Investments in mineral exploration on the rise in Finland
Exploration growth slowed down in 2018. Investments in mineral exploration increased by another 15 per cent from the previous year to EUR 70.4 million, but the number of drilled kilometres decreased by 20 per cent. However, mines invested 29 per cent more than the previous year, with investments totalling EUR 390 million.
In the Fraser Institute's annual survey of mining operators, Finland fell from 1st place to 17th place. This data can be found from Mining Statistics 2018 published by the Finnish Safety and Chemicals Agency (Tukes, Mining Authority in Finland).
“Investments into ore exploration continued to grow in 2018, but target drilling activity decreased. Today, companies appear to be investing in more extensive research methods, such as airborne surveys and geophysical measurements conducted in light terrain.
Although the Fraser Institute's survey showed that Finland's investment attractiveness fell, companies continue to provide good feedback about Tukes's open and predictable handling of mining and ore exploration permits. Thanks to the Geological Survey of Finland (GTK), we hold excellent basic data about bedrock. Nevertheless, the reality is that despite holding good basic data, Finland remains mostly unexplored. Exploration is currently very active around the Central Lapland greenstone belt, where we already have Agnico Eagle’s successful gold mine, Boliden’s Ni-Cu mine and Anglo American’s Tier 2 nickel-copper deposit.
Finland has a high standard of living, stable political system, skilled labour, high security standards and an excellent infrastructure. This is a good foundation for providing excellent services for exploration and mining companies. Tukes became the mining authority in Finland in 2011, and since that time, the new Mining Act has been in force that emphasises socially, environmentally and economically sustainable operations in the mining industry. Our legal system is demanding, yet transparent. We at Tukes are highly motivated to assist exploration and mining companies in commencing operations in Finland. Welcome to Finland – we are ready to serve you”, tells Head of Unit in Tukes, Terho Liikamaa.
Last year, 44 companies reported to Tukes concerning exploration. All companies operating in Finland are prospecting gold either as their primary or secondary target. Exploration is also very active in respect to the base metals copper and nickel. With the growth of battery technology, cobalt, lithium and graphite are mentioned among the metals to be prospected.
The total quantity of material extracted from mines operating in Finland continued to increase in 2018. The overall amount of extracted materials increased by eight per cent compared to the previous year, with excavation of ore and other utilisable minerals increasing by one per cent.
More information concerning mining matters at Tukes can be viewed at website .
Applications and currently valid permits in Finland can be found in English from the register maintained by the Geological Survey of Finland (GTK): Mineral Deposits, Exploration (Layers/Exploration Layers/Mining Registry).
Terho Liikamaa, Head of Unit, tel. +358 29 5052 117
Ilkka Keskitalo, Senior Officer, Ore Exploration, tel. +358 29 5052 151
Ossi Leinonen, Senior Officer, Mining Operations, tel. +358 29 5052 205
email format: [email protected]