Finland is investing 65 million euros in the Finnish Minerals Group to advance the Sokli mining project, which aims to explore the feasibility of producing phosphate and iron concentrates.
The Finnish government is taking steps to capitalize on valuable mineral resources by investing 65 million euros into the Finnish Minerals Group (FMG) to facilitate the Sokli mining project. This funding will support an exploratory phase scheduled for 2026-2028, which aims to assess the project's feasibility. This initial phase includes the construction of a pilot quarry and pilot concentration plant at the Sokli site.
The project is expected to focus on the production of phosphate and iron concentrates, alongside investigating production possibilities for vermiculite, niobium, and rare earth metals during the years 2027 to 2029. The planned production levels are significant, targeting an output of 15,000 tons of phosphate concentrate and 2,500 tons of iron concentrate annually. Minister of European Affairs and Ownership Steering, Joakim Strand, underscores the exceptional value of the Sokli mineral deposit, emphasizing its potential impact on the mineral self-sufficiency of the European Union.
As the EU seeks to enhance its mineral autonomy, the Sokli mining project's development aligns with these goals, promoting responsible mining and processing activities in Finland. The government's commitment reflects a broader trend of investing in domestic resources to bolster sustainability and economic independence within Europe’s mineral supply chain.
