Euro vision: Finland rocks mining policy and Latitude66 is here (actually there) for it

Finland’s government is preparing amendments to the country’s 1965 Mining Act, and diversified gold and critical minerals company Latitude66 welcomes the move.

Latitude66 views the Finnish government’s proposed Mining Act amendments as a move in the right direction. Pic: Getty Images

• Latitude66 is pleased with Finnish government’s proposed Mining Act amendments

• The amendments will enable permits granted under the 1965 Act to be administered under the current legislation

• LAT says its established land position should help secure preferential rights in future permitting

Special Report: The Finnish government has announced plans to amend the Mining Act, allowing permits granted under the 1965 Act to be managed under current procedures.

These changes are being introduced to resolve issues in the Mining Act’s legislative framework, which has made licensing procedures difficult to navigate for operators.

The current legal framework does not enable a smooth shift from 1965 Mining Act permits to those under the modern Mining Act.

Latitude66 (ASX:LAT) anticipates that the amendments may allow for a transfer of mining zones to the current licensing structure.

The company’s mining rights at the Juomasuo and Pohjasvaara areas, granted under the 1965 Mining Act, should be covered by the proposed amendments, potentially allowing them to be transferred to the current legal framework.

Both Juomasuo and Pohjasvaara are part of the wider KSB gold-cobalt project, encompassing the K1, K2 and K3 deposits in the Kuusamo region of northeastern Finland.

On May 13, the Supreme Administrative Court of Finland denied LAT's request for leave to appeal the Administrative Court of Northern Finland's ruling on the extension of mining rights for the Juomasuo and Pohjasvaara zones.

The company has successfully secured majority land ownership and obtained consent from minority landowners across the entire Juomasuo and Pohjasvaara mining zones, including the K1, K2, and K3 deposits, which remain unaffected by the Supreme Administrative Court’s ruling.

LAT said its landownership and landowner consent ensures security of priority across the region, meaning all exploration and development activities can continue across the project area and may be leveraged in future permitting processes to help secure preferential rights.

LAT managing director Grant Coyle said he is delighted with the Finnish government’s preparation of proposed Mining Act amendments.

“This represents a positive step toward clarifying licensing processes that will likely affect multiple projects within Finland including the KSB Project,” he said.

“With respect to the outcome of the Supreme Administrative Court of Finland, Latitude has and will continue to ensure that security of priority access is maintained and exploration and permitting works can continue uninterrupted.”

Constructive partnership with the Finnish government

Coyle said the company believes its established land position will help secure preferential rights in future permitting.

“We look forward to continuing our close collaboration with the Finnish government and local authorities to ensure the legislative amendments can be shaped in a way that supports our long-term objectives in Kuusamo,” he said.

“The KSB Project has the potential to be a significant project for both Finland and the European Union.

“Lat66 has fostered strong supportive and transparent working relationships in-country over several years and remains committed to unlocking the KSB Project’s full potential.”

What else is happening?

The company is continuing to progress the security of exploration tenure across the Juomasuo and Pohjasvaara areas with the ongoing support of the Finnish Mining Authority (Tukes).

Exploration tenure across the Juomasuo and Pohjasvaara areas will ensure there is no impact to development timelines.

LAT is continuing to progress environmental permitting in parallel with this process.

This article was developed in collaboration with Latitude66, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.