Swedish miner Boliden warned Monday that proposed tax hikes in Finland could add up to 30 million euros in annual costs to its Kevitsa mine and impact Europe's supply of critical raw materials.
The Finnish government has proposed changes to mining and related energy taxes that would result in an estimated 20 million to 30 million euro annual cost increase for the copper and nickel mine, the company said in a statement.
Most of the increase is attributable to a quadrupling of the recently introduced Finnish mining tax, according to Boliden.
The company, which acquired the Kevitsa mine in 2016, has called for the proposals to be withdrawn entirely.
Boliden said in a submission that the government's proposal is "inadequately prepared and that no proper impact assessments have been made."
The mine produces copper and nickel, as well as cobalt and platinum group metals, all of which are designated as critical for the European Union, the company noted.
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