Potential 10 billion dollar gold deposit discovered in Europe’s coldest and most inhospitable region
Plans are underway to begin mining in 2030 after confirming one of Europe’s largest gold deposits in Sodankylä, Finland.
A significant gold deposit has been uncovered in the Ikkari region of Finnish Lapland by Canadian mining company Rupert Resources. This discovery, comprising approximately 110 metric tons of gold within 52 million tons of ore, is valued at an estimated €10 billion. At the current exchange rate of €1 = $1.094 USD, this equates to roughly $10.94 billion USD.
The company has completed a preliminary study of the mining project, located in Sodankylä near the border with Kittilä in northern Finland, with results announced in February. The deposit is estimated to contain around 3.5 million ounces of gold, positioning it as one of the most significant gold discoveries in Finland’s recent history.
Rupert Resources plans a 20-year mining operation: the first decade focusing on open-pit mining, followed by a decade of underground extraction. Construction is slated to commence towards the end of this decade, with production expected to begin in 2030.
The exploration area spans approximately 5,000 hectares between the Kaarestunturi, Värttiövaara, and Keulakkopää mountains, with the active mining zone estimated at about 1,200 hectares. The gold vein, not yet reaching the surface, was identified through underground drilling initiated in 2016, with initial findings reported in 2020.
The project’s projected profitability stands at 38%, with an estimated margin of $800 per ounce, based on a gold price of $2,150 per ounce—below the current historical peak.
With 80% of the world’s underground mining tech originating from Finland and the Nordics, 🇫🇮 innovation is driving cleaner, smarter mining in Arizona.
— Embassy of Finland in the US 🇫🇮 (@FinlandinUSA) May 9, 2025
Amb. of Tech @stefanfinland led top Finnish mining & microelectronics firms to AZ to boost cooperation and job creation. pic.twitter.com/sDczLPJl7Q
Rupert Resources is currently engaged in environmental permitting and infrastructure development, including the construction of access roads and a 110-kilovolt power line. The municipality of Sodankylä began land-use planning to support the project in 2022, marking it as one of the most ambitious initiatives in the region’s history.
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