FINLAND Trends and Developments Contributed by: Tarja Pirinen, Marius af Schultén, Fiiu Linninen and Noora Ahonen, Castrén & Snellman
Finland as a Destination for Mining Investment Finland has been recognised as the most attractive mining investment destination in the world (Fraser Institute’s Investment Attractiveness Index 2024, pub - lished in July 2025). The ranking is based on mineral potential and political factors. Key factors contribut - ing to this ranking can be considered good mineral potential, transparent societal system, high-quality infrastructure, straightforward laws, comprehensive geological data, and excellent digital geodata sets provided by the Geological Survey of Finland. Mining investments have indeed increased in Finland. For example, in 2024 companies invested EUR449 million there, 18% more than in the previous year. The most significant investments were made in the Kevitsa (nickel, copper), Terrafame (nickel, zinc, cobalt) and Rapasaari (Keliber) (lithium) mines. Major investments were also made in the phosphate mine in Siilinjärvi, the gold mine in Kittilä and the chrome mine in Kemi. In these municipalities, the employment impact and tax revenue from mining operations are considerable. According to recent data from the Tax Administration, the mining mineral tax generated just over EUR31 mil - lion in 2024, when Finland had 44 mines in opera - tion with a total volume of ore and industrial mineral extraction of 44.3 million tonnes. Unique Mineral Potential and Expertise As regards minerals, the geological characteristics of Finland and the other Nordic countries translate into significant potential for the occurrence of critical raw materials. Finland has a significant role in Europe’s cobalt supply, and is reported to have the only cobalt- producing mines and the only chrome mine in Europe. In addition, the country is a globally significant pro - ducer of refined cobalt. It is also a major producer and refiner of nickel, and has the only active chrome mine in the EU. In March 2025, the European Commission granted, under the EU’s Critical Raw Materials Act (CRMA), strategic project status to six projects in Finland, three of which are mining projects. Due to requests for inter - nal review pursuant to Article 10 of Regulation (EC) No 1367/2006 (the Aarhus Regulation), the European Commission re-evaluated these and, in December 2025, decided to maintain their status.
The status of a strategic project granted with the Com - mission’s decision provides more efficient permitting processes and predictable permitting timelines for the crucial mining projects, as set out in the CRMA, and will further promote the development of the mineral sector in Finland. New applications to obtain strategic project status for mining projects located in Finland were also submitted in the second call for strategic projects under the CRMA which ended in mid-January 2026. In December 2025, the European Commission adopt - ed the RESourceEU Action Plan to accelerate and amplify its efforts to secure the EU’s supply of criti - cal raw materials. The plan aims to fast-track relevant projects and reduce strategic dependencies. Over the next 12 months, the EU intends to allocate as much as EUR3 billion to fund the production of critical raw materials. In addition to funding, the Commission’s RESourceEU Plan includes significant measures to streamline permitting for critical raw materials pro - jects. The Commission is preparing proposals to simplify and accelerate EU-level permit procedures. Furthermore, as part of the Plan, a European Critical Raw Materials Centre will be established to act as a distribution centre and co-ordinate joint procurement of raw materials. Finland also has a long tradition of developing min - ing technology, which supports the overall develop - ment of the mining sector. Finnish companies such as Sandvik Mining and Construction, Metso and Nor - met are internationally renowned suppliers of mining technology and equipment, constantly developing new solutions for autonomous systems, electrification and digitalisation. In addition, the Geological Survey of Finland has a mineral industry pilot plant in Outo - kumpu, which provides valuable research and testing services for the entire value chain from ore depos - its to mine closure and material recycling. The plant researches and tests the beneficiation of minerals and mineral-based materials as well as the recyclability of various side streams. Mining Sector Increasingly Important as One of Finland’s Key Industries The green transition and defence sector have become central themes in Finland’s political and legislative
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