Finnish mining industry grows at record speed

The volume of the Finnish mining industry has nearly doubled since last year.

The estimated gross sales in the sector in 2009 were 481 million euro. This year’s gross sales value is expected to reach around 808 million euro. The estimate is presented in an industry report published by the Ministry of Employment and the Economy.

According to the report in the coming years, when the present mines reach their full capacity and new mines currently being constructed and planned will open, the sector revenue is expected to continue increasing.

Increasing consumption in developing countries increases the demand for raw materials. The opening of new mines is necessary in order to meet the growing demand for raw materials. Finland’s geologically rich terrain and many strengths offer great potential for the growth and development of the country’s mining sector. Especially in Northern and Eastern Finland mining is becoming an engine of economic development, the report states.

According to the industry report the value of already ongoing mining investments for 2010-2012 reaches over 960 million euro. In addition, the value of mining projects currently being prepared, decisions on which are expected in the coming years, amounts to approximately 700 million euro. Also the search for mining sites has accelerated. The total area of valid claim reserves has more than quadrupled from September 2009 to September 2010.

Source: www.tem.fi