“The middle powers must act together, because if we’re not at the table, we’re on the menu,” said Canadian Prime Minister, Mark Carney during his speech at the World Economic Forum in January.
The prime minister’s words were echoed throughout this year’s PDAC - a world leading mineral exploration and mining convention held in Toronto from 1-4 March. The convention highlighted the crucial role of critical raw materials in building resilient societies, emphasizing that access to these resources is essential to securing a seat at the table. Without them, we are on the menu!
In line with Mark Carneys words, Nordic Mining Day, an event held in conjunction with PDAC focusing on exploring the mineral potential of the Nordic region, not only highlighted the importance of access to critical raw materials but also emphasized the role of collaboration between reliable partners in securing these resources. An area where the Nordic region has the potential to play a key role. Norwegian Minister of Trade and Industry, Cecilie Myrseth, stated:
“The Nordics can play a key role for friends and allies looking for secure access to many of the minerals and metals that we all need to build a safer and more sustainable future. We have great resources. We are reliable partners both for the defense industry and for the green transition,” said Myrseth.
North America a new opportunity for the Nordics
Nordic Mining Day also highlighted the rising demand for critical raw materials in Europe, noting that, driven by growth in the battery sector, this demand is expected to increase significantly over the next 10 years. In the session ‘Investing in the Nordics’, Adam Webb from Benchmark Minerals explained how the growing demand, not only in Europe but also in North America, presents an opportunity for the Nordic region:
“Europe relies on imports to meet this demand. However, the Nordic countries are well positioned to meet this demand. Not only in Europe, but also in North America. Both Europe and North America are looking to diversify their supply chains, which is a huge opportunity for the Nordics.”
A step toward closer Nordic collaboration
At Nordic Mining Day, Nordic Innovation and Business Sweden presented key findings from a newly published study exploring opportunities to scale the Nordic mining and mineral sectors, with a particular focus on strengthened Nordic collaboration.
Advisor Benedicte Sognefest highlighted the Nordic region’s strengths and emphasized how stronger Nordic coordination can serve as a driver for growth:
“The Nordic region holds significant geological resources and accounts for a substantial share of Europe’s extraction of several critical raw materials. The region combines resource potential with a strong industrial ecosystem and access to low-carbon energy. Stronger Nordic coordination can help integrate cross-border value chains, create greater scale and visibility, and strengthen the region’s overall investment case.”
The new study represents the first step toward stronger Nordic collaboration in the mining and mineral industries. Mikael Johansson from Business Sweden said:
“We have a strong mining industry in the Nordics. We are on the way to work closer together, but we can work even more together. This is what we have started with this study. This study is the beginning of a closer Nordic collaboration, and it is work to be continued.”
The study ‘Nordic Mining and Minerals: Pathways to growth’ is developed in collaboration with Innovation Norway, Business Sweden and Business Finland.
Background
Nordic Mining Day is organized by the Geological Survey of Norway, the Geological Survey of Sweden and the Geological Survey of Finland. Nordic Mining Day focuses on exploring and exploiting the mineral potential in the Nordic region. It has been a part of PDAC since 2013.
PDAC is a world leading mineral exploration and mining convention. The convention has existed since 1932 and brings together more than 27.000 participants, 1.300 exhibitors and 700 presenters from more than 125 countries.
Nordic Innovation has worked with the mineral and mining industries since 2021. In 2026 an updated version of the report 'The Nordic Supply Potential of Critical Metals and Minerals for a green Energy Transition' will be published, including information on critical minerals and metals for the defense industry.
