sokli mining project
In December 2020, we signed a deal with Yara Suomi Oy for the rights to Sokli mining project located in Savukoski in Northern Finland. The rights to the mining project will be transferred to Sokli Oy, fully owned by Finnish Minerals Group, once the decision issued by the Finnish Safety and Chemicals Agency Tukes has become final.
The project has an environmental permit, which is under review by the Supreme Administrative Court. The permit concerns the annual excavation of 10 million tonnes of phosphorus and iron ore, the excavation of any resulting waste rock, and all activities related to these excavation operations.
The phosphorus contained in phosphate is an important raw material for agricultural fertilisers and is also used as a raw material by the battery industry. The ore in the area also contains rare earth elements. Both phosphate rock and rare earth elements have been classified as critical raw materials by the European Commission.
According to our estimate, the previously made studies provide good information, but the final assessment of the technical and economic viability of the mine can only be made after we have carried out further studies. Also the area’s logistical connections must be thoroughly assessed.