Endomines Finland Plc has submitted an application to the European Union for Strategic Project status for the company's Southern Gold Line tungsten, molybdenum and gold project. The application covers the entire southern part of the Karelian Gold Line, where Endomines aims to start gold, molybdenum, and tungsten production around 2030. According to the company's preliminary estimates, the combined revenue potential of tungsten and molybdenum could be approximately EUR 30-90 million per year.
The strategic project status is based on the European Union's legislation on critical raw materials (the Critical Raw Materials Act, CRMA), which aims to strengthen the EU's self-sufficiency and secure the availability of critical minerals. The CRMA establishes a framework for projects that support the Union's strategic supply chains and reduce dependence on third countries. Under the CRMA, the strategic project status enables accelerated permitting and prioritization of the project, and it also supports EU-level investment readiness for the production of critical minerals.
Tungsten is an EU-designated critical raw material, essential for the functioning of both industry and the defence sector. Endomines estimates that the Southern Gold Line's tungsten production potential corresponds to approximately 0.5-2.5% of total annual global tungsten production. Tungsten is primarily used in the defence industry, hard metals and heat-resistant alloys.
Molybdenum, in turn, is widely used in specialty steels, catalysts for the chemical industry, and applications in the energy sector - areas where material performance and security of supply are critical. According to the company's research, tungsten and molyssdenum occur in the waste rock generated during gold production. Recovering these minerals as part of the gold production process significantly improves resource efficiency and ensures that valuable raw materials are not lost.
Utilising the waste rock reduces environmental impact, strengthens the project's economic viability and enhances the overall sustainability of the production chain. This approach reflects the principles of modern mining, where the goal is to maximise the use of natural resources and minimise waste.
