HPP advised Finnish Minerals Group in the acquisition of the rights to the Sokli mining project from Yara Suomi Oy. The project is located in the municipality of Savukoski, in Northern Finland. In the transaction the parties have agreed on the transfer of all technical and economic assessments, geological models and rights related to the project to Finnish Minerals Group, as well as certain land areas connected to the deal. In addition, Finnish Minerals Group will continue the ongoing execution of the mining concession to change the Sokli mining concession.
The Sokli phosphate reserve was discovered in 1967 and has been studied ever since. Over the years, the project has had several owners. Yara Suomi Oy became the owner of the project in 2007, after which the company initiated the assessment and permit processes that were necessary for eventually opening the mine. After the ongoing execution of Sokli’s mining concession has been finalised, the new mining concession will be approximately 5,900 hectares in size.
Finnish Minerals Group is a special-purpose company wholly owned by the State of Finland. It is responsible, amongst other tasks, for managing the State’s holdings in the mining sector. The mission of Finnish Minerals Group is to responsibly maximise the value of Finnish minerals.