MINEX Forum

Tag: Finland mining

  • Ausenco Selected to Lead Feasibility Study for Finland’s Ikkari Gold Project

    Ausenco Selected to Lead Feasibility Study for Finland’s Ikkari Gold Project

    Engineering and project delivery firm Ausenco has been awarded a contract to lead the feasibility study for the Ikkari gold project in northern Finland, owned by Rupert Exploration Finland Oy.

    The project is located about 45 km from Sodankylä in the Lapland region and represents a significant grassroots gold discovery made in 2020. Following the completion of a Pre-Feasibility Study in early 2025, the project is now advancing toward development as a staged 3.5 million tonne per year mining operation with a planned mine life of around 20 years.

    The development strategy предусматривает запуск открытой добычи в течение первых десяти лет, после чего проект перейдет на подземную разработку методом long-hole open stoping на оставшийся срок эксплуатации.

    Ausenco will deliver a bankable feasibility study from its Perth office, integrating specialists from its teams in Australia and Canada. The company says the collaborative structure will combine global technical expertise with experience designing and delivering gold mining projects in remote and challenging environments.

    Rupert Resources CEO Graham Crew said the appointment marks an important step in advancing the project toward development.

    “The appointment of Ausenco represents an important milestone in advancing the project towards development,” Crew said. “Their proven ability to integrate teams from Australia and Canada in close collaboration with our project team and local partners ensures the delivery of a world-class study aligned with our strategic objectives.”

    The feasibility study will cover value engineering, project implementation planning and detailed design of the processing plant and supporting mine infrastructure.

    The study will be prepared to AACE Class 3 standards, providing capital and operating cost estimates with an accuracy of approximately ±15%. Ausenco will also act as the Qualified Person responsible for the NI 43-101 technical report.

    The company plans to incorporate energy-efficient technologies and design features aimed at reducing the project’s carbon footprint, supporting Rupert Resources’ broader carbon-neutral targets.

    Reuben Joseph, President for APAC and Africa at Ausenco, said the company looks forward to applying its experience in gold recovery technologies and energy-efficient project design.

    “We are excited to partner with Rupert Resources on their Ikkari project,” Joseph said. “By leveraging our global gold study and project delivery experience, we are well positioned to deliver a robust study that supports Rupert’s operational, environmental and local community goals.”

    Ausenco also emphasised the importance of working with local communities and regional organisations as the feasibility study progresses. The company said it will develop a project delivery framework that incorporates local expertise and aligns with regional standards, aiming to create long-term benefits for the surrounding region.

  • Finland Rare Earth Discovery Highlights Europe’s Processing Gap

    Finland Rare Earth Discovery Highlights Europe’s Processing Gap

    Recent drilling results from the Korsnäs rare earth project in Finland are drawing attention to Europe’s geological potential in critical minerals, but they also highlight a deeper challenge for the continent: the lack of domestic processing capacity.

    Exploration company European Resources reported its strongest rare earth intercept to date at the project, including a 31.5-metre interval averaging 4,902 parts per million total rare earth oxides (TREO). The mineralisation also contains a relatively high proportion of neodymium and praseodymium (NdPr), accounting for roughly 28–30% of the rare earth mix.

    While encouraging, the results represent only an early stage of resource development. The next phase will require additional drilling and modelling to confirm the continuity and scale of the deposit.

    NdPr is particularly important because it forms the foundation of permanent magnets used in electric vehicles, wind turbines, defence systems and other advanced technologies. These magnet rare earth elements are considered among the most strategically important minerals for Europe’s industrial and energy transition.

    However, experts note that discovering deposits alone does not guarantee supply security. In the rare earth sector, the most complex and capital-intensive stage of development typically occurs after mining, during chemical processing, separation and waste management.

    The Korsnäs project benefits from its location in Finland, a country with strong mining institutions, established infrastructure and relatively stable regulatory systems. This reduces certain development risks compared with projects in more uncertain jurisdictions.

    Early mineralogical studies suggest the deposit contains monazite and apatite minerals, which can support certain processing routes. However, monazite often contains trace amounts of thorium or uranium, which can introduce stricter regulatory requirements related to residue handling and environmental protection.

    Industry analysts say processing plants typically account for the largest share of capital expenditure in rare earth projects, often exceeding the cost of the mining operation itself. Complex processing flowsheets and environmental permitting requirements can significantly affect project economics and timelines.

