Sotkamo Silver returns to profitability in Finland with rising silver prices and increased output

The only silver mine in Finland, located in Sotkamo, has successfully turned its operations back to profitability. Sotkamo Silver reported a financial loss earlier this year, but a significant turnaround occurred between July and September, with operating profit rising to 30 million Swedish krona. The company, listed on the Stockholm Stock Exchange, reports its results in kronor.

Factors contributing to this positive shift include rising silver prices and increased production output. The mine operates through an underground mining tunnel, and the company has improved the tunnel’s construction, allowing for the extraction of higher-grade ore for processing.

Sotkamo Silver estimates that it will produce between 1.2 and 1.4 million ounces of silver this year. Currently, the price for an ounce of silver stands at $33.70, the highest since 2020.

Mikko Jalasto, the company’s CEO, expressed optimism about the future, stating, “We expect demand for silver and the overall market situation to remain favorable, and in response to this, we are continuing to develop production in collaboration with our mining contractor.”