Invest in Finland

Finland now one of Europe’s top locations for ore prospectors

03/03/2006

According to an article published by the Helsingin Sanomat newspaper on the 28th February, Finland has become Europe’s number-one location for ore and mineral prospectors. More than 30 companies, most of them non-Finnish, are now operating in the country, with the targets being economically-viable deposits of gold, uranium, platinum, copper, nickel, zinc and diamonds.

Quoted in the Helsingin Sanomat article, Krister Söderholm, Chief Inspector of Mines at Finland’s Ministry of Trade and Industry, said “Prospecting activity in Finland is now the most extensive in Europe. The current level of investment by companies conducting prospecting activities in Finland is EUR 30-40 million on an annual basis.”

In the first two months of 2006, prospecting companies registered a total of 248 new claims with the Ministry of Trade and Industry, and 40 of these have already been approved. According to the ministry, all the claims have come from large and stable mining and exploration concerns. Currently, the number of claim reservations is 750.

Excellent operational environment already exists

Commenting on the situation, Mr Söderholm said there is currently a world-wide boom in the search for metals and minerals. Metal prices are at record highs and there is a real shortage of some raw materials. “Finland’s ancient bedrock contains similar formations to those in Canada and Australia and offers good ore potential. We have something of everything, except fossil fuels.”

According to Mr Söderholm, recent significant discoveries of world-class mineral deposits have focused attention on the possibilities that Finland offers mining companies, and new mines will be opening, especially in eastern and northern Finland. “If the biggest projects are implemented, hundreds, perhaps thousand of new jobs will be created. This is an important opportunity at a time when jobs in industry are being lost to countries where labour costs are lower. Ore deposits cannot be moved. They’ve already been where they are for a couple of billion years.”

According to Helsingin Sanomat, the interest shown by international mining companies in Finland is increased by the excellent operational environment. Prospecting teams can stay in hotels and drive close to the sites at which they are working. The know-how, skills and technology required for investigating new finds are readily available. “Companies are often surprised by Finland’s quite special situation,” said Mr Söderholm. “Although most ore deposits are located in sparsely-inhabited areas, the roads to sites with good ore potential are already open.”

Further information on mining in Finland is available on this website at:

http://www.investinfinland.fi/industries/en_GB/mining/

Article in Helsingin Sanomat (in Finnish):

http://www.hs.fi/kotimaa/artikkeli/Suomi+nousi+malminetsij%C3%B6iden+ykk%C3%B6smaaksi+Euroopassa/1135218964652