Today, I want to discuss a pressing issue that has recently unfolded in Kuusamo, Finland, and urge us to rethink our investment priorities in light of global water scarcity trends.The Misleading Promises in Kuusamo Initially, the mining project in Kuusamo, pushed by Lat66’s lobbyist, was presented as a minimal impact operation—promising a small hole in the ground with mineral separation occurring elsewhere, far from the national park and critical water reserves. This was justified by the need for minerals like cobalt for defense and traffic electrification, suggesting a sustainable approach that would spare the local environment.However, the narrative has drastically changed. The same site is now proposed to be developed as an open, standalone gold mine, much like the previously debunked Dragon Mining concept. This represents a significant escalation in both the scale of the project and its potential environmental impact, directly contradicting earlier assurances.
Europe’s Growing Water Scarcity Issue The importance of preserving water-rich areas like Kuusamo becomes evident when we consider the broader European context. According to the European Environment Agency, water scarcity affected 34% of the European Union territory during at least one season in 2022. With climate change expected to exacerbate this issue, the strategic importance of freshwater reserves cannot be overstated.
Groundwater: A Stark Contrast Between Europe and Australia In Europe, and particularly in places like Kuusamo, groundwater is often just a few meters from the surface, making it relatively easy to access and highly susceptible to contamination from surface activities. This is in stark contrast to Australia, where groundwater can be found at much greater depths, sometimes several hundred meters below the surface. This difference highlights the vulnerability of Kuusamo’s water resources to mining activities, which could irreversibly affect the quality and availability of freshwater.
The Global Shift Towards Water Investment Given the increasing value of clean, accessible water highlighted by ongoing research and policy shifts worldwide, regions like Kuusamo represent not just ecological treasures but also critical assets in the global fight against water scarcity. As investors, it is crucial to recognize that the long-term value of preserving such resources could outweigh the short-term gains from extractive projects.
Local Heritage and Opposition The local community in Kuusamo has a deep-rooted history of protecting their water resources, famously demonstrated during the "Koskisodat" or rapid wars. These historical events reflect the community's long-standing commitment to preserving their natural water sources against large-scale industrial exploitation. The proposed mining site is near critical waterways used for residential and recreational purposes, including fishing and rafting, which are not only ecological activities but also significant economic contributors through tourism. In 2023, the tourism sector in Ruka-Kuusamo generated significant economic benefits, amounting to 152.7 million euros in direct revenues, which represents 17.34% of all industry turnover in the area. As in my earlier post on this forum, this is based on the areas nature tourism and not only ski tourism where the three national parks in the area and rivers + lake Kitka are the main reasons for the areas success - this is unique specifically to this Kuusamo area. If you combine the pride, love and knowledge of the locals in the whole country of Finland, known as the country of over 180 000 lakes. If you consider that, you see why social acceptance is impossible.
YLE "Finnish president praises 'downhill' swimming competition" in Oulanka national park that is in close vicinity to the suggested LAT66 mine. https://yle.fi/a/74-20100719 - this gives an idea of what the waters are like.
A Call to Prioritize Water Conservation The situation in Kuusamo serves as a case study for a global shift in investment priorities. As water scarcity becomes a more pressing global issue, investing in water conservation and infrastructure, rather than in projects that could jeopardize these resources, appears not only as a more sustainable choice but also as a potentially more profitable strategy in the long run.In conclusion, let’s consider the broader implications of our investment choices. In a world where water is becoming increasingly scarce, protecting and investing in water resources like those in Kuusamo could be the key to sustainable, profitable investment strategies.
I hope this post encourages us to think critically about where and how we invest, especially in a world where environmental sustainability is becoming increasingly central to economic success.
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Essay: Securing Water or Chasing Gold? The Dilemma Facing Kuusamo with LAT66's Mining Proposal
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