The Finnish government has announced a significant investment of 65 million euros to advance the Sokli mining project, which aims to extract phosphate, niobium, and rare earth metals. The financial support will be allocated to Finnish Mineral Group, the state-owned mining company, to operate a trial mine located in the wilderness of Savukoski. This trial phase is set to run from 2026 to 2028, and it is expected to produce substantial quantities of phosphate and iron concentrates, along with initiating research on rare earth metals extraction.

Currently, the necessary environmental permits to commence trial operations have not yet been granted, with decisions from the permitting and regulatory authority anticipated to be made over the summer. Additionally, environmental impact assessments for the full-scale mining operation are set to begin this year. This project has gained interest not only for its potential economic benefits but also due to the strategic importance of rare earth metals in the European Union's pursuit of mineral independence and resource security.

If realized, the Sokli mining project could be pivotal in enhancing the EU's self-sufficiency regarding essential minerals, thus impacting broader geopolitical dynamics related to resource supply chains. The European market is increasingly focusing on securing local sources of these critical materials, particularly as reliance on external suppliers presents numerous challenges in terms of supply disruption and economic stability.