The Sokli mining project in Savukoski, Finland progresses to its next phase

Sokli Oy, a wholly owned subsidiary of Finnish Minerals Group, will advance the mining project into the Prefeasibility Study (PFS) phase during 2026–2028, during which mining operations will be piloted in an authentic operating environment. To enable the prefeasibility study, the state owner will capitalise FMG with approximately EUR 65 million.

“Once realised, the Sokli mine could produce, process and deliver the minerals required by modern society and the clean transition. At the same time, we would strengthen local employment and tax revenue while supporting national security of supply. The progress of the project is in line with the EU’s objectives for raw material selfsufficiency,” says Matti Hietanen, CEO of FMG.

The Sokli mineral deposit in Savukoski is globally significant. In addition to phosphate, it contains rare earth elements (REE), iron, niobium and uranium. Since 2020, Sokli has explored the mineral resources of the deposit, reviewed technologies for ore processing, and examined environmental aspects and the economic feasibility of the project.

In January 2026, Sokli Oy applied to the European Commission for strategic project status under the EU Critical Raw Materials Act (CRMA), with a decision expected during 2026. The aim is also to launch the Environmental Impact Assessment (EIA) procedure in spring 2026.

The mine would bring significant economic benefits to Savukoski

The mining project would have a significant positive impact on the local economy, bringing new jobs, tax revenue and increased demand for services.

“It is important for us to advance the project in cooperation with local stakeholders so that mining operations and other livelihoods can coexist. Expanding the project and launching the planned pilot operations require additional resources. Our aim is to employ as many local people as possible. We will recruit new employees during the spring and intend to train specialists in cooperation with educational institutions,” says Pasi Heino, Project Director at Sokli Oy.

According to the regional economic impact assessment completed in 2024, the Sokli project would generate more than EUR 700 million in annual turnover in Finland during the operational phase. If both the mine and the concentrator were located in Savukoski, the municipality would receive approximately EUR 10.9 million in local taxes annually. The tax revenue would consist of municipal tax (EUR 2.3 million), property tax (EUR 1.9 million), the mining minerals tax (EUR 1.2 million) and the municipality’s share of corporate tax (EUR 5.5 million). The amount of municipal and corporate tax depends on how many of the mine’s employees settle in Savukoski and on the domiciles of the companies involved in the mine’s operations.

In 2024, the municipality of Savukoski received approximately EUR 1.6 million in tax revenue.

Pilot operations will ensure safe full-scale mining

As part of the PFS, a pilot mine and a pilot concentrator will be built in Sokli to produce phosphate and iron concentrates and to examine the potential for producing vermiculite, niobium and REE. For all raw materials produced during the pilot operations, the aim is to assess further processing options. A separate environmental and water permit has been applied for the test operations, which are planned to begin in autumn 2026.

Sokli aims for a carbon-neutral value chain. This includes, among other things, maximising energy efficiency, using renewable energy and adopting logistics solutions that reduce the carbon footprint.

“Over the past five years, we have implemented several measures to enhance the responsibility of planned land use and ore processing in the area, particularly with regard to water management, environmental impacts and logistics. The main mining area has been delineated so that natural watercourses remain untouched. Environmental values have been safeguarded by excluding the most sensitive areas from mining activities. In addition, traffic management in the mining concession has been planned so that external traffic is kept outside the worksite, and that public access rights are preserved,” says Jani Kiuru, SVP, Raw Materials at Finnish Minerals Group.

 

Further Information

Matti Hietanen, CEO, Finnish Minerals Group
firstname.lastname@mineralsgroup.fi, +358 40 823 8806

Jani Kiuru, SVP, Raw Materials, Finnish Minerals Group
firstname.lastname@mineralsgroup.fi, +358 40 823 8471

Pasi Heino, Project Director, Sokli Oy
firstname.lastname@mineralsgroup.fi, +358 50 553 5032

 

Sokli Oy is developing the Sokli mining project in Savukoski, Eastern Lapland. The mineral deposit is globally significant and contains, in addition to phosphate and iron, rare earth elements, manganese, vermiculite and niobium. Utilising these reserves would strengthen Finland’s and Europe’s raw material selfsufficiency. Sokli Oy is part of Finnish Minerals Group, whose core task is to maximise the value of Finnish minerals responsibly. www.sokli.fi