Sokli to start building an industrial ecosystem around its mining project
The project, based on the opportunities at Sokli, will bring together companies and other stakeholders to conduct research, development, and innovation for advancing the entire industry.
Business Finland has selected the More than a Mine proposal of Sokli Oy and its owner, Finnish Minerals Group, as a project for the Veturi program. The goal of the project, originating from Sokli, is to create an extensive industrial ecosystem in Finland focusing on critical and strategic raw materials and their processing. The ecosystem will seek to include dozens of companies, research institutions, and startups.
Business Finland’s funding for Sokli Oy, which acts as the lead company, is up to EUR 10 million, and EUR 20 million for its ecosystem. Overall, the estimated cost of the project is EUR 75 million. Sokli’s share of the overall funding package is EUR 25 million.
Sokli to serve as a new kind of development platform
The vision for the More than a Mine project is to turn the unique mineral deposit at Sokli, located in Savukoski, into a research, development, and demonstration platform. In practice, the aim is to develop and pilot next-generation mining and processing technologies that enable the refining of raw materials in Finland. The intention is to extend the value chain beyond traditional mining, for example, into chemicals needed for electric car batteries and permanent magnets for wind turbines.
“Sokli’s Veturi project strengthens RDI activities to improve the availability of minerals and to develop sustainable solutions in Finland. As the lead company of the project, Sokli will launch broad-based research, development and innovation cooperation with existing and new partners. This is extremely important for Finland’s future, especially at a time like this, when Finland must be able to ensure the availability of critical minerals and self-sufficiency while safeguarding environmental well-being,” says Maarit Kokko, Chief Advisor at Business Finland.
"We are excited about the trust from Business Finland and this opportunity. This project is, as its name suggests, more than a mine. We are building an open ecosystem that creates new technology and expertise in Finland. We will also invite companies and research institutions to partner with us in building future solutions, sustainable industry, and high-level jobs for decades to come," says Pasi Heino, acting CEO of Sokli Oy.
International cooperation also a goal
The project's ecosystem will extend beyond Finland's borders, with plans to create close cooperation, especially with other Nordic countries like Sweden and Norway. This will build a Nordic cluster that utilizes existing expertise, competes globally, and promotes the security of supply for all of Europe.
The More than a Mine project is also a key part of Europe's strategic autonomy and responds to the demand for critical raw materials created by the clean transition and digitalization. Sustainability is at the core of the project, and within its framework, new best practices will be created for the entire mining industry.
"Business Finland's decision is a strong indication that Finland is ready to invest in the creation of new industry. This program offers us the opportunity to unite companies, research, and technology platforms in a way that would not be possible without long-term funding. Thanks to the program, we can start building an ecosystem where innovations are developed and tested. This will accelerate the commercialization of technologies and bring their benefits also to Finnish industry more quickly," states Jani Kiuru, SVP, Raw Materials at Finnish Minerals Group.
In February 2026, Sokli Oy and its owner, Finnish Minerals Group, decided to launch the pre-feasibility study (PFS) phase of the mining project, which will be carried out between 2026 and 2028.
Background information on similar Business Finland funded projects
Previous similar projects by funded by Business Finland have been led by companies such as Valmet, Sandvik, Wärtsilä, Konecranes, Valio, Orion, and Bittium. The mission of the projects is to solve significant future challenges and increase Finland's competitiveness. A condition for the funding is that the company commits to increasing its research and development activities in Finland and creating new jobs.
More information
Pasi Heino, Acting CEO, Sokli Oy
firstname.lastname@mineralsgroup.fi, +358 50 553 5032
Olli Salmi, Senior Advisor, Director EU Affairs, Finnish Minerals Group
firstname.lastname@mineralsgroup.fi, +358 40 734 2154
Jani Kiuru, SVP, Raw Materials, Finnish Minerals Group
firstname.lastname@mineralsgroup.fi, +358 40 823 8471
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Sokli Oy is advancing the Sokli mining project in Savukoski, Eastern Lapland. The Sokli deposit is globally significant and, in addition to phosphate and iron, contains rare earth elements and niobium. Utilising these resources would strengthen Finland’s and Europe’s self-sufficiency in raw materials. Sokli Oy is part of Finnish Minerals Group, whose core mission is to responsibly maximise the value of Finland’s minerals. www.sokli.fi