development is primarily attributed to an increase in the silver content of the ore and a rise in global market prices for silver.
Over the past year, the company's revenue increased by 10 per cent, a boost credited to both the higher silver content in the mined ore and the rising international prices for silver. The average silver content per ton of ore significantly rose from 69 grams in 2022 to 105 grams in 2023, an enhancement explained by CEO Mikko Jalasto as a result of the company's ability to mine deeper and richer parts of the mine.
Extended mine life planned
Located in Sotkamo and employing 47 people, Sotkamo Silver estimates its current ore reserves will suffice for another 7-8 years of extraction. The company plans to extend the mine's lifespan to at least 2035 through an investment program to be executed over the next two years, with a more detailed estimate to be provided after analyzing next year's drilling program.
This turnaround in results and prospects highlights Sotkamo Silver's adaptability to market changes and its strategic investments in long-term growth and profitability.
Source: Sotkamo Silver & Yle Uutiset