Mining market in Finland

Finland is one of the world’s most attractive countries for mining investment. It ranked first globally in 2025 on the Fraser Institute’s Investment Attractiveness Index, thanks to its strong geology, reliable infrastructure, and predictable policy frameworks. 

Finland’s cluster includes more than 40 operating mines, world-class processing capacity, and a growing focus on critical minerals such as nickel, cobalt and lithium. This is supported by a new National Mineral Strategy aimed at accelerating sustainable supply chains for the green transition. Exploration and mine site investment momentum remained solid into 2023, with EUR 94M in exploration outlays and EUR 80M in mining capital expenditure (capex). 

Recent tax changes, including royalties on mined minerals and electricity excise taxes, have increased costs. However, ongoing policy work toward a hybrid tax model and strong EU supply security priorities continue to support investor interest.

• Mined-mineral royalty hikes: 
  • The royalty for metal ores is rising from 0.6% to 2.5%, while industrial mineral royalties are rising from €0.20 to €0.60 per tonne. These changes are projected to generate around EUR 70 million in additional tax revenue by 2027, significantly increasing production costs, even during unprofitable periods.
• Electricity excise duty:
  • The excise duty on electricity for mining operations will jump from €0.0005/kWh to €0.0224/kWh in early 2026, raising annual energy costs by approximately EUR 11 million.
• Ongoing updates to the Mining Act, alongside broader reform of land-use/environmental laws, add complexity and may slow permit processing. This can affect project timelines and certainty.
• Finnish law introduces enhanced screening of foreign investments (including greenfield projects), which could complicate or delay approvals for Canadian firms.

Finland’s business landscape is characterized by stability, transparency, and innovation. It consistently ranks among the world’s most competitive economies, offering a predictable regulatory environment, strong rule of law, and low corruption levels. The country is highly integrated into European Union (EU) markets, with advanced infrastructure and a skilled workforce that supports technology-driven industries, including mining, cleantech, and digital solutions.

Finland emphasizes sustainability and green transition goals, creating opportunities for businesses aligned with environmental, social, and governance (ESG) principles and low-carbon technologies. While the market is relatively small, its openness to foreign investment and strong R&D ecosystem make it an attractive hub for high-value sectors such as critical minerals, renewable energy, and advanced manufacturing.

For more information on mining in Finland, contact nordicommerce@international.gc.ca.