Finland is a Nordic country situated in northern Europe. It is bordered by Sweden to the west, Norway to the north and Russia to the east, while Estonia lies to the south across the Gulf of Finland.Finland is one of the largest producers of nickel, copper, chromite, copper and zinc in Europe and has a vibrant mining and exploration industry. With this in mind, as resource sovereign risk profiles deteriorate across Asia and Africa, Finland offers a welcome respite with substantial geological upside. Indeed, Government agencies actively promote foreign investment into Finland in the mining sector by advertising security of tenure, political stability and highly-developed infrastructure. These agencies also assist investors, mining companies and prospectors by providing access to existing geological data and information pertaining to opportunity analysis, entry alternatives and networking. Furthermore, the country boasts a highly skilled and competitive mining cost environment with the advantages of residential workforce and potential EU and government assistance.
Significant new discoveries made during the past decade have led to a resurgence of exploration and investor interest in the country and with a low 24.5% corporate tax rate and no Government mining royalties payable, the investment environment is highly attractive.
New discoveries in Finland have been made by:
Anglo American PLC
In 2011 the UK-based mining giant made a significant nickel discovery at Sakatti in Northern Finland. Reportedly the largest high-grade nickel discovery in Europe with grades in excess of 4% and significant concentrations of copper, gold and platinum.
Agnico Eagle Mines Limited
In 2009 the NYSE/TSX near million-ounce per annum gold producer commissioned the high-grade Kittilä gold mine in Finland with production of 175,000 oz pa. from 4.8 million oz gold in reserves (33 million tonnes grading 4.5 g/t Au).
Altona Mining Limited
In 2012 the ASX-listed company commissioned the Outokumpu Copper-Zinc-Gold Mine (directly adjacent to FinnAust’s Outokumpu Project). The project has declared resources of 15.9 million tonnes of copper dominant polymetallic base metal mineralisation (copper, gold, nickel, zinc, cobalt) (including Kylylahti, Saramäki, Vuonos, Hautalampi and Riihilahti deposits) containing 156,200 tonnes of copper and 32,300 tonnes of nickel. On 22 August 2013 Altona announced the identification of the new Wallaby zone at the Kylylahti Mine with highlights being 29.0m at 4.7% copper, 37.6m at 3.2% copper, 36.0m at 3.3% copper, 26.7m at 3.4% copper, 20.4m at 4.1% copper.
First Quantum Minerals Limited
One of the world’s foremost copper producers which operates the Pyhäsalmi mine, an underground copper and zinc mine located in central Finland. Also operates the Kevitsa Nickel-Copper-Gold-Platinum mine in northern Finland.
Focussing on the prolific Copper-Nickel belt famous for its high-grade deposits, we have identified four sub-targets for immediate drill testing.
Outokumpu is located in eastern Finland on the north-south trending Outokumpu-Savonranta Belt (also known as the North Karelian Schist Belt), which is approximately 210 km long.
The Hammaslahti Area lies immediately to the southeast of Outokumpu, approximately 30 km southeast from Joensuu town, eastern Finland.