Ore exploration operations in Finland started to grow already in 2016, despite global downtrend. Drilling conducted by exploration companies increased by 37 percent compared to the previous year.
Altogether 41 companies submitted their ore exploration reports to Tukes during 2016. Investments in mines increased by 54 percent compared to the previous year and ore exploitation grew by 33 percent. This data can be found from the mining statistics published by the Finnish Safety and Chemicals Agency (Tukes, Mining Authority in Finland).
- It seems that with regard to ore exploration, the downturn is now over in Finland. Already last year the mining authority recognized that prospectors had to compete for drilling rigs. Exceptionally many new companies visited our office in Rovaniemi and seven of them filed in reservation notifications or exploration permit applications, tells Head of Unit in Tukes, Terho Liikamaa.
Companies demonstrate faith in the mineral deposits held within Finland’s bedrock. Finland offers transparency in the permitting process and explorers in Finland have confidence that they will receive the necessary permits. Finland has consistently ranked in the top 10 in the last five surveys by the Fraser Institute. In 2016 Finland ranked first in Europe and fifth globally in the investment attractiveness index.
Drilling commenced last year with very promising mineral deposits that are located within Natura 2000 areas (nature protection areas): the ore exploration site in Sodankylä managed by AA Sakatti Mining Oy and the Ylitornio site held by Mawson Oy.
The total amount of material extracted from mines operating in Finland continued to increase in 2016. The overall amount of extracted materials increased by 31 percent compared to the previous year, with excavation of ore and other utilizable minerals increasing by 33 percent. Investments in mines also grew.
- As no new mines are being established, the level of investment has been rather moderate. Instead, existing mines have focused on enhancing production, which is evident in the increase in mined quantities”, tells Liikamaa.