    European Resources has already begun metallurgical testing and downstream processing studies with the Australian Nuclear Science and Technology Organisation (ANSTO) to evaluate potential separation technologies and processing pathways.

    Another notable feature of the Korsnäs results is the relatively high proportion of NdPr within the deposit. While TREO measures total rare earth content, economic value is usually concentrated in magnet elements such as neodymium and praseodymium, with smaller contributions from dysprosium and terbium. Deposits dominated by cerium and lanthanum, which are more abundant but less valuable, often face weaker economics.

    The development of projects such as Korsnäs also intersects with broader European industrial policy. Under the EU’s Critical Raw Materials Act, the bloc aims by 2030 to extract at least 10% of its annual demand for strategic minerals domestically, process 40% within the EU and source 25% from recycling.

    Achieving those targets will require major investment not only in mining but also in separation facilities, refining plants and downstream manufacturing. At present, China dominates the global rare earth processing sector, giving it significant influence over supply chains.

    Analysts say that even if Europe develops new mines, the continent will remain vulnerable to supply disruptions unless it builds domestic separation and refining capacity.

    The Korsnäs discovery therefore represents more than a geological milestone. It highlights Europe’s growing recognition that securing critical mineral supply will depend not only on discovering deposits, but also on developing the industrial infrastructure needed to process them.

  • Boliden Reviews Kevitsa Mine Operations After Finland Quadruples Mining Tax

    Boliden Reviews Kevitsa Mine Operations After Finland Quadruples Mining Tax

    Swedish mining group Boliden has launched change negotiations at its Kevitsa open-pit mine in northern Finland, a process that could affect up to 285 employees as the company reassesses operations following a significant increase in the country’s mining tax.

    Boliden said the review was triggered by the Finnish government’s decision earlier this year to quadruple the tax applied to metal ores. The levy is calculated based on the taxable value of metals, which is linked to international market prices.

    The Kevitsa mine, located north of Sodankylä in the Lapland region, is one of Europe’s largest nickel and copper operations. Boliden warned that the higher tax burden could undermine the competitiveness of large-scale mining projects in Finland.

    Tom Söderman, general manager of Boliden Kevitsa, said the company believes European mining of critical metals such as nickel and copper should be supported by stable and competitive long-term business conditions.

    According to the company, the tax increase has already forced it to suspend plans for a €1 billion investment programme intended to extend the life of the Kevitsa mine beyond 2034. The company also noted that contractors and service providers linked to the operation could be negatively affected if operational adjustments are implemented.

    The review comes despite Boliden reporting strong financial performance. The company posted profits of 9.4 billion Swedish kronor (approximately €879 million) in 2025, representing a net profit margin of around 10 percent.

    Industry observers say the development highlights growing tensions in Europe between efforts to strengthen domestic supply of critical minerals and policy decisions that may increase costs for mining companies.

  • Finland Tops Global Mining Investment Rankings in 2025 Fraser Institute Survey

    Finland Tops Global Mining Investment Rankings in 2025 Fraser Institute Survey

    Finland has reclaimed its position as the most attractive global jurisdiction for mining investment, topping the Fraser Institute’s 2025 Annual Survey of Mining Companies. The Nordic country soared 16 places to claim first place, pushing Nevada to second and Alaska to third in the rankings.

    The report evaluates 82 jurisdictions based on both mineral potential and policy attractiveness. According to Elmira Aliakbari, co-author of the report and director at the Fraser Institute’s Centre for Natural Resource Studies, “The Fraser Institute’s mining survey is the most comprehensive report on not just a jurisdiction’s mineral potential, but also government policies that either attract or discourage mining investors.”

    The United States dominated the top ten with four states — Nevada, Alaska, Wyoming, and Arizona — while Europe had three entries and Canada followed with two. Saskatchewan maintained its strong performance, ranking seventh globally and leading Canada. Newfoundland and Labrador joined the top ten, buoyed by improved policy perception.

    However, not all Canadian jurisdictions fared well. British Columbia, despite its rich mineral base, continued to underperform due to regulatory uncertainty, land claims issues, and environmental policy challenges. Alberta, although ranked ninth globally on policy alone, did not make the top ten in overall investment attractiveness.

    Australia, another mining powerhouse, also failed to enter the top ten. Western Australia ranked seventeenth, with South Australia, the Northern Territory, and Queensland falling into the 30s.

