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Mineral exploration and mining investments increased in 2023

Publication date 22.3.2024 9.00 | Published in English on 26.3.2024 at 16.03
Press release

Mineral exploration increased in Finland last year, accelerated by the metals required for the green transition, as well as gold exploration. Mining industry investments also increased from the previous year. Today on 22 March, the Finnish Safety and Chemicals Agency (Tukes) published the mining authority’s statistical review 2023.

Mineral exploration grew significantly

Last year, mineral exploration was reported to Tukes by 59 companies that invested a total of EUR 94 million in exploration activities. The amount of investments was 17% higher than in 2022. The ten largest companies accounted for roughly 85% of total mineral exploration costs. Drilling for mineral exploration totalled 284 kilometres (up by 3.6%). Exploration permit areas entitling their holder to carry out exploration activities totalled 2,534  km2

Minerals are primarily explored in the region of Lapland, which accounts for 78% of all mineral exploration activities in Finland. Mineral exploration investments mainly focus on basic metals such as nickel and copper, as well as gold.

Landowners were paid approximately EUR 6.6 million in exploration fees, 12% more than before. Companies invested EUR 0.8 million in environmental surveys and mineral exploration impact assessments. 

Mining investments increased

Extraction operations were reported by 21 companies at 39 mines. Companies invested EUR 380 million in mining operations, up by 26% from 2022. The most significant investments were made in the Kevitsa, Terrafame, Kittilä and Siilinjärvi mines. The multi-year shaft investments at the Kemi and Kittilä mines were completed.

The extraction of mineral ores and associated waste rock totalled 46.8 million tonnes, down by 6% from 2022. The total extraction volume of mines increased by 7% from the previous year to 128.1 million tonnes.  The three largest companies – Terrafame (49.7 million tonnes), Kevitsa (36.4) and Siilinjärvi (26.2) – accounted for 88% of Finland’s total extraction volume.

Tukes is the competent mining authority in Finland. Announcement documents and decisions on pending applications are available on the Tukes website (in finnish).

The application status and valid permit areas with relevant information are available in the map service (in finnish).

Further information:

Terho Liikamaa, Head of Unit, tel. +358 29 5052 117
Ossi Leinonen, Leading Specialist, tel. +358 29 5052 205 (mining)
Ilkka Keskitalo, Senior Specialist, tel. +358 29 5052 151 (mineral exploration)
[email protected]


Current mining authority review 2023 
Extraction volumes by mine in 2023 (in finnish)

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