03.11.2011

Anglo-American announces major mineral discovery in northern Finland

Test drilling has revealed high concetrations of nickel and copper, as well as gold and palladium.

Anglo-American, one of the world's largest mining companies, has made a major mineral deposit discovery in Sakatti near Sodankylä in northern Finland. The company made the announcement at the Fennoscandian Exploration and Mining conference FEM 2011 held in Levi, Finnish Lapland. According to Pekka Nurmi, Research Director at the Geological Survey of Finland (GTK), this is the most significant mineral discovery in Finland for decades.

Test drilling by Anglo-American has revealed copper and nickel in more than 2% concentrations, as well as gold and palladium. The company has carried out 28km of test drilling so far but the full extent of the deposit is still unknown. Anglo-American has also discovered other promising mineral deposits in the Sakatti area.

Anglo-American has spent a total of EUR 30 million in exploring Sodankylä's Sakatti area since 2004, according to Pekka Suomela, Chief Inspector of Mines at the Ministry of Employment and the Economy. Both Nurmi and Suomela believe that it will take at least five years before a mine can be established.

Sources: Talouselämä