    Botswana held its position as Africa’s most attractive mining destination but slipped from 15th to 20th overall due to investor concerns over regulatory duplication and legal uncertainty. The policy perception score for Botswana also declined significantly from the previous year.

    At the bottom of the list, Ethiopia was ranked as the least attractive jurisdiction, followed by Suriname and Niger. Nova Scotia represented Canada among the bottom ten, alongside countries such as Mozambique, Madagascar, Bolivia, and South Africa — which continues to slide down the rankings.

    Aliakbari stressed the importance of policy in attracting investment: “A sound, predictable regulatory regime coupled with competitive fiscal policies make a jurisdiction attractive to investors. Policymakers across the globe should understand that mineral deposits alone are not enough.”

    The Fraser Institute survey, a respected benchmark for mining investment sentiment, drew responses from executives and professionals across 82 jurisdictions worldwide.

  • Finland Tops Global Mining Rankings as Canada Falls Behind in Policy Attractiveness

    Finland Tops Global Mining Rankings as Canada Falls Behind in Policy Attractiveness

    Finland has reclaimed its position as the most attractive jurisdiction globally for mining and exploration, according to the latest Annual Survey of Mining Companies by the Fraser Institute. The Nordic nation, which led global rankings in the early 2010s, outperformed all other regions based on its mineral potential and mining-friendly policies.

    Finland was followed by the U.S. states of Nevada and Alaska, with Wyoming and Arizona rounding out the top five. Canada, once a consistent leader, saw a notable decline with only Saskatchewan (7th) and Newfoundland and Labrador (8th) remaining in the top 10. Saskatchewan dropped four places from the previous year, while Newfoundland and Labrador rose to eighth.

    The Fraser Institute’s survey, which assessed 82 jurisdictions through responses from approximately 350 mining professionals, considered both geological potential and policy factors including permitting efficiency, tax regimes, labour access, and environmental regulations. While 40% of respondents represented exploration firms, 32% were from mining companies.

    Canada’s fall in the rankings is attributed to growing policy uncertainty, particularly regarding land rights, environmental regulation, and overlapping governance. Quebec experienced the steepest drop, falling from 5th to 22nd, while Ontario slipped to 15th. The Yukon, British Columbia, and Manitoba scored poorly on policy despite strong geology, ranking 40th, 32nd, and 43rd respectively.

    Nova Scotia was among the worst performers overall. Sean Kirby, executive director of the Mining Association of Nova Scotia, said the province’s permitting system is hampering investment. “We need to fix permitting to attract investment and create jobs,” Kirby stated. He added that mining regulation is largely handled by officials outside the Department of Natural Resources, many of whom lack expertise in the sector.

    Globally, Ethiopia ranked lowest on the index, followed by Suriname, Niger, Nova Scotia, and Mozambique. In terms of policy only, Ireland led the rankings, while Bolivia came in last.

    Though the survey covered the period between August and December 2024, recent political changes in Canada — including Mark Carney’s election as prime minister and new legislation to fast-track major projects — could potentially improve the country’s position in future surveys.

  • Karelian Registers Lahtojoki Mine as EU’s First Diamond Project Moves Forward

    Karelian Registers Lahtojoki Mine as EU’s First Diamond Project Moves Forward

    Karelian Diamond Resources (LON: KDR) has officially registered its Lahtojoki mining concession in Finland’s land registry, marking a key milestone in the development of what may become the European Union’s first diamond mine.

    The registration, managed by Finland’s mining authority TUKES, allows Karelian to move forward with further development plans at the Lahtojoki kimberlite pipe, known for its potential to yield high-quality gem diamonds, including rare pink and coloured stones that can command up to 20 times the price of standard colourless gems.

    TUKES had previously approved the mining concession and will also be responsible for issuing the full mining certificate. However, a hearing on compensation matters has been postponed until Fall 2025, potentially delaying the project’s operational timeline.

    Karelian, headquartered in Dublin, envisions a low strip ratio open-pit operation that could be both profitable and strategically important as the EU looks to increase its domestic supply of critical and luxury minerals.

    The company is also continuing exploration for nickel, copper, and platinum group metals across its Finnish portfolio. Notably, it is advancing work in the Kuhmo region, where it seeks the source of a rare green diamond discovered in 2022 — a potential indicator of deeper mineral wealth.