HELSINKI: Finland has overtaken Sweden to become the largest producer of gold in the EU in 2014, according to the magazine Tekniikka ja Talous. 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 kgs 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 EUR 138 million and its operating result was EUR 14 million. The company last year invested EUR 80 million 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.
