Legal Alert – The Finnish Mining Authority Amends Existing Mining Concessions on 30 June 2014 at the Latest
The Finnish Mining Authority (Finnish Safety and Chemicals Agency, Tukes) announced today (23 Jun 2014) that it will give holders of mining concessions stipulations concerning the mining security at the latest on 30 June 2014 pursuant to the transitional provisions of the 2011 Mining Act. In accordance with the said transitional provisions, holders of mining concessions must deposit the security within one year from the date Tukes has given the stipulations.
The security covers the measures needed to put the mining district in question into a state fulfilling the requirements for public safety and landscaping the area. Tukes determines the amount and type of the security as well as the interval for reviewing the stipulations on the security. According to Tukes, such intervals will vary between two and ten years depending on the life cycle of the mine and other possible changes in the nature of the mining operations.