April 9, 2015

Finland rises to no. 1 gold producer in EU

Following investments and the expansion of Canadian-owned Agnico Eagle’s gold mine, Finland has become the EU’s largest producer of gold.
Following investments and the expansion of Canadian-owned Agnico Eagle’s gold mine, Finland has become the EU’s largest producer of gold.
Agnico Eagle

According to the magazine Tekniikka ja Talous, Finland has overtaken Sweden to become the largest producer of gold in the EU. Europe’s largest gold mine, which is located in Kittilä and is owned by the Canadian company Agnico Eagle, will be expanded and, as a result, its production will increase to 6 000 kilograms per year. 

Annual production prior to the expansion has been in the region of 5 000 kg. The expansion will allow Agnico Eagle’s mine to continue operations longer than previously estimated – until the 2040s.

The mining company’s total turnover last year was 138 million euros and its operating result was 14 million euros. The company last year invested 80 million euros in, among other things, expanding Kittilä’s mineral-processing plant. In the future Agnico Eagle’s objective is to automate its operations and boost its productivity.

The mine in Kittilä has roughly 400 in-house personnel and more than 100 employees of subcontractors.

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