Europe's richest and biggest gold mine worth more than £8bn

By Kris Boratyn, Audience Writer

Kittila in northern Finland is Europe's richest and biggest gold mine. (Image: Agnico Eagle Mines)

There are many huge gold mines around the world - from the Grasberg mine in Indonesia to South Africa's Mponeng mine. But have you ever wondered what the biggest gold mine in Europe is? It lies not far from the Arctic Circle - around 93 miles south of it - in a country that is regularly ranked among the best places to live.

The mine in question is the Kittila mine in northern Finland, which is owned and operated by Agnico Eagle Mines. Located about 560 miles north of Helsinki, the mine is the largest primary gold producer in Europe and one of the most valuable, with gold reserves alone worth more than £8 billion based on current prices.

The mine holds around 3.4 million ounces of gold worth around £8bn. (Image: Agnico Eagle Mines)

The mine holds around 3.4 million ounces of gold, and with gold trading at roughly £2,374 per ounce as of April 2025, that gives the site a staggering estimated value of £8.06 billion -  and that’s just for the reserves.

First gold was poured in January 2009, and commercial production began later that year. 

Open-pit mining wrapped up in 2012, and since then Kittila has operated entirely as an underground mine.

The underground zone stretches across several kilometres and reaches over 1km deep. 

According to Agnico Eagle, the mine produced nearly 219,000 ounces of gold in 2024 alone.

Mining methods reportedly  include long-hole stoping, and the operation uses Caterpillar trucks and heavy-duty drill rigs to extract ore. 

The mine lies just 93 miles from the Arctic Circle. (Image: Agnico Eagle Mines)

Once brought to the surface, the ore is processed onsite using advanced flotation and leaching systems. 

The gold is smelted into bars and shipped for final refining. On average, the mine achieves a gold recovery rate of 92%.

The mill also has an unusual feature: a bomb shelter. It’s a legal requirement in Finland due to laws passed after the country gained independence in 1917.

A major expansion in recent years has increased the mine’s capacity from 1.6 million to 2 million tonnes per year.

The mine produced nearly 219,000 ounces of gold in 2024 alone. (Image: Agnico Eagle Mines)

This included building a new 1,044-metre-deep shaft, a nitrogen removal plant, and installing new production hoists. 

The expansion was completed in stages between 2022 and 2023.

In early 2023, the mine also signed a deal to use only clean electricity, generated entirely by wind and nuclear power.

Kittila currently employs around 475 people and is one of Finland’s most important industrial sites.