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The region where Endomines operates in Finland is geologically significant and has substantial potential for gold discoveries.

Geopolitical instability in regions such as Eastern Europe has prompted investors to turn to gold as a hedge against uncertainty. Additionally, as central banks worldwide lower interest rates, gold becomes more attractive as a store of value. This favourable pricing environment is allowing mining companies to capitalize on higher gold prices, positioning them for growth despite challenges.

Endomines: A Key Player in European Gold Mining

Endomines is the largest Finnish gold mining and exploration company, and its operations are focused primarily on gold production. The company's primary site is in the Pampalo area along the Karelian Gold Line in Eastern Finland. This greenstone belt, spanning over 40 kilometres in length and 5 kilometres in width, is highly promising in terms of its potential for gold reserves. Additionally, Endomines holds exploration rights to seven gold deposits in the United States, located in Idaho and Montana.

Endomines reported a gold production of 397.8 kilograms in 2023. Vyhtinen takes pride in the company's achievements, stating.

“We are a Finnish company, and we operate with a small but dedicated team. We also collaborate with contractors at our mining sites, where the workforce can range from 100 to 120 individuals.”

The region where Endomines operates is geologically significant and has substantial potential for gold discoveries.

“The greenstone belt in north Karelia is one of the largest gold-bearing areas in the world, but it has been relatively underexplored until recently. We've made great strides in exploration and have discovered several gold deposits,” Vyhtinen notes.

Gold Mining on the Global Stage

Vyhtinen says the international gold mining sector spans multiple continents, with major production hubs in countries like China, Australia, Russia, Canada, South Africa and the United States. Finland has become the largest gold producer in the European Union over the past decade.

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As central banks worldwide reduce interest rates, gold is becoming increasingly attractive as a dependable store of value, drawing investors who prioritize stability during uncertain economic times.

According to Vyhtinen, the distribution of gold mining operations across diverse geographies presents opportunities and challenges, particularly when considering infrastructure and regulatory frameworks.

He notes that the industry is also a critical player in central banking systems, with many nations holding gold reserves as a hedge against economic uncertainty. However, the sector faces increasing scrutiny regarding its environmental impact, including concerns about deforestation, water pollution, and carbon emissions. Vyhtinen acknowledges that these ecological and regulatory pressures have made sustainability a growing focus for mining companies worldwide.

Labour Shortages and Workforce Mobility

The CEO stresses that one of the most significant challenges in the gold mining industry is the shortage of skilled labour. Mining operations, particularly in remote areas, often struggle to attract qualified workers.

“Mining sites in regions like Finland are located in remote, rural areas where it's difficult to find workers. These areas are not urban, and the isolation can challenge recruitment, Vyhtinen explains.”

Endomines has implemented educational programs in collaboration with local schools to address the need for a new generation of qualified workers.

“For example, last year, we had a training program for ten individuals in the processing side of operations," says Vyhtinen.

Despite these efforts, attracting younger workers remains a challenge, particularly with the rise of remote work and the appeal of flexible, urban-based jobs.”

“It's tough to attract young people who often prefer more flexible jobs. Mining requires physical presence, and that can be a tough sell.”

Endomines and other companies in the industry are exploring new ways to address the labour gap, including partnerships with educational institutions.

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Gold is highly malleable and can be shaped as needed for use in electronics, dentistry, medical tools, as well as the defense, aerospace, and automotive industries.

“We need more collaboration between the mining industry and universities to create educational programs that close the skills gap. More technical training programs in mining and metallurgy will help build a sustainable workforce for the future,” says Vyhtinen.

Technology and Automation: The Future of Mining

Vyhtinen says advances in technology, particularly automation, are reshaping the future of the mining industry. Technologies such as autonomous trucks, real-time data analytics, and AI-driven exploration are improving operational efficiency and safety.

“We're seeing more automation in mining, from autonomous trucks to real-time data analysis to improve efficiency,” he notes.

Automation presents significant opportunities, including reduced labour costs, improved safety, and increased productivity.

Autonomous mining trucks, for instance, can operate 24/7, reducing downtime and enhancing productivity. Additionally, real-time monitoring systems allow for predictive maintenance, helping prevent costly breakdowns.

However, the shift toward automation also introduces new challenges.

“While automation reduces the need for labour in some areas, it also requires a new set of skills. We need workers proficient in robotics, data analytics, and other advanced technologies,” Vyhtinen explains.

Across the mining world, there is growing recognition that addressing the skills gap requires investment in education and vocational training. Whether through apprenticeships, technical certifications, or partnerships with universities, companies must actively develop the talent needed to keep operations running smoothly as machinery in the the industry is becoming increasingly complex.

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Sustainability and Responsible Mining

Sustainability is a growing concern for the mining industry, the CEO continues. Mining companies are under increasing pressure from governments, investors, and the public to minimize their environmental impact. This includes reducing carbon emissions, water usage, and waste and ensuring that operations do not harm local ecosystems or communities.

Sustainability is a core priority for Endomines as well, with the company has achieved a 100% recycling rate of process water and maintained CO₂ emissions at 0.93 tCO₂e per ounce of gold produced.

“The mining industry has a responsibility to operate sustainably. We must reduce our environmental footprint while ensuring our operations remain profitable,” Vyhtinen emphasizes.

Companies are increasingly adopting green technologies, including solar and wind power, and exploring new, more sustainable mining techniques.

Despite challenges, the global gold mining sector is poised for continued growth in Finland as well as globally. Vyhtinen envisions significant growth also for Endomines in the coming years, with Finland emerging as a key player in the global gold market.

“There are currently three active gold mines in Finland: Agnico Eagle's mine in Kittilä, Dragon Mining's operation, and us,” the CEO explains.

“However, many more gold deposits are still in the licensing phase in Finland. In the next decade, Finland could become a significant gold producer. ”

Vyhtinen envisions Finland reaching an annual gold production of around 500,000 ounces, up from current levels of about 300,000 ounces.

“With major finds in Northern Finland's Lapland, including the Ikkari deposit, there is a lot of potential for future growth of Finland's gold mining sector.”

To help secure the needed workforce for future growth, Endomines will continue to integrate international talent into its workforce.

“This global collaboration enriches our team and provide fresh perspectives on our operations. We have already successfully hired workers from countries such as France, Spain, Ukraine and beyond to fill in particularly specialized roles in exploration and geology.”

The CEO adds that maintenance and operational efficiency will remain crucial factors in Endomines' future success.

“We handle our own maintenance with a small in-house team, but we work with external contractors for larger projects. We operate our plants continuously for eight days, with two days for maintenance.”

However, like many other industries, the mining sector maintenance field is facing a shortage in particularly of skilled technicians, especially in automation and electrical engineering.

“It's tough to find skilled professionals in these areas. Even though we pay well, attracting talent is still a challenge. The demand is high, and the talent pool is limited.”

 

Kari Vyhtinen, 

Endomines Chief
Executive Officer

As one of the world's most valuable and sought-after metals, gold remains a significant asset for investors, governments, and industries globally. According to Endomines CEO Kari Vyhtinen, gold has long been considered a safe haven for investors during economic uncertainty. Geopolitical tensions, inflationary pressures, and fluctuations in interest rates often drive increases.
As Vyhtinen explains: “Gold has always been seen as a safe haven in uncertain times, and with the recent uptick in geopolitical instability and economic fluctuations, demand is stronger than ever.”
The global gold market has benefitted from a combination of factors.

Text: NIna Garlo Photos: Endomines