History

Renlund, who had worked in the metal business, had already decided to set up a geological foundation at the end of the 19th century. It was a far-sighted decision, as it was taken before our country had discovered significant ore deposits and the conditions for the growth of the mining industry were in place. The foundation was established in 1915, by which time Renlund had died, when the geologist Otto Trüstedt discovered the large copper deposit at Outokumpu in North Karelia. This discovery marked the beginning of Finland’s emergence as a major mining nation.

Trüstedt later worked for the foundation for several years as head of Renlund’s mineral laboratory. After the Second World War, the Foundation went dormant as its investment assets had become very small, but in the late 1960s there was a gradual revival of activity. By the turn of the millennium, the Foundation’s financial position had improved significantly, mainly due to the large Nokia portfolio, which could be reinvested at an opportune time.  On the occasion of its centenary celebrations in 2015, the Foundation awarded its first ever grant of €1 million for topical research in economic geology, environmental technology and groundwater management.