Mining 2026

FINLAND Law and Practice Contributed by: Tarja Pirinen, Marius af Schultén, Fiiu Linninen and Konsta Peussa, Castrén & Snellman

Statutory Financial Securities Separate from commercial security interests, statu - tory financial securities are required for exploration, gold panning and mine closure. These securities are determined in permits, reviewed periodically or upon changes in circumstances, must be readily realis - able, and are area-specific to ensure funds are avail - able for rehabilitation and closure obligations. Mining collateral ( kaivosvakuus ) under the Mining Act is set proportionate to the scale and nature of activities, with Tukes determining the amount based on fac - tors including area size, type of exploration work and potential environmental impacts. Environmental col - lateral ( ympäristövakuus ) is required under the Envi - ronmental Protection Act to secure proper implemen - tation of environmental permit conditions, monitoring obligations and site remediation. Additionally, waste collateral ( jätevakuus ) may be required under the Envi - ronmental Protection Act for mining waste manage - ment facilities to ensure adequate financial resources for proper waste handling, closure and aftercare of tailings facilities and waste rock storage areas. 6. Mining: Outlook and Trends 6.1 Two-Year Forecast for the Mining Sector Implementation of 2023 Reforms of the Mining Act and Impact of the Finnish Supervisory Agency as the New Environmental Permitting and Supervisory Authority The next few years will see continued implementation of the 2023 Mining Act reforms, which strengthens environmental, social and governance requirements, community engagement mechanisms, municipal planning prerequisites for mining permits, enhanced protections for the Sámi people, and expanded public reporting obligations. From the beginning of 2026 the Finnish Supervisory Agency ( Lupa- ja valvontavirasto ) will commence its operations acting both as the new environmental per - mitting and supervisory authority. This new nationwide authority will consolidate the functions previously car - ried out by multiple permitting and supervisory bodies

(such as the six Regional State Administrative Agen - cies as the environmental permit authorities and the 15 local Centres for Economic Development Transfer as the environmental supervision authorities and, in some matters, environmental permit authorities – eg, in relation to derogation from nature conservation), replacing the fragmented system with a unified nation - al agency. Enhanced Environmental Standards Greater emphasis on phased closure planning, bio - diversity-aware siting, and prevention of significant environmental and socio-economic harms will be embedded in permit conditions. Binding water status objectives and co-ordinated permitting procedures will shape project design, timelines and mitigation packages. Fiscal Developments During the preparation of the legislative amendments regarding the mining mineral tax, the mining industry proposed a hybrid model in which the tax would be based partly on a royalty model and partly on profit - ability. In connection with the preparation of the 2026 amendments, the Finnish Parliament required that the Government commence preparation of a new hybrid model so that its implementation could be possible as early as the beginning of 2027. Energy-Transition Minerals Focus Energy-transition minerals including lithium, cobalt, nickel, rare earth elements and platinum group metals are expected to drive targeted exploration and selec - tive new project development, aligned with EU critical raw materials strategies. Balancing Development and Protection The outlook reflects Finland’s approach of balanc - ing strategic mineral development with robust envi - ronmental protection, meaningful community par - ticipation and respect for indigenous rights. Whilst enhanced requirements may moderate some invest - ment flows and extend timelines, they are designed to ensure higher-quality projects with stronger social licence and long-term sustainability.

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