Finnish Mining Act Amendments Open New Path for Latitude 66’s KSB Project

• Finnish Government plans amendments to Mining Act for smoother permit transitions
• Supreme Administrative Court denies Latitude 66’s appeal on mining rights extension
• Juomasuo and Pohjasvaara mining rights expired but majority landownership secured
• Latitude 66 retains priority for future exploration and permitting under new rules
• Company actively engaging with Finnish authorities to advance KSB Project

Legislative Shift in Finnish Mining Law

Latitude 66 Limited has welcomed the Finnish Government’s announcement on 14 May 2025 to prepare amendments to the Mining Act. These changes aim to allow permits originally granted under the outdated 1965 Mining Act, such as those covering the Juomasuo and Pohjasvaara mining zones, to be administered under the current Mining Act’s procedures. This legislative update is designed to address the unpredictable licensing environment that has complicated operations for mining companies in Finland.

The Government’s move reflects a recognition that the existing legal framework does not facilitate a seamless transition for mining permits issued under older legislation. By modernizing the process, the amendments could provide clarity and stability for projects like Latitude 66’s KSB Project in Kuusamo, which is strategically important for both Finland and the broader European Union.

Court Decision and Its Implications

On the regulatory front, Latitude 66 faced a setback when the Supreme Administrative Court of Finland declined the company’s application to appeal a prior decision denying an extension of mining rights over the Juomasuo and Pohjasvaara zones. This ruling effectively means the existing mining rights for these areas have expired. However, Latitude 66’s majority landownership and agreements with minority landowners across these zones remain intact, providing the company with a significant strategic advantage.

Importantly, the expiry of the mining rights does not halt exploration or development activities. Latitude 66 retains priority to apply for new exploration or mining permits during a three-year restriction period following the cessation of the mining zones. This priority is secured by the company’s landownership and landowner consents, positioning it strongly for future permitting under the anticipated amended legislation.

Strategic Positioning and Forward Outlook

Latitude 66’s Managing Director, Grant Coyle, emphasized the company’s confidence in navigating the evolving regulatory landscape. He highlighted the importance of the legislative amendments as a positive step toward resolving licensing uncertainties that affect multiple projects across Finland. The company is actively collaborating with Finnish authorities and the Finnish Mining Association to ensure the amendments address industry concerns and support long-term project development.

With secured landownership and ongoing environmental permitting efforts, Latitude 66 is maintaining momentum on the KSB Project. The company’s proactive engagement with the regulatory body Tukes aims to clarify procedural requirements and safeguard development timelines despite recent legal challenges.

Overall, the combination of legislative reform and Latitude 66’s strong land position suggests a pathway forward for the KSB Project, reinforcing its potential as a significant contributor to Finland’s mining sector and the European critical minerals supply chain.

Bottom Line?

Latitude 66’s future hinges on the Mining Act amendments and regulatory clarity, setting the stage for a pivotal phase in the KSB Project’s development.

Questions in the middle?

• When will the Finnish Government finalize and enact the proposed Mining Act amendments?
• How will Tukes interpret and implement the new permitting procedures for Latitude 66’s expired mining zones?
• What impact will these legal and legislative developments have on the project’s financing and timeline?