Major benefits and constraints related to mineral extraction within the EU have been identified on the examples of selected critical raw materials’ deposits. Analyzed case studies include the following ore deposits: Myszków Mo-W-Cu (Poland), Juomasuo Au-Co (Finland), S. Pedro das Águias W-Sn (Portugal), Penouta Nb-Ta-Sn (Spain), Norra Kärr REEs (Sweden) and Trælen graphite (Norway). They represent different stages of development, from the early/grassroot exploration stage, through advanced exploration and active mining, up to reopening of abandoned mines, and refer to different problems and constraints related to the possibility of exploitation commencement. The multi-criteria analysis of the cases has included geological and economic factors as well as environmental, land use, social acceptance and infrastructure factors. These factors, in terms of cost and benefit analysis, have been considered at three levels: local, country and EU levels. The analyzed cases indicated the major obstacles that occur in different stages of deposit development and need to be overcome in order to enable a new deposit exploitation commencement. These are environmental (Juomasuo and Myszków), spatial (Juomasuo) as well as social constraints (Norra Kärr, Juomasuo). In the analyzed cases, the most important constraints related to future deposit extraction occur primarily at a local level, while some important benefits are identified mainly at the country and the EU levels. These major benefits are related to securing long-term supplies for the national industries and strategically important EU industry sectors.

Mineral exploration is an industry of uncertainties. Only 0,1% of exploration projects become mines, as the volume, content, and quality of a deposit all must be economically justifiable to find funding in the global financial market. However, the business risk of mineral exploration is not limited to geotechnical and financial risks, as social aspects are now considered the biggest risk facing the industry. Here, we identify three social aspects of business risk that may challenge the industry: political, reputational, and local acceptability. Political risk arises when sectoral authorities and the related legislation come into conflict, such as mineral versus environmental legislation. Reputational risk lies in the relationship between a company’s past and current operations in combination with the legitimacy of the entire industry. Local acceptability risk parallels the social license to operate, with poor corporate conduct, competition with other livelihoods, intrusion into culturally sensitive areas, and local values critical of mining all potentially evoking resistance. Companies must be aware not only of the nuances of each social aspect but also of the interplay between them to understand the full scale and scope of the business risks associated with exploration.

The advent of global warming has returned nuclear power to the agenda. Many countries, including Finland, have decided to construct more nuclear power plants. They will need uranium, and its price is rising in the international market. A new uranium exploration boom is going on. Finland is politically and economically stable, with good infrastructure and basic geodata, attracting foreign companies to explore the promising uranium showings of the country. However, this has triggered an extensive anti-uranium campaign in northern, eastern, and southern, but not in central Finland, which is related to anti-nuclear movement, green and leftist parties, and environmental non-governmental organizations (NGOs). The resistance, created mainly by lack of public awareness of geology and mining, surprised mining companies, the geological community, and the Ministry of Trade and Industry, who found themselves in a completely new situation. Here we will examine the origin, anatomy, and consequences of this challenge and how to deal with it. The picture presented herewithin is based on author’s active participation in uranium exploration in Finland, discussions with other geologists and activists, following the issue in newspapers, web-pages, reviews, and participating in NGO meetings.