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Nokia (NOK) to Boost Agnico Eagle Mining Operations in Finland

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Nokia Corp. (NOK - Free Report) has joined forces with mobile operator Telia, and its partner Digita, to deliver a 5G standalone (SA) private wireless network for Agnico Eagle (AEM - Free Report) that operates the Kittila mine in northern Finland.

Headquartered in Toronto, Canada, Agnico Eagle is a gold mining company that produces precious metals from operations in Canada, Finland and Mexico.

The Kittila mine, located 900 kilometers north of Helsinki, is the largest gold producer in Europe. The network will enable new use cases at the mine to accelerate its digital transformation.

Digita is an independent tower operator in Finland with a nationwide portfolio of sites to support TV and radio broadcasters and telecom mobile network operators.

Nokia’s 5G SA network will support both above and below-ground mining operations. It will cover a tunnel system to connect people, sensors, devices and vehicles using the power of 5G.

Nokia’s shares have gained 39.5% in the past year compared with the industry’s growth of 22.3%.

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The mine will benefit from real-time data processing at the network edge. This will support business-critical use cases like autonomous vehicles, high-precision positioning and group communications.

Nokia’s 5G SA private network will enhance operational efficiency and support the highest level of safety for teams working at the mine. Nokia, Telia and Digita continue to deliver 5G SA private wireless networks in Finland to support the growing digital economy in the country.

The network will integrate Nokia’s 5G RAN AirScale base station technology and edge computing capabilities, along with Nokia’s Compact Mobility Unit-based 5G core. It will be deployed in phases and is expected to be completed in October 2022.

Nokia’s private wireless networks provide reliable connectivity to meet the operational demands of the mining industry. The company has more than 380 enterprise customers of industrial-grade wireless private networks globally, including above 35 mining customers.

Nokia is a leader in the 5G standalone core market and has reached 4,000 patent families, declared as essential to 5G standards. The company is well-poised to benefit from the growing demand for next-generation connectivity.

NOK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Clearfield, Inc. (CLFD - Free Report) is a better-ranked stock in the industry, carrying a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its current-year earnings has been revised 8.8% upward over the past 30 days.

Clearfield delivered a trailing four-quarter earnings surprise of 50.8%, on average. It has soared 182.5% in the past year.

Qualcomm, Inc. (QCOM - Free Report) , carrying a Zacks Rank #2, is another solid pick for investors. The consensus estimate for current-year earnings has been revised 14.1% upward over the past 30 days.

Qualcomm delivered a trailing four-quarter earnings surprise of 11.2%, on average. It has appreciated 25.7% in the past year